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Simi Valley sits in Ventura County — a market where conforming loans do a lot of heavy lifting. Most buyers here can stay within conforming limits and avoid jumbo pricing.
HousingWire flagged a 10.4% drop in mortgage applications as the 30-year fixed hit 6.57%. For conforming borrowers, that rate environment means locking strategy matters more than ever. Rates vary by borrower profile and market conditions.
6.57% (Apr 2026)
30-Year Fixed Rate
620
Min Credit Score
740+ score
Best Rate Threshold
45%
Max DTI
As low as 3%
Down Payment
Conforming Loans in Simi Valley
Conforming loans follow Fannie Mae and Freddie Mac guidelines. You generally need a 620 minimum credit score, though 740+ gets you the best pricing.
Most lenders want a debt-to-income ratio under 45%. You'll need standard income docs — W-2s, tax returns, and two months of bank statements.
Local decision guide
Use this guide to connect conforming loans eligibility, lender expectations, and local market factors before comparing payment options in Simi Valley.
Simi Valley sits in Ventura County — a market where conforming loans do a lot of heavy lifting. Most buyers here can stay within conforming limits and avoid jumbo pricing.
HousingWire flagged a 10.4% drop in mortgage applications as the 30-year fixed hit 6.57%. For conforming borrowers, that rate environment means locking strategy matters more than ever. Rates vary by borrower profile and market conditions.
Conforming loans follow Fannie Mae and Freddie Mac guidelines. You generally need a 620 minimum credit score, though 740+ gets you the best pricing.
Conforming loans are the most competitive product on the market. Every lender offers them, which means pricing and service vary wildly.
At SRK CAPITAL, we shop across 200+ wholesale lenders. On a conforming loan, that shopping often saves borrowers a quarter-point or more off retail bank pricing.
Buyers in Simi Valley sometimes assume they need a jumbo loan. Check the Ventura County conforming limit first — you may qualify for standard pricing.
Conforming loans also allow gift funds for down payment. That detail changes the game for buyers getting family help.
FHA loans have lower credit score floors but charge mortgage insurance for the life of the loan. Conforming loans drop PMI once you hit 20% equity.
Jumbo loans cost more and require larger reserves. If your purchase price fits within conforming limits, there's rarely a reason to go jumbo.
Ventura County has higher conforming loan limits than many inland California counties. That gives Simi Valley buyers more room before hitting jumbo territory.
Simi Valley's mix of single-family homes often falls within those limits. Many buyers here never need to leave the conforming market.
Ventura County qualifies for higher conforming limits as a high-cost area. Check current Fannie Mae limits before assuming you need a jumbo loan.
Yes, if your down payment is under 20%. PMI cancels automatically once your equity reaches 20% — unlike FHA mortgage insurance.
Lenders require at least 620. Scores above 740 get meaningfully better rates and lower PMI costs.
Yes. Fannie Mae and Freddie Mac both allow gift funds from family members. You'll need a signed gift letter and paper trail.
All conforming loans are conventional, but not all conventional loans conform. Jumbo loans are conventional but exceed conforming limits.
Fixed rates offer payment stability. ARMs make sense if you plan to sell or refinance within the initial fixed period — rates vary by borrower profile and market conditions.