Loading
Loading
Simi Valley sits in Ventura County, where conventional loans do most of the heavy lifting. Buyers here tend to be well-qualified — good credit, steady income, real down payments.
HousingWire flagged the 30-year fixed hitting 6.57% with applications down over 10% week-over-week. That kind of rate pressure makes lender selection matter more than ever. Rates vary by borrower profile and market conditions.
620
Min Credit Score
3%
Min Down Payment
20%
PMI-Free Down Payment
Varies by profile
30-Year Fixed Rate
21–30 days
Avg. Close Time
Conventional Loans in Simi Valley
Lenders require a minimum 620 credit score for conventional loans. But to get the sharpest rates, you want 740 or above.
Most conventional programs allow down payments as low as 3%. Put down 20% and you skip private mortgage insurance entirely — that saves real money every month.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Simi Valley.
Simi Valley sits in Ventura County, where conventional loans do most of the heavy lifting. Buyers here tend to be well-qualified — good credit, steady income, real down payments.
HousingWire flagged the 30-year fixed hitting 6.57% with applications down over 10% week-over-week. That kind of rate pressure makes lender selection matter more than ever. Rates vary by borrower profile and market conditions.
Lenders require a minimum 620 credit score for conventional loans. But to get the sharpest rates, you want 740 or above.
Retail banks show you one rate. We show you 200+ wholesale lenders competing for your loan. That gap in pricing is often significant.
Not every lender prices Ventura County the same way. Some have overlays — extra requirements beyond standard guidelines — that cost you either in rate or flexibility.
The borrowers who get hurt on conventional loans are the ones who anchor on rate alone. Fees, points, and lender credits all shift the real cost. Look at APR and total cost, not just the headline rate.
Debt-to-income ratio — how much of your gross monthly income goes to debt payments — is where most conventional deals break down. Keep that number under 43% and you stay in the clear with most lenders.
FHA loans accept lower credit scores but charge mortgage insurance for the life of the loan in most cases. Conventional PMI drops off once you hit 20% equity. That difference adds up fast.
Jumbo loans kick in above the conforming loan limit. If your purchase price stays under that ceiling, a conventional conforming loan almost always prices better than a jumbo.
Simi Valley is a commuter market with strong owner-occupancy rates. Lenders view that stability favorably when underwriting conventional loans here.
Ventura County buyers competing against cash offers need clean conventional pre-approvals. Sellers here know the difference between a pre-qualification letter and a real underwritten approval.
Lenders require at least 620. You need 740 or higher to access the best rate tiers.
Yes. Put 20% down and PMI never appears. It also cancels once you reach 20% equity on lower down payment loans.
Conventional works better for buyers with strong credit. FHA suits lower scores but carries mortgage insurance longer.
Most conventional purchases close in 21 to 30 days with a complete file. Missing documents are the most common delay.
W-2 earners need two years of W-2s and recent pay stubs. Self-employed borrowers typically provide two years of tax returns.
For buyers with solid credit and a real down payment, yes. It's the fastest and most flexible path to closing.