Loan Programs Offered
Conventional Loans In California
Conventional loans are the most common home loan in California. Flexible terms, competitive rates, and options that fit first-time buyers and move-up buyers.
You have steady income and decent credit. You want a standard loan with options for a small down payment or a larger one to lower your payment.
No government insurance. More flexibility on property types and loan features. Strong borrowers can save on mortgage insurance and interest over time.
Common Questions and Answers
What is a conventional loan?
A conventional loan is a mortgage that is not insured by the government. Most buyers use a conforming conventional loan that follows Fannie Mae and Freddie Mac rules. It offers flexible terms and competitive rates for qualified borrowers.
Who are conventional loans best for?
Buyers with steady income and decent credit who want a standard loan with options. It works for first time buyers and move up buyers. You can choose a small down payment or put more down to lower your payment.
How much do I need for a down payment on a conventional loan?
You can buy with a small down payment if you qualify. Putting more down can lower your monthly payment and reduce mortgage insurance. I show you both paths side by side so you can pick what fits.
Do I need 20 percent down for a conventional loan?
No. Twenty percent is not required. If you put less than twenty percent down you may have mortgage insurance, which can be removed later once you have enough equity.
What credit score do I need for a conventional loan?
At least a 620 score, but stronger credit helps with approval and pricing. If your score needs work, I will map out steps to improve it and show how that changes your rate and payment.
Are conventional loans better than FHA?
It depends on your credit, down payment, property, and goals. Conventional can be cheaper for strong credit and allows PMI removal. FHA can help when credit or debt to income needs more flexibility. I compare both for you.
What are conventional loan limits?
Conventional loan limits are the maximum loan amounts Fannie Mae and Freddie Mac will buy. Loans at or below the limit are “conforming.” Anything above is a “jumbo” loan.
Limits change every year and vary by county and by how many units the property has
Do conventional loans require an appraisal?
Most do. Some files qualify for an appraisal waiver. We check for that during underwriting.
Can first time buyers use conventional loans?
Yes. First time buyers can qualify for low down payment options, gifts from family, and down payment assistance that pairs with conventional financing.
Can I use a conventional renovation loan for a fixer?
Yes. A conventional renovation loan can roll repair costs into your mortgage if the property qualifies. I show you how the numbers work. Check out the Renovation Loans Section for more info on renovation loans!
Min FICO
620 min
Down Payment
3% min 1st homebuyers
5% min borrower
Occupancy
Primary
Secondary
Investment
Other
MI required if less than 20% down
100% gift- funds allowed
Up to 9% seller contributions
Links
Contact
Armando Novelo
NMLS 237243
Super Mortgage Bros
1900 W. Garvey Ave S. #100
West Covina, CA 91790
Phone: (626) 200-1838
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