If you are looking for a flexible, competitive mortgage in California, a lending product that might fit your needs is a conventional loan.
This type of mortgage can have a down payment as low as 3%.
What is a Conventional Mortgage?
A conventional loan is any type of mortgage that no government agency insures. Conventional loans include both conforming and non-conforming loans. Conforming mortgages fit within Fannie Mae and Freddie Mac’s conforming loan limits. Non-conforming loans, also called jumbo loans, do not.
If you are in search of a government-insured loan, consider a VA or FHA mortgage.
Conventional Conforming Loan Limits in San Diego, California
Most customers who ask about conventional loans are interested in conforming loans.
The conforming loan limits are set by county. So, to figure out whether a conforming conventional loan will be a fit for your borrowing requirements, you need to take a look at your county’s loan limits.
These are the same as the conforming loan limits throughout California and most counties in the US.
If you need to borrow above these limits, you can apply for a jumbo loan.
Are You Eligible for a Conventional Loan in California?
To be eligible to buy a home with a conventional loan in California , you will need to have a competitive profile as a borrower. We will look at:
- Your credit score
- Your debt-to-income (DTI) ratio
- Your income
- Your assets
- Your financial history
Apply Now for a Conventional Loan in San Diego or Anywhere in California
Do you qualify for a conventional loan in California? To find out today, please give us a call at (760) 692-4662 to schedule your consultation. We work with customers throughout the state of California.