Conventional Home Loans
in California
★ ★ ★ ★ ★
- 5-Star Rated Mortgage Broker
- Get Finances for Your New Home
- Residential and Commercial Loans
- Open for Partnerships with Borrowers & Realtors
- Office located in Los Angeles
What type of property are you refinancing?
Single Family
Multifamily
Condominium
Townhouse
How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
What type of property are you purchasing?
Single Family
Multifamily
Condominium
Townhouse
Are you a first-time home buyer?
Yes
No
How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
Final Step
By clicking "Get My Quote" you certify that you read and completely agree with the Privacy Policy
Summary
| Description | Information | Quantity | Price |
|---|---|---|---|
| Discount : | |||
| Total : | |||
Conventional Home Loans
in California
★ ★ ★ ★ ★
- 5-Star Rated Mortgage Broker
- Get Finances for Your New Home
- Residential and Commercial Loans
- Open for Partnerships with Borrowers & Realtors
- Office located in Los Angeles
Irina Dyakun, CEO
What type of property are you refinancing?
Single Family
Multifamily
Condominium
Townhouse
How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
What type of property are you purchasing?
Single Family
Multifamily
Condominium
Townhouse
Are you a first-time home buyer?
Yes
No
How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
Final Step
By clicking "Get My Quote" you certify that you read and completely agree with the Privacy Policy
Summary
| Description | Information | Quantity | Price |
|---|---|---|---|
| Discount : | |||
| Total : | |||
What is a Conventional Home Loan?
Conventional home loans are mortgages offered through private lenders rather than government-backed programs like FHA, VA, or USDA loans. Many conventional loans follow guidelines set by Fannie Mae and Freddie Mac, which means borrowers must meet certain standards for credit, income, debt, down payment, and property type.
Types of Conventional Loans
Conventional Purchase
Conventional purchase loans are often used by first-time home buyers, repeat buyers, investors, and buyers looking for second homes or vacation homes. Qualified borrowers may use this type of financing for single-family homes, condos, planned unit developments, and certain multi-unit properties.
Conventional Refinance
Conventional refinance loans can help homeowners replace an existing mortgage with a new conventional loan. Refinancing may help lower monthly payments, shorten the loan term, access home equity, or move from an adjustable-rate mortgage into a fixed-rate mortgage.
Popular refinance goals include:
Down Payment Options
Putting 20% down can help borrowers avoid private mortgage insurance, also called PMI. Borrowers who put less than 20% down may still qualify in many cases, but PMI may be added to the monthly payment.
Your down payment can depend on the property type, credit profile, occupancy type, loan size, income, debts, available assets, and lender guidelines.
California home prices can make down payment planning more important, especially in higher-cost areas, so working with a mortgage broker can help you compare loan options before making an offer or refinancing.
Credit Score, Debt-to-Income Ratio, and PMI
Lenders review several factors when deciding whether a borrower qualifies for a conventional loan.
Credit Score
Credit score matters, but lenders also look at credit history, payment behavior, debt use, and the full loan application. Borrowers with stronger credit may have access to more competitive terms.
Debt-to-Income Ratio
Debt-to-income ratio compares your monthly debt payments with your gross monthly income. Lenders use this number to understand how much of your income already goes toward debt before adding a mortgage payment.
Private Mortgage Insurance
Private mortgage insurance may be required when the down payment is below 20%. PMI protects the lender, not the borrower, but it can help qualified buyers purchase a home without waiting years to save a larger down payment.
Conventional Loan Requirements in California
Conventional loan requirements in California often include a review of your credit score, credit history, stable income, employment history, debt-to-income ratio, down payment funds, bank statements, assets, property type, occupancy, loan amount, and recent residential history. Lenders use these details to confirm whether the borrower and property meet conventional loan guidelines.
The Benefits of a Conventional Loan
If you have a great credit score and money for a substantial down payment, then a conventional mortgage loan is a perfect program for you. The benefits of a conventional loan are numerous:
Fixed and Adjustable Rate Choices
Choose a rate structure that fits your budget and timeline.
Possible Lower Long-Term Costs
Strong borrowers may qualify for more competitive loan terms.
Useful for Different Property Goals
Use conventional loans for purchases, refinances, cash-out goals, and select investment properties.
Flexible Loan Options
Use conventional financing for primary homes, second homes, vacation homes, or investment properties.
PMI May Be Removable
PMI may be removed once enough equity is reached.
Multiple Down Payment Paths
Qualified buyers may have more than one down payment option.
Have Questions? Reach us out.
In-Person at LA Office
1810 W Burbank Blvd #150, Burbank, CA 91506
Cell-phone
M-F 10 AM-5 PM (PST)
On-line
Simply e-mail or use online-chat
Conventional Loan vs. FHA Loan
Conventional loans and FHA loans both help buyers finance homes, but they work differently.
Conventional Loan
Borrowers with stronger credit, stable income, and flexible property goals
FHA Loan
Borrowers who may need more flexible credit or down payment guidelines
Jumbo Loan
Buyers financing higher-priced homes through jumbo loans in California
DSCR Loan
Investors who want to qualify based on property income through DSCR loans
Eligible Properties for Conventional Loans
Conventional loans may be used for different property types, depending on occupancy, loan size, documentation, and lender guidelines. Eligible properties may include single-family homes, condos, townhomes, planned unit developments, 2- to 4-unit properties, second homes, vacation homes, and select investment properties. Reviewing the property type early can help avoid delays during approval.
FAQs
What are the requirements for a conventional loan in California?
The requirements usually include credit review, income verification, employment history, debt-to-income ratio, down payment funds, asset documentation, and property approval. Lenders also review the loan amount and occupancy type.
How much down payment do I need?
Down payment requirements vary by borrower profile, property type, and loan program. Some qualified borrowers may use low down payment options, while a 20% down payment can help avoid PMI.
Can I get a conventional loan with less than 20% down?
Yes, qualified borrowers may be able to get a conventional loan with less than 20% down. Private mortgage insurance may apply when the down payment is below 20%.
Do conventional loans require PMI?
Yes, they usually require PMI when the borrower puts less than 20% down. PMI may be removed later once enough equity is reached, depending on loan terms and lender rules.
What credit score do lenders review?
Lenders review credit score, credit history, payment behavior, debt levels, and the full loan application. Stronger credit can improve the loan options available to a borrower.
Can I use a conventional loan for an investment property?
Yes, they can be used for some investment properties. Real estate investors may also compare conventional financing with DSCR loans, especially when the property’s rental income is a major part of the qualification strategy.
Is a conventional loan better than an FHA loan?
It depends on your credit, down payment, income, debt, property type, and long-term plans. They may work better for stronger credit profiles, while FHA loans may fit borrowers who need more flexible guidelines.
How do I apply for a conventional home loan in California?
You can start by requesting a quote and speaking with ID Mortgage Broker about your home purchase or refinance goals. A mortgage broker can review your credit, income, debts, assets, and property details before matching you with available conventional loan options.
How to Apply for a Conventional Loan
Start by requesting a free quote and discussing your purchase or refinance goals with ID Mortgage Broker.
We can review your income, credit, debts, assets, down payment, and required documents, such as pay stubs, W-2s or tax returns, bank statements, photo ID, employment history, current address, and asset records, then help you compare conventional home loan options in California and move toward approval and closing.
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