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Conventional Loans: Your Complete California Guide

Conventional loans are the most widely used mortgage in California — flexible, competitive, and available for primary residences, second homes, and investment properties. Everything you need to know is below.

What is a conventional loan?

A conventional loan is a mortgage not insured or guaranteed by a government agency. It follows guidelines set by Fannie Mae and Freddie Mac, and is funded by private lenders. Conventional loans are available in standard conforming amounts (up to $832,750) and high-balance amounts for California’s high-cost counties (up to $1,249,125 for a single unit).

All 25 conventional loan topics

# Question Topic
1 What is a conventional loan? Awareness
2 Pros and cons of a conventional loan Awareness
3 Conforming vs. high-balance conventional loan Awareness
4 What credit score do you need? Eligibility
5 How much down payment do you need? Eligibility
6 What is the maximum debt-to-income ratio? Eligibility
7 Who qualifies for a conventional loan? Eligibility
8 What is PMI and when can you remove it? Loan Features
9 Do conventional loans have prepayment penalties? Loan Features
10 What loan terms are available? Loan Features
11 Can the seller pay closing costs? Loan Features
12 Can I buy an investment property? Use Cases
13 Can I use gift funds for a down payment? Use Cases
14 What is the HomeReady mortgage? Use Cases
15 How do you refinance a conventional loan? Refinance
16 Can I get a loan if I am self-employed? Eligibility
17 What is a 2-1 buydown? Loan Features
18 How many properties can you finance? Use Cases
19 What is a conventional cash-out refinance? Refinance
20 Fannie Mae vs. Freddie Mac — does it matter? Awareness
21 What is the CalHFA loan program? Down Payment Assistance
22 Are there grants to help buy a home in California? Down Payment Assistance
23 What is a Community Seconds loan? Down Payment Assistance
24 What is the Freddie Mac Home Possible program? Affordable Lending
25 Can I combine down payment assistance with a conventional loan? Down Payment Assistance
Serving homebuyers and homeowners throughout California — including Orange County, Los Angeles County, Riverside County, San Bernardino County, and San Diego County. Lendia, Inc. | NMLS #295073 | DRE #01877189 | (949) 333-4636 | lendia.com

Ready to explore your conventional loan options? Lendia can walk you through what you qualify for and find the right program for your goals.

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