Conventional Loan

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These “traditional loans” are typically backed by Freddie Mac or Fannie Mae.

  • You don’t need mortgage insurance if your down payment is greater than 20 percent loan-to-value.
  • Generally offers a lower interest rate if you meet the requirements.

General Loan Requirements

Your Down Payment
5% of loan amount

Terms Available
15, 20, 25, 30, 40 years
(fixed rates and adjustable rates avail.)

Minimum Credit Score
620

Mortgage Insurance
Not needed if under 80% loan-to-value

Maximum Loan Limit
SLO County $561,200
Monterey County $483,000
Santa Barbara County $625,500