Is conventional always cheaper than FHA?

Not always — it depends on your credit score and down payment. I'll run both scenarios side by side so you can see the real numbers.

What credit score do I need?

There's no single universal cutoff — it varies by program and lender overlay. Generally, the higher your score, the better your rate.

Can I use a conventional loan for a second home or rental property?

Yes, with different down payment and rate requirements than a primary residence. Let's talk specifics.

Conventional loans in Temecula

Conventional loans aren't backed by a government agency — they follow guidelines set by Fannie Mae and Freddie Mac. For buyers with solid credit and steady income, they're often the most cost-effective option, especially over the long run.

Is a conventional loan right for you?

Strong credit, better terms

Generally the best rates and terms go to buyers with good-to-excellent credit.

PMI you can drop

Put down less than 20% and you'll pay private mortgage insurance — but unlike FHA, you can cancel it once you reach 20% equity.

Low-down-payment options exist too

Some conventional programs allow as little as 3% down for qualified first-time buyers — worth asking about even if you assumed you needed 20%.

What to know before you apply

Conventional loans that meet Fannie Mae/Freddie Mac guidelines are "conforming" — anything above the county's conforming loan limit moves into jumbo territory. Riverside County's limit changes annually, so ask me for the current number before assuming which category you're in.

Under federal law, PMI automatically ends once you reach 78% loan-to-value on your original schedule — but you can request cancellation yourself once you hit 80% (20% equity), which is often sooner.

Conventional lenders look closely at your debt-to-income ratio — I'll run the numbers with you before you start touring homes so there are no surprises.

Common questions

Is conventional always cheaper than FHA?: Not always — it depends on your credit score and down payment. I'll run both scenarios side by side so you can see the real numbers.
What credit score do I need?: There's no single universal cutoff — it varies by program and lender overlay. Generally, the higher your score, the better your rate.
Can I use a conventional loan for a second home or rental property?: Yes, with different down payment and rate requirements than a primary residence. Let's talk specifics.

Get your free rate quote

Two minutes, no obligation, no hard credit pull.

Not sure which loan fits?

Explore the other programs, or just ask — I'll point you the right way.