Conventional Loans in Fresno, CA
Looking for a conventional loan near Fresno, CA? Harris Capital Mortgage Group is a licensed mortgage lender serving Fresno and surrounding areas. Get a free estimate — no hard credit check. NMLS# 1918223.
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Conventional Loan Near Fresno, CA
California has some of the most competitive real estate markets in the country. CalHFA offers down payment assistance and first mortgage programs for qualifying buyers. Conforming loan limits are higher in many CA counties, making jumbo loans less common than in other states.
Harris Capital Mortgage Group (NMLS# 1918223) is a licensed mortgage lender near Fresno, CA serving buyers throughout the CA market. Whether you're searching for a conventional loan near Fresno or anywhere in CA, our loan officers know the local market and will guide you through every step of the process.
Fresno Market Snapshot
Areas within Fresno we commonly serve
Estimates are for informational purposes only and are not a loan approval or commitment to lend. Rates and terms subject to credit approval and change without notice.
Frequently Asked Questions: Conventional Loan in Fresno, CA
What credit score do I need for a conventional loan in Fresno, CA?
Most conventional loan programs in Fresno, CA require a minimum credit score of 620. Higher scores — 740 and above — unlock significantly better interest rates and eliminate mortgage insurance costs at lower down payment levels. HCMG's loan officers will show you side-by-side rate comparisons based on your specific score so you can make an informed decision.
How much should I put down on a conventional loan in Fresno to avoid PMI?
A 20% down payment eliminates private mortgage insurance (PMI) on a conventional loan. In Fresno where the median home price is higher, that can be a significant hurdle. Programs like Fannie Mae HomeReady and Freddie Mac Home Possible allow as little as 3% down for qualifying buyers — though PMI will apply until you reach 20% equity. Your Harris Capital loan officer will calculate the exact PMI cost and break-even point for your price range.
What is the conforming loan limit for a conventional loan in CA in 2024?
The 2024 conforming loan limit in most CA counties is $766,550 for a single-family home. In high-cost areas, the limit can be higher. Loans below this limit are "conforming" and typically have lower rates than jumbo loans. If your target home price in Fresno exceeds this limit, ask your HCMG loan officer about jumbo loan options — rates have become more competitive in recent years.
Conventional Loan, Common Questions
What is the minimum down payment for a conventional loan?
Conventional loans can start as low as 3% down for qualifying first-time buyers. 20% down eliminates the need for private mortgage insurance (PMI).
What credit score is needed for conventional?
Most conventional programs require a minimum score of 620. Better scores typically unlock better rates. Your loan officer will identify the optimal program for your profile.
What is PMI and when does it end?
PMI (private mortgage insurance) is required when your down payment is under 20%. It can be removed once your equity reaches 20% of the original home value.