Conventional 30-Year Fixed

W-2 borrowers with stable income and solid credit buying or refinancing a primary residence, second home, or investment property — most investment purchases go conventional.

• Fixed rate and principal + interest payment for 30 years
• Down payments as low as 3% for first-time buyers (15-25% for investment property)
• PMI removable at 20% equity (automatically at 22%) — not required on investment loans
• Available for purchase, rate/term refinance, and cash-out refinance
• Eligible for primary, second-home, and investment-property purchases

• Primary home purchase
• Second-home purchase
• Investment property purchase
• Rate/term refinance
• Cash-out refinance

What credit score do we need for a conventional 30-year fixed loan in California?

Fannie Mae and Freddie Mac require a minimum 620 FICO for most conventional loans, though stronger scores (700+) unlock better pricing. First-time buyer programs like HomeReady accept 620 with only 3% down.

What's the maximum loan amount for a conventional loan in Southern California?

The 2026 baseline conforming limit is $832,750 for a one-unit property. FHFA's 2026 one-unit ceiling is $1,249,125. These counties are at that ceiling: Alameda, Contra Costa, Los Angeles, Marin, Orange, San Benito, San Francisco, San Mateo, Santa Clara, Santa Cruz. San Diego is $1,104,000, Ventura is $1,035,000, and Santa Barbara is $941,850. San Bernardino and Riverside are at the $832,750 baseline. The full county table is at https://www.franciscowilliams.com/resources/california-loan-limits-2026. Source: FHFA conforming loan limits for 2026, announced November 25, 2025. Above your county's limit, the file is jumbo.

How much down payment do we need?

As little as 3% for first-time buyers through HomeReady or Home Possible, 5% on a standard conventional loan, or 20% to avoid private mortgage insurance (PMI). Higher down payments unlock better pricing.