Loan guide, San Diego
Conventional
The most common home loan in the country. Put as little as 3% down, and drop mortgage insurance once you reach 20% equity.
Down payment from
3%
Credit score from
620
Terms
10 to 30 years, fixed or ARM
A conventional loan is not backed by a government agency. It follows guidelines set by Fannie Mae and Freddie Mac, which is why lenders can price it competitively and why it works for most buyers with solid credit.
Put down less than 20% and you pay private mortgage insurance (PMI) each month. PMI drops off automatically at 22% equity, and you can ask to remove it at 20%.
Fixed terms from 10 to 30 years, or an adjustable rate
Loan amounts up to the conforming limit for your county
Primary homes, second homes and investment properties
Why people choose it
As little as 3% down for qualified first-time buyers
Mortgage insurance is temporary, not for the life of the loan
Often the lowest total cost for borrowers with good credit
Flexible property types, including condos and rentals
Watch out for
Credit score matters more here than with FHA, every 20 points can change your price
Debt-to-income limits are firmer, usually around 45% to 50%
Gift funds and seller credits have limits tied to your down payment
Is this the right loan for you?
A 20-minute call tells you whether it fits, roughly what it costs and what to gather. No hard credit pull to start.
Guidelines vary by lender and change often. Sample figures only, not a commitment to lend. NMLS # 000000 (demo).
Other loans worth a look.
15 or 30 years, fixed
FHA
Government-insured loans with 3.5% down and flexible credit guidelines. Mortgage insurance is part of the package.
Read the guide
15 or 30 years, fixed or ARM
VA
Zero down, no monthly mortgage insurance and competitive rates for the people who served.
Read the guide
15 or 30 years, fixed or ARM
Jumbo
For loan amounts above the conforming limit. Bigger loans, deeper paperwork, and we shop the lenders that price them best.
Read the guide