Conventional mortgages are not directly insured by a federal government agency. Many conventional loans are “conforming,” meaning they follow current Fannie Mae or Freddie Mac requirements, while other conventional products may use different investor guidelines.

For qualified buyers in Riverside County and San Bernardino County, conventional financing can provide flexible options for primary residences, second homes, investment properties, condominiums, and certain multi-unit properties. The best structure depends on occupancy, property type, credit, income, assets, down payment, and automated-underwriting findings.

CONVENTIONAL LOAN QUALIFICATION

Qualification is based on verified income and employment, assets, credit history, monthly obligations, debt-to-income ratio, occupancy, property type, appraisal, and applicable underwriting findings. Minimum down payments and credit requirements differ by program and transaction. Private mortgage insurance is generally required when the loan-to-value exceeds applicable thresholds.

Conforming loan limits are updated periodically and vary by county and number of units. Rather than relying on an older published dollar amount, buyers should confirm the current limit for Riverside County or San Bernardino County at the time of application.

FirstHome.us can compare conventional financing with FHA, VA, jumbo, and available assistance programs. Rates, fees, loan limits, mortgage insurance, and underwriting requirements can change. All loans are subject to complete documentation, appraisal, underwriting, and final approval.

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