Conventional Loan
Conventional loans are traditional mortgages not backed by the government (unlike FHA or VA loans); offered by banks, credit unions, and other lenders. They are popular for buyers with solid credit and stable finances.
Program Highlights
- Credit Score: 620+
- Down Payment: 3%+
- Occupancy: Primary Residence, Second Homes & Investment Property
- Mortgage Insurance (PMI): Required if down payment is less than 20%; may be cancelable once equity reaches 20%
- Loan Amounts: Varies per County | Los Angeles County is $2,402,625
Eligible Property Types
- Single-Family Residences (SFR)
- 2–4 Unit Properties
- Condominiums
- Manufactured Homes
Documentation Required
- Verifiable income and employment (W-2s, pay stubs, tax returns or alternative docs)
- Assets and reserves (bank statements)
- Gift funds allowed for down payment and closing costs
