Many homes in Oakhurst and throughout California can be purchased using a conventional loan. This type of loan is also known as a “conforming loan.”
With a conventional loan, you can finance the purchase of a home up to the Fannie Mae and Freddie Mac conforming loan limits.
Need to borrow more? Learn about Jumbo financing. Conventional mortgages may feature fixed or adjustable mortgage rates. It is possible to get a down payment as low as 3%.
The conventional loan limits are determined by the county where you are buying a home.
Oakhurst is located in Madera County, CA. The Madera County conventional loan limits are as follows:
These are also the conventional loan limits for Fresno County. Some counties nearby are more expensive to live in, and therefore have higher conventional loan limits.
The San Francisco County conventional loan limits are:
These are also the conventional loan limits for Santa Clara County, where San Jose is located.
If you are not certain what the conventional loan limits are for the county where you plan to purchase a home, we can inform you what those limits are during your free consultation.
Even if you are not located in a high cost area with a higher loan limit, we may still be able to work with you on a conventional loan.
When you apply for a conventional mortgage, these factors will be assessed to determine your eligibility:
Your credit score and debt-to-income (DTI) ratio.
Your financial history.
Your current employment status as well as your recent history of employment.
The down payment you can afford.
Factors involving the home itself will also be assessed. You will need to have the home appraised before you can get financing to purchase it.
Granite West Funding, LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.