CONVENTIONAL LOANS IN OXNARD
A conventional mortgage is a flexible lending product you can use to buy a home in California with fixed or adjustable interest and a loan term that fits your needs. Low down payments are available to borrowers with competitive credentials.
What is a Conventional Mortgage?
Any home loan that is not insured by a government agency is a conventional mortgage. Conventional loans can be subdivided into two categories: conforming and non-conforming loans.
On this page, we will talk about conforming loans, which do not exceed the Fannie Mae and Freddie Mac conforming loan limits.
To learn more about non-conforming mortgages, see our jumbo loan page.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Do You Need a Jumbo Mortgage in Oxnard?
Conforming loan limits depend on location. For most counties across the US, they are the same. But in Southern California, many homes sell in a higher price range than they do on average throughout the country. To adjust for that reality, the loan limits are higher for some counties.
These are the conforming loan limits that apply to most counties nationwide:
1 UNIT
$647,200
2 UNITS
$828,700
3 UNITS
$1,001,650
4 UNITS
$1,244,850
But Southern California has a lot of high cost areas. The Fannie Mae and Freddie Mac loan limits are therefore higher in certain counties. That way, borrowers can finance the purchase of high cost properties up to a higher limit before needing to turn to jumbo financing.
Oxnard, California is located in Ventura County. The Fannie Mae and Freddie Mac conforming loan limits for Ventura County are:
1 UNIT
$851,000
2 UNITS
$1,089,450
3 UNITS
$1,316,900
4 UNITS
$1,636,550
So, imagine you are thinking about purchasing a home that will require you to borrow $650,000.
If you were located in most counties nationwide, you would need a jumbo mortgage to buy that home. But if the home is located in Ventura County, you could get away with a conventional conforming loan.
There are variations in the Fannie Mae and Freddie Mac conforming loan limits in some nearby counties. For instance, in Santa Barbara County, the limits are:
1 UNIT
$783,150
2 UNITS
$1,002,600
3 UNITS
$1,211,900
4 UNITS
$1,506,100
When you contact us for your consultation, we can tell you the loan limits for the county where you want to purchase your California home.
Who Qualifies for a California Conventional Loan?
Here are the basic factors we assess when we check your eligibility for a conventional mortgage:
- Your credit score
- Your debt-to-income ratio
- Your income
- Your employment history and status
- Your down payment ability
Apply for a Conventional Mortgage in CA Now
Find out now if you qualify for a conventional loan in Oxnard or anywhere in California with a low down payment and other excellent features. Please give us a call today at (805) 402-5302 to schedule your mortgage consultation.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
FAST AND EASY CUSTOM JUMBO LOAN RATE QUOTES
Take the first step by getting pre-approved!
