Skip to content

Conventional 30-year fixed, 15-year fixed, and 30-year High Balance Mortgages & Home loans

Central Coast Lending is a leading broker of 30-year fixed, 15-year fixed, and 30-year high balance home loans on the California Central Coast. Our expert team of loan officers make the process of mortgage finance (or refinance) easy and understandable. 

Mortgage Programs

 We guarantee straightforward, honest advice. Contact us for a friendly and confidential discussion about your finances:

You can continue reading below for more information about conventional financing. But first, here are some other links that may interest you:

Online secure pre-application

Current Conventional mortgage rates

Conventional Loan fact sheet PDF download

Conventional Loan Overview

The conventional loan program is the general industry standard loan set up by Fannie Mae and Freddie Mac, and offers both adjustable and fixed rate mortgages. The most well-known conventional loan programs are the 30-year fixed, 15-year fixed and 30-year fixed high balance.

Conventional loans generally have slightly stricter standards than specific government loan programs. The conforming loan can be used for investment properties and second homes.

Nationwide, this loan program has a ceiling of $417,000; however, Fannie Mae and Freddie Mac calculate a “high cost” loan ceiling in areas with higher median home prices. In San Luis Obispo County, the ceiling is $561,200.

Additional recent measures have increased the nationwide ceiling to aid the post-bubble housing market. Locally, the extension moved conventional standards up to $687,500. This further extension is due to expire on September 30, 2011 and Congress will review plans to continue the program. Contact your loan officer for more information on current conventional loan standards.

Loan Specifications

  • Maximum price varies based on location. The recent nationwide benchmark has been  $417,000. In San Luis Obispo County, the “high balance” conventional loan limit is $561,200. The extension due to expire on Sept. 30, 2011 moved the SLO county limit up to $687,500
  • Minimum credit score: 580
  • Debt-to-income ratio (DTI): 50 percent (Fannie Mae), 50 percent (Freddie Mac)
  • Minimum 5 percent down payment—mortgage insurance required on down payments under 20 percent
  • Variable loan durations and rate specifications (adjustable or fixed mortgages) available
  • Down payment generally is not eligible for gift. Some exceptions included, such as when using 5 percent of own funds for down payment, and when entire 20 percent is taken as a gift


  • Loan duration flexibility
  • No mortgage insurance with 20 percent down payment
  • Stricter qualifying standards: minimum credit score and DTI
  • Investment property and second home eligible

Obtaining a Mortgage After a Negative Credit Event

Things don’t always go as planned when buying a home. It’s a common misconception that after going through a negative credit event like foreclosure or bankruptcy, it’s impossible to get a loan. This is far from the truth. Please click here (LINK)  for a rundown of the guidelines for obtaining mortgage financing for Conventional (Conforming) home loans after going through foreclosure, short sale or bankruptcy.

Buying a Home after a Negative Credit Event (FULL BACKGROUND and OVERVIEW):

Our print-friendly chart gives guidelines for buying a home using conventional, FHA, VA, or USDA finance after a bankruptcy, foreclosure, short-sale, deed-in-lieu, or loan modification. Click here to View.


We broker 30-year fixed, 15-year fixed, and 30-year high balance home loans for the Central Coast and throughout the entire state of California. Among others, we supply mortgages for:

San Luis Obispo County:

Arroyo Grande, Atascadero, Avila Beach, Cambria, Cayucos, Creston, Grover Beach, Los Osos, Morro Bay, Nipomo,Oceano, Paso Robles, Pismo Beach, San Luis Obispo, San Miguel, San Simeon, Santa Margarita, Shandon, Templeton, and surrounding cities.

Santa Barbara County:

Buellton, Carpinteria, Goleta, Guadalupe, Hollister Ranch, Isla Vista, Lompoc, Los Alamos, Los Olivos, Mission Hills,Montecito, Orcutt, Santa Barbara, Santa Maria, Santa Ynez, Solvang, and surrounding cities.

Kern County:

Bakersfield, Delano, Arvin, California City, McFarland, Ridgecrest, Maricopa, Taft, Oildale, Lamont, Rosamond,Rosedale, Greenfield, Lost Hills, and surrounding cities.

Monterey County:

Carmel, Del Rey Oaks, Gonzales, Greenfield, King City, Marina, Monterey, Pacific Grove, Salinas, Sand City, Seaside, Soledad, and surrounding cities.