Conventional Financing

Industry standard loan: flexibility on rate, term, and property type.

The conventional, or conforming, loan is the industry standard mortgage. It is offered with a variety of terms (fixed, adjustable), and can be used for the primary residences, investment properties, and second homes.


The most popular loan program in the United States. The loan term of 30 years helps keep the monthly payments manageable, but also means that borrowers will pay more interest over the life of the loan.

  • Down payment: as low as 3%
  • Credit score: as low as 620
  • Debt-to-income ratio: as high as 50%
  • Gift payments: allowed; entire down payment can be gift; family restrictions apply (Read more)
  • Rate and Term: fixed and adjustable rate options
  • Ceiling: $424,000 ($586,500 for high balance in SLO County; $625,500 for high balance in SB County)
  • Occupancy: primary, secondary, and investment eligible
  • Mortgage Insurance: no (with 20% down payment); yes (under 20%); lender-paid MI options available (Read more)

The 15-year fixed offers a lower mortgage rate than the 30-year, and is very popular for refinance. The shorter loan term will save borrowers thousands and thousands off interest payments over the life of the loan.

The 30-year high balance loan offers San Luis Obispo County buyers access to conventional financing. Halfway through 2014, the median home price for SLO County rose above $480,000. The national conventional limit is $417,000. By offering a “high balance” loan of $561,200 in higher-cost areas, buyers retain access to the most popular loan program on the books.

The HomeStyle Mortgage allows homeowners to include financing for a whole swath of home improvement(s) in with their mortgage, including kitchen upgrades, bedroom and bathroom additions, structural repairs, energy efficiency changes, and cosmetic alterations… (Read More)


The GSFA Platinum down payment assistance program was created to help low to moderate income homebuyers in the state of California purchase a home by providing down payment and/or closing cost assistance in the form of a non-repayable grant. (Read more)

The Program Income Limit for Freddie Mac first mortgages

program limits freddie mac - Copy

Middle-to-low income homebuyers who currently do not own a home are eligible to receive a significant price break on their loan under the newest program offered by Central Coast Lending, Fannie Mae’s MyCommunityMortgage (MCM) program… (Read more)

Loan Requirements

  • Credit: Minimum 700 FICO (limits to LTV/CLTV may apply)
  • Loan Term: Fixed Rate Mortgage (FRM): 10 – 30 year terms
  • Max LTV: 70% loan-to-value maximum
  • Occupancy: 1 Unit Owner Occupied, 1 Unit Second Home
  • Property Eligibility:
    • Single-family-detached, Modular (off-frame only), and Manufactured. No Co-ops.
    • Manufactured homes: Property may not have been currently installed prior to subject lot.
  • Additional Information:
    • No self builds
    • All contracts must be fixed price
    • Payments during construction will be based on the outstanding drawn balance and will be drawn from interest reserve if applicable, otherwise payment will be due. (Read More)

Qualify by showing just one year of income. (Read more)
~ Don’t wait a day longer than you have to! This program is perfect for buyers who are self-employed, or who have had a recent increase of income.

Financing for non-permitted additions is allowed.
~ Case-by-case basis. Give us a call at 805.543.LOAN to learn more.

Wait times after foreclosure, short sale, bankruptcy (Read more)

  • Foreclosure: 7 years from completion date
  • Short Sale: 4 years from sale
  • Bankruptcy (Chapter 7): 4 years from discharge date
  • Bankruptcy (Chapter 13): 2 years from discharge date; 4 years from dismissal date
  • Deed-in-Lieu: 4 years from recorded date

* Reduced time frames with extenuating circumstances

Further Reading (from the FAQ Page)

  • Low down payment loan programs (Read more)
  • Gift giving guidelines (Read more)
  • Mortgage insurance guidelines (Read more)
  • Credit qualification standards: FICO and Debt-to-Income (Read more)

Apply Now

Submit your loan application today! Track status and make modifications on-the-go. Easy, fast, and secure.

About the Loan Programs

As a bank and a broker, we find loan solutions where other lenders cannot.

Market Update Blog

Daily updates on Central Coast real estate, economic activity, lifestyle, and much, much more. Read more.

From our Clients:

“Good explanation of process and forms. Always kept up-to-date during the loan processing.”
Anthony and Kathleen Toscano, Morro Bay
“Communication through telephone and emails was excellent with updates…”
R. David and Helen Cantu, Atascadero
“The speed and ease of communication… always flexible to accommodate our schedule.”
Berkeley and Meghan Lindt, San Luis Obispo
“Our transaction was complex due to various family entities. It was difficult but successful. Great job!”
Donald and Elisa Cameron, Cambria
“This was a painless process and you succeeded where conventional banks failed me.”
Susan Manbeian, Cambria


We will close your home loan on time, on budget, with no surprises. Find out why we call ourselves “The Mortgage Experts.” About CCL
As a banker and a broker, we have uniquely positioned ourselves to custom fit a loan for every client. We succeed where others do not. Apply Today
As  a mortgage banker, we keep your loan right here in California. Our offices are conveniently located to serve the Central Coast. Office Locations
Check for daily updates on mortgage rates, home price trends, new home construction, and more. The Central Coast’s best real estate analysis. Market Update Blog



Central Coast Lending Reach

We offer home loans / mortgages to the Central Coast and the entire state of California, including:

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, Cayuma, Vandenberg Village, Garey, Summerland,  and surrounding cities.

Kern County:

Bakersfield, Delano, Arvin, California City, McFarland, Ridgecrest, Maricopa, Taft, Oildale, Lamont, Rosamond, Rosedale, Greenfield, Shafter Lost Hills, Wasco, Bear Valley Springs, Boron, Frazier Park, Wofford Heights, Weedpatch, and surrounding cities.

Monterey County:

Carmel, Del Rey Oaks, Gonzales, Greenfield, King City, Marina, Monterey, Pacific Grove, Salinas, Sand City, Seaside, Soledad, Bradley, Castroville, Chualar, Las Lomas, Lockwood, Moss Landing, Elkhorn, San Ardo, San Lucas, Prunedale, Pajaro, and surrounding cities.

Real Estate Reports

Our quarterly reports on the Central Coast real estate market feature data on sales, pricing, foreclosures, and more.