Current conventional guidelines, updated from one source.
Treat these as the program’s fixed points rather than an offer: the minimum down payment for a first-time buyer and for everyone else, the credit floor behind these pages, the leverage at which mortgage insurance begins and the points at which it ends, and the ratio an automated approval allows.
First-time buyer; 5% standard; 97% loan-to-value at the top
The agencies set the floor at 3% down for a first-time buyer and 5% for a repeat buyer, on a principal residence; the whole down payment may be a gift from a relative on a one-unit home, and twenty percent down removes mortgage insurance from the payment entirely.
Priced on the score; no agency minimum with an automated approval
A 620 decision score opens the program on the wholesale side; the agencies set no minimum for an automated approval and 620 to 640 for manual underwriting by loan type. The strongest effect of the score is on cost, through loan-level adjustments and the mortgage insurance premium.
Required above 80% LTV; removed at 80% by request, 78% automatically
The insurance line in a conventional payment is a bridge, not a fixture: required above 80% loan-to-value, cancellable at 80% on request and 78% by law, and priced by the insurer on the score inside Fannie Mae’s published 0.58%–1.86% range. Twenty percent down skips it entirely.
With an automated approval; 36% to 45% on a manual file
The total ratio runs to 50% with an automated approval, with the finding itself deciding how much of that room a particular file gets; manual files are read at 36%, or 45% with the matrix’s credit and reserve criteria met.
| Purpose | Occupancy and program | Maximum LTV |
|---|---|---|
| Purchase | One-unit principal residence, first-time buyer (fixed rate) | 97% |
| Purchase | One-unit principal residence, standard | 95% |
| Purchase | HomeReady / Home Possible (income limits apply) | 97% |
| Purchase | Two- to four-unit principal residence | 95% |
| Purchase | Second home | 90% |
| Purchase | Investment property, one unit | 85% |
| Purchase | Investment property, two to four units | 75% |
| Refinance | Limited cash-out (rate-and-term), one-unit principal residence | 95% |
| Refinance | Cash-out, one-unit principal residence | 80% |
| Refinance | Cash-out, two to four units, second home or investment | 75% |
| Combined LTV | Maximum contribution |
|---|---|
| above 90 percent | 3% of the sales price |
| 75.01 to 90 percent | 6% of the sales price |
| 75 percent or less | 9% of the sales price |
| investment property (any) | 2% of the sales price |
| Event | Waiting period |
|---|---|
| Chapter 7 or 11 bankruptcy | four years from discharge or dismissal (two years with documented extenuating circumstances) |
| Chapter 13 bankruptcy | two years from discharge; four years from dismissal (two with extenuating circumstances) |
| Multiple bankruptcy filings | five years when more than one filing within the past seven years |
| Foreclosure | seven years (three with extenuating circumstances, then limited to a principal residence or second home at 90 percent LTV, purchase or limited cash-out) |
| Deed-in-lieu, short sale or mortgage charge-off | four years (two with extenuating circumstances) |
Mortgage insurance: Fannie Mae reports that private mortgage insurance typically ranged from 0.58%–1.86% of the loan amount a year; the premium on a specific loan is priced by the insurer on the score, the leverage, and the coverage, and is never quoted here. Gifts from relatives may fund the entire down payment on a one-unit principal residence. HomeReady and Home Possible lend to 97% with income at or below 80% of the area median; HomeOne lends to the same leverage with a first-time buyer and no income limit.
Current conventional snapshot · updated October 3, 2026 · principal residences occupied within sixty days, second homes, and one- to four-unit investment properties · conforming limits apply by county and are confirmed by a Lendmire loan officer · above the limit, see the jumbo program · no prepayment penalty · Lendmire is a broker, never the lender.
This page describes program parameters, not an offer. The down payment minimums, the credit floor, the insurance thresholds, and the ratios are agency guidelines and lender overlays, subject to change without notice and to full underwriting; the appraisal, the credit report, the property, the occupancy, and the conforming limit decide every file. Lendmire is a broker, not a lender. Licensed in sixteen states for consumer mortgages. NMLS #2371349.
What a conventional loan is — and how the file is qualified.
Four rules shape an Ontario conventional file: leverage by occupancy and buyer, credit scoring that prices rather than gates, mortgage insurance that cancels, and ratios set by the underwriting path. Each is explained below with the reason behind it.
For the program overview, see Lendmire’s conventional loan program, or the statewide guide at Conventional Loans in California; for the mortgage insurance cancellation rules, see the CFPB.
Leverage by occupancy and buyer
The agencies lend most on a home the borrower lives in and less as the occupancy changes: a one-unit principal residence reaches the top leverage, with the first-time buyer’s minimum the lowest down payment in the program; two- to four-unit homes, second homes, and investment properties step down from there, as the table in the snapshot shows for an Ontario buyer.
Credit scores and automated underwriting
Conventional credit is priced more than it is gated. The floor in the snapshot is the lowest score the lanes accept, and above the floor the score sets the loan-level price adjustments and the mortgage insurance premium. An Ontario buyer with a stronger score pays less on both lines.
Mortgage insurance that cancels
Twenty percent down means no mortgage insurance at all, and anything less means insurance for a while. The calculator on this page shows the Ontario payment with the estimated premium and the payment after it ends, along with the month on the amortization schedule when the request and automatic thresholds arrive.
Ratios, reserves, and the DU finding
Reserves are measured in months of the total housing payment and set by the finding, the occupancy, and the number of financed properties; an Ontario second-home or investment file carries more than a principal residence. Income needs a two-year history and a reasonable expectation of continuing.
The calculator runs this on an Ontario scenario and adds the piece most calculators skip: the month on the amortization schedule when the balance reaches the request and automatic-termination thresholds, so the payment after the insurance ends is visible beside the payment before.
Where Ontario buyers borrow — and how a conforming loan fits.
The leverage limits are percentages; the market turns them into dollars. The Census figures below describe Ontario’s ownership, home values, and household income, the backdrop every conforming loan here is sized against.
Citywide figures provide general market context, not an appraisal or an income calculation. Two buyers at the same score can see different files here: one buys at the median and sits well inside the ratio, another stretches above it and needs reserves and a stronger finding. The market sets the spread.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct Ontario neighborhoods, distinct conventional files.
No single conventional file describes Ontario. The submarkets below differ in housing stock, price, occupancy mix, and the appraisal questions they raise, and each one shapes how a conforming loan is put together.
Investor and second-home purchases
An investor buying an Ontario unit to rent uses the conventional program at the investment leverage, documents the rent the agencies allow, and shows reserves for every financed property; the agencies cap how many such loans one borrower may carry. Ontario is home to about 181K people and sits within the Riverside-San Bernardino-Ontario, CA area.
Condominiums and townhomes
An Ontario condominium in an established project is a conventional file with the project review added. Established projects usually pass; new or investor-heavy ones draw questions, and a project that fails goes to a portfolio lender on different terms. The median owner-occupied home value in Ontario runs near $607,600 on the latest Census estimate.
Two-to-four-unit homes
Owner occupancy of one unit sets the leverage on an Ontario multi-unit conventional loan; without it, the property is an investment purchase at the lower investment leverage. The appraisal reads every unit and the rents. Roughly 31,202 Ontario households own their homes on the latest Census estimate — 58% of all households, the pool a conventional purchase joins.
Established close-in neighborhoods
The Ontario blocks nearest the core carry the oldest houses, and a conventional appraisal reads them for value first and condition second: no HUD or VA property standard, but the home must be safe, sound, and marketable, and a failing roof or system still draws a condition note. Median household income in Ontario sits near $88,941 on the latest Census estimate.
Newer infill and recent construction
On recent construction in Ontario the appraisal is usually uneventful and the arithmetic decides: whether the loan fits under the conforming limit, and whether the ratio carries the price once the insurance is added at the leverage chosen. About 42% of Ontario’s households rent — roughly 22,568 renter households on the latest Census estimate.
Higher-value homes
The higher-value Ontario file is a limit question, not an eligibility question. The conforming limit caps the loan amount, and the buyer either adds down payment to fit under it or chooses the jumbo route for the whole purchase. On a one-unit principal residence at Ontario’s median value, the first-time buyer’s minimum down payment comes to about $18,200 and the standard minimum to about $30,400 — before closing costs, and before the mortgage insurance that comes with either; a second home, a multi-unit home, or a rental starts higher, as the leverage table shows.
Across all of Ontario, five questions settle a conventional loan: what the appraisal supports, whether the property passes the agencies’ review, how the home will be occupied, what the score costs, and what the ratio and reserves allow.
Four ways Ontario buyers put a conforming loan to work.
The conventional loan is one of the broadest mortgage programs there is: it buys a first home with a small down payment, a move-up home with cancellable insurance, a second home, and a rental, and it refinances all of them. The cards below are the uses that bring Ontario borrowers to it most.
Refinance or take cash out
The conventional refinance fits an Ontario owner who wants a different term, a different structure, or cash from equity; each has its own leverage, and a cash-out refinance generally needs a first mortgage at least twelve months old and six months on title. A home equity line that leaves the first mortgage alone is the comparison worth running.
Buy a second home
For the Ontario vacation or weekend home, the conforming loan is usually the only consumer route: FHA and VA finance principal residences only. The down payment is larger, the reserves are deeper, and the score prices the loan the same way it does on any conventional purchase.
Buy with twenty percent down and no insurance
An Ontario buyer with twenty percent down gets the conventional loan’s cleanest form: no mortgage insurance, loan-level adjustments at the best tier the score allows, and a payment of principal, interest, and escrows alone. Second homes and investment property are priced from the same structure.
Buy an investment property
The rental purchase is inside the conventional program at a lower leverage than a principal residence: an Ontario buyer uses the agencies’ rules for counting rental income, shows reserves for every property financed, and accepts loan-level adjustments that reflect the occupancy.
Estimate the payment on an Ontario price before requesting a quote.
The program’s own math on your Ontario inputs: price less the down payment, amortized at the benchmark, with the insurance estimate added while the leverage is above the threshold and the escrows added throughout. The actual rate, premium, payment, and costs come in writing from a licensed loan officer.
Ontario conventional payment estimate
Seeded with an Ontario price and the first-time buyer’s minimum down; every field updates the result as you type.
Editable benchmark: 7.28% as of October 1, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a conventional loan quote.
Estimate seeded at the low end of Fannie Mae’s published range (0.58%–1.86% a year); the insurer prices the actual premium on the score and the leverage. Applies only above 80% loan-to-value.
Illustrative starting assumptions: a $610,000 price near Ontario’s median owner-occupied home value, the first-time buyer’s minimum down payment, a thirty-year term at the current Freddie Mac benchmark, mortgage insurance at the low end of Fannie Mae’s published range, property taxes and insurance estimated for California (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not a conventional loan quote; your rate is set by the lender at lock. The mortgage insurance figure is an editable estimate seeded from Fannie Mae’s published typical range, not a premium quote; the insurer prices the actual premium, and the cancellation month assumes scheduled payments with no extra principal and no change in value. Taxes, insurance and dues are editable estimates; closing costs are not included. Conforming loan limits apply by county. Licensed in sixteen states for consumer mortgages.
Same buyer, three very different closings.
Choosing among conventional, FHA, and VA in Ontario is really choosing an insurance structure and a credit standard at the same time. Each is laid out below with the buyer it fits.
Conventional, FHA, or VA.
This program offers a low down payment for first-time buyers, insurance set by the score and removed once the balance falls below the threshold, and no upfront premium on the monthly structure. Of the three programs compared here, it alone finances second homes and investment property. The cost is a credit standard that prices a weak score heavily.
FHA asks for a small minimum investment that a gift can cover, accepts a forgiving decision score, and charges an upfront premium plus an annual premium that lasts for the term at full leverage. For an Ontario buyer with a modest score it usually wins; for a strong score the conventional premium is smaller and temporary. See Lendmire’s FHA loan program.
VA beats conventional on the principal residence for nearly every eligible borrower; conventional beats VA on everything VA does not touch: second homes, rentals, and buyers without the certificate. The two often sit side by side in one Ontario household. See Lendmire’s VA loan program.
The decision is rarely close once the profile is known. Conventional tends to win for a strong score and for every non-primary occupancy, FHA for a modest score, and VA for nearly any eligible principal residence. The comparison is run on the actual numbers, in writing. Above the conforming limit, see the jumbo loan program.
What to prepare for an Ontario scenario review.
What a lender reads on an Ontario conventional loan, and what you can have ready before anyone asks.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the transaction, the property, the automated underwriting finding, and the income picture. Nothing here is legal or tax advice.
Local details that can change the loan.
The percentages tell only part of the story. What an Ontario conventional loan actually becomes depends on the score, the appraisal, the project review, and the automated finding, and these are the details that move it.
Use these checks to keep the Ontario file clean and fundable.
Three things to settle before an Ontario review: how the mortgage insurance will be structured and when it ends, where the decision score lands and what it prices, and whether the property has any agency question attached.
- Plan the insurance: it cancels on request at the request threshold and automatically at the termination threshold.
- Confirm the score: the lender’s report sets the decision score; multiple borrowers use the average of the median scores.
- Check the limit: conforming limits are set by county and unit count and reset every year.
Mortgage insurance: how much, and until when
The premium on an Ontario loan can be paid monthly, paid by the lender in exchange for a different price, paid as a single premium at closing, or split. The monthly structure cancels under the federal rules, and the others are set by the lender. The calculator shows the monthly structure and the month the thresholds arrive on scheduled payments.
The score sets the cost
The decision score comes from the lender’s report, and with multiple borrowers the automated system uses the average of the median scores. On an Ontario conventional file the score rarely ends eligibility, but it sets the loan-level adjustments and insurance premium, so a few points can change monthly cost.
The conforming limit
Conforming loans are capped by county and by unit count, with higher limits in high-cost areas, and the FHFA resets the figures each year. An Ontario purchase whose loan would run above the limit brings a larger down payment, uses the high-balance range where the county has one, or moves to jumbo; a loan officer confirms the current county limit.
Waiting periods after a credit event
The agencies season credit events rather than barring them: each bankruptcy chapter, a foreclosure, a deed-in-lieu, and a short sale carry their own period, shortened by documented extenuating circumstances. The snapshot table shows each one for an Ontario buyer planning the timing.
The appraisal and value acceptance
Two outcomes matter on an Ontario appraisal: the value, which caps the loan, and the condition, which the lender must find acceptable. A waiver or value acceptance, where the automated system offers one, removes both questions and the appraisal fee at once, and the file closes on the system’s valuation.
From an Ontario pre-approval to keys in hand.
Underneath, the Ontario process is any mortgage process; what makes it conventional is the automated finding, the project review where it applies, the leverage by occupancy, and the insurance threshold. Each step below says what happens and what the buyer does.
Pre-approval
The first conversation settles the shape: whether the buyer counts as a first-time buyer, what leverage the occupancy allows, how much insurance the down payment carries, and whether conventional is the right program next to FHA and VA for the Ontario purchase.
Contract and appraisal
The Ontario contract sets the price and the contributions; the appraisal, or the system’s value acceptance, sets the value. Both feed the loan amount, and the lender confirms the project review and the conforming limit before underwriting begins.
Underwriting
The automated finding says what the file needs; the underwriter confirms the file has it. An Ontario buyer who gathered the documents at pre-approval clears conditions quickly; one who did not spends the time here.
Closing
Closing is where the structure becomes a payment: principal and interest, the insurance while the loan is above the threshold, taxes and insurance. The Ontario buyer takes the keys, and the lender delivers the loan to the agency it was written for.
A brokerage that prices the whole market.
Lendmire is a mortgage brokerage licensed for consumer lending in sixteen states, and on a conventional loan that buys three things: the file priced across several wholesale programs rather than one, the insurance structure and its exit explained before an offer is written, and the terms in writing from a licensed loan officer.
Several programs, one set of numbers
A lender with one rate sheet sells that sheet; a brokerage with several can say which fits. For an Ontario buyer with a strong score that is usually a conventional loan on the program whose cost is lowest for that file; for a modest score it may be FHA, and the arithmetic decides.
The insurance explained before the offer
No Ontario buyer should learn at the closing table what the insurance costs or how long it lasts. The loan officer walks through the premium for the leverage chosen, the month the thresholds arrive on scheduled payments, and the alternative of a larger down payment.
Licensed, consumer-purpose, in writing
Lendmire carries the license for the state the Ontario home is in, delivers the disclosures a consumer mortgage requires, and commits the terms to paper. The program figures on this page are read from one guideline source built on the agencies’ published guides.
Trusted by buyers & families alike.
Ontario conventional loan FAQs
Plain answers to the questions Ontario buyers ask most about conventional loans, in the order they usually ask them.
What is a conventional loan, and who is it for?
A conventional loan is a mortgage written to the rules of Fannie Mae and Freddie Mac so the lender can sell it to them after closing; no government agency insures it, and a private insurer covers the top slice above the leverage threshold. It fits the Ontario buyer with a solid score, any down payment from the program minimum up, and any occupancy the agencies allow, including second homes and rentals.
How much do I need to put down on a conventional loan in Ontario?
A small share of the price for a first-time buyer, a little more for a repeat buyer, and twenty percent to skip the insurance. A loan officer turns the percentages into dollars on the price you choose.
What credit score do I need for a conventional loan?
The wholesale programs behind these pages start at the floor shown in the snapshot. Fannie Mae itself sets no minimum score for a loan its automated system approves and a minimum only for manually underwritten loans; what the score mostly does is set the price of the loan and the mortgage insurance, so an Ontario buyer above the floor still benefits from every tier gained.
How does private mortgage insurance work, and when does it end?
Above the threshold the insurance is part of the Ontario payment; below it, there is none. Fannie Mae publishes the typical annual range shown in the snapshot, the insurer prices the actual premium, and the federal cancellation rules end it as equity arrives.
What is the conforming loan limit in Ontario?
There is a county limit, revised annually, and some counties carry a high-balance range above the standard figure. The loan officer confirms the current limit at pre-approval; above it, the jumbo program takes the file.
Should I choose a conventional loan or FHA?
Run both. A strong score and a down payment above the minimum point to conventional, where the insurance is smaller and ends; a modest score and the smallest possible investment point to FHA. The comparison is made on the actual payment and the cash to close.
What debt-to-income ratio does a conventional loan allow?
The automated ceiling in the snapshot is the most a conventional file can carry, and the finding decides how much of it a particular Ontario file gets based on the score, the reserves, and the rest of the profile. Manual files are read at the lower pair.
Can I buy a rental property with a conventional loan?
Investment property is inside the conventional program at a lower leverage than a principal residence. An Ontario buyer documents the rents, shows reserves for every property financed, and accepts loan-level adjustments for the occupancy.
Can the down payment be a gift?
Yes, on a principal residence, from a relative or other acceptable donor, documented by letter and transfer. The seller cannot be the source, and on second homes and multi-unit homes above the threshold the buyer contributes a share of their own funds.
How does a conventional refinance work?
Two paths: a limited cash-out refinance, often called rate-and-term, to the higher leverage in the snapshot, which changes the rate, the term, or the structure and pays off the existing loan with limited cash back; and a cash-out refinance to the lower leverage after the seasoning period, which hands over equity in cash. Each occupancy has its own limit on both.
An Ontario conforming loan, from the first numbers to the closing table.
Ask for an Ontario scenario review to confirm the leverage, the insurance and its exit, and the loan the program supports. Lendmire is a broker licensed in sixteen states for consumer mortgages and is never the lender.
This guide covers Ontario — for the statewide guidelines, markets, and scenarios, see Conventional Loans in California, part of Lendmire’s conventional loan program.
Nearby markets in California: Chino · Eastvale · Upland · Rancho Cucamonga · Jurupa Valley · Pomona · Fontana · Chino Hills
Related programs: FHA Loans · Jumbo Loans · Refinance Loans