Last updated October 2026 by Tim Stacey, Stacey Solutions powered by Xpert Home Lending, Inc NMLS 2179191.
Part of our Fairfield home loan guides: Conventional loans across California · FHA loans in Fairfield · First time buyers in Fairfield · VA loans in Fairfield
Quick answer: A conventional loan in Fairfield can finance a home you live in with as little as 3% down, a second home with about 10% down, or a rental with about 15% down, up to the 2026 Solano County conforming limit of $832,750. On a $600,000 home, close to Fairfield’s August 2026 median sale price, that means $18,000, $60,000, or $90,000 down. Most lenders look for a credit score of 620 or higher.
Fairfield is the Solano County seat and home to Travis Air Force Base, so the buyers I talk with here are a real mix: families buying a first or move up home, civilian and contractor staff working on base, and people buying a rental or a second place near Travis. A conventional loan is the one loan type that covers all of those goals.
I am an independent mortgage broker based in Solano County. I compare conventional pricing across many wholesale lenders, so you are not limited to one bank’s rate sheet. Below are the 2026 Fairfield numbers I use when I build a plan with a client.
Fairfield Market Numbers for 2026
| Fairfield number | Figure | Source |
|---|---|---|
| Median sale price | $600,000 (August 2026, down 3.1% from a year earlier) | Redfin |
| Homes sold in August 2026 | 251, up 23% from a year earlier | Redfin |
| Median days on market | 36 days, 12 fewer than a year earlier | Redfin |
| Sale to list price | 99.1% | Redfin |
| 2026 conforming loan limit, one unit | $832,750 (Solano County) | FHFA |
| Median effective property tax rate | About 1.15%, median bill about $4,890 | Ownwell, April 2026 |
More homes are selling in Fairfield than a year ago, and prices are slightly lower. Homes are also closing just under list price on average, which gives a prepared buyer room to negotiate.
Primary Home, Second Home, or Rental: What Conventional Requires
| How you will use the home | Typical minimum down | 3% programs allowed? | Notes |
|---|---|---|---|
| Primary residence | 3% to 5% | Yes, HomeReady and Home Possible | Lowest rates and mortgage insurance |
| Second home | 10% | No | Must be a true second home, not rented full time |
| Investment property, one unit | 15% | No | Higher rate, reserves required |
Minimums above follow Fannie Mae’s eligibility guidelines. Individual lenders can require more depending on credit score and debt ratio, which is one reason I shop several lenders for each file.
Down Payment Options on a $600,000 Fairfield Home
| Down payment | Cash down | Loan amount | Common use |
|---|---|---|---|
| 3% | $18,000 | $582,000 | Primary home with HomeReady or Home Possible |
| 5% | $30,000 | $570,000 | Primary home |
| 10% | $60,000 | $540,000 | Primary or second home |
| 15% | $90,000 | $510,000 | Primary, second home, or rental |
| 20% | $120,000 | $480,000 | No PMI on any of these |
Property taxes in Fairfield run about 1.15% of the purchase price each year. Plan for homeowners insurance too, plus PMI when you put less than 20% down. I price PMI from real lender pricing, since it moves with your credit score.
Conventional Loans for Travis Air Force Base Employees
Not everyone who works at Travis has VA eligibility. Civilian employees, contractors, and many spouses who buy on their own usually choose between conventional and FHA. If your credit is strong, conventional often gives you the lower long term investment because PMI costs less than FHA mortgage insurance and goes away as you build equity.
Service members and veterans should still compare a VA loan in Fairfield first, since it needs no down payment and no monthly mortgage insurance. Some choose conventional when they want to keep their VA entitlement free for a future move, so it is worth running both.
3% Down for Fairfield Buyers Who Will Live in the Home
Fannie Mae HomeReady and Freddie Mac Home Possible allow 3% down with income at or below 80% of the area median income for the home’s location, and they come with reduced mortgage insurance. You do not need to be a first time buyer. If every buyer on the loan is buying for the first time, one of you completes a homeownership education course. If you also need help with the down payment, the Fairfield first time buyer guide covers CalHFA MyHome Assistance and the current status of city programs.
How Removable PMI Works
PMI is the trade off for putting less than 20% down. On conventional loans it does not last forever. You can request cancellation once your loan balance reaches 80% of the home’s original value, and it ends automatically at 78% as long as your payments are current. FHA mortgage insurance usually stays for the life of the loan with less than 10% down, which is a big reason buyers with good credit lean conventional. Compare the two in my FHA loans in Fairfield guide.
Property Taxes in Fairfield
Your tax bill resets to your purchase price, starting at 1% under Proposition 13 plus local bonds and assessments. Ownwell puts Fairfield’s median effective rate at about 1.15%. Some newer Fairfield subdivisions are inside a Mello Roos district that adds a special tax, and lenders count it when they qualify you. I pull the real tax figure for the address before you make an offer so your approval holds up.
Frequently Asked Questions
How much is the down payment on a conventional loan in Fairfield?
It depends on how you will use the home. For a home you live in, it can be as low as 3% through HomeReady or Home Possible, which is $18,000 on a $600,000 Fairfield home. A second home generally needs at least 10% down, and a one unit investment property generally needs at least 15% down under Fannie Mae guidelines.
What is the 2026 conforming loan limit in Fairfield?
Fairfield is in Solano County, where the 2026 conforming loan limit for a one unit home is $832,750, according to the Federal Housing Finance Agency. A loan above that amount is a jumbo loan.
Can I buy a rental property in Fairfield with a conventional loan?
Yes. Conventional is the main option for a rental, because FHA and VA loans require you to live in the home. Plan on at least 15% down for a one unit rental, a higher rate than a primary home, and cash reserves. The 3% down programs are only for a home you will live in.
I work at Travis Air Force Base as a civilian. Is conventional a good fit?
Often, yes. Civilian employees and contractors who do not have VA eligibility usually compare conventional and FHA. With a credit score around 700 or higher, conventional tends to come out ahead because the mortgage insurance is lower and can be removed.
Do I need 20% down to avoid PMI in Fairfield?
To avoid private mortgage insurance from the start, yes, 20% down is the line. That is $120,000 on a $600,000 home. With less down you pay PMI, but you can ask to cancel it once your balance reaches 80% of the original value, and it ends automatically at 78% under the Homeowners Protection Act.
Are Fairfield homes selling over asking price?
Not on average. Redfin reports Fairfield homes sold for about 99.1% of list price in August 2026, after a median of 36 days on the market. That leaves some room to negotiate price or ask the seller to help with closing costs.
Examples are illustrations only, not a loan offer or rate quote. Rates change daily and your actual terms depend on your credit, income, property, and the lender.
Ready to Run Your Fairfield Numbers?
Tell me what you plan to buy and how you will use it, and I will put together a side by side discussion document with conventional, FHA, and VA options where you qualify. Contact me here or start with the mortgage calculators.
Related Fairfield and Solano County Resources
Mortgage broker in Fairfield · Conventional home loans in California · Conventional loan guide for 2026 · VA loans near Travis Air Force Base · Conventional loans in Vacaville
Sources: Federal Housing Finance Agency 2026 conforming loan limits; Fannie Mae Eligibility Matrix; Fannie Mae HomeReady fact sheet, February 2026; Redfin Fairfield housing market data for August 2026; Ownwell Fairfield property tax data, April 2026.