Question 1

What's the conforming loan limit in Baldwin Park?

Accepted Answer

$832,750 for single-family homes in Los Angeles County. Duplexes, triplexes, and fourplexes have higher limits ranging from $981,500 to $1,489,300.

Question 2

Can I get a conforming loan with 3% down in Baldwin Park?

Accepted Answer

Yes, through Conventional 97 or HomeReady programs. You'll pay mortgage insurance until you reach 20% equity, typically $150-$250 monthly on a median-priced home.

Question 3

Do conforming loans work for Baldwin Park condos?

Accepted Answer

Only if the complex meets Fannie Mae approval requirements. At least 50% of units must be owner-occupied, and the HOA needs adequate reserve funds.

Question 4

How does my credit score affect Baldwin Park conforming rates?

Accepted Answer

Every 20-point drop below 740 costs roughly 0.25% in rate. A 680 score might get 7.25% while 760 gets 6.75% on identical loans.

Question 5

What income documentation do conforming loans require?

Accepted Answer

W-2 employees need recent pay stubs and two years of W-2s. Self-employed borrowers provide two years of personal and business tax returns with all schedules.

Question 6

Can I avoid mortgage insurance on a conforming loan?

Accepted Answer

Yes, with 20% down payment or by using an 80-10-10 structure. The second option adds a small second mortgage to avoid PMI on lower down payments.

Conforming Loans in Baldwin Park: Your Path to Competitive Rates