Question 1

What credit score do I need for a conventional loan in Baldwin Park?

Accepted Answer

Minimum is 620, but you'll pay heavily for scores below 680. Most Baldwin Park buyers we close have 700+ credit because the rate savings are substantial.

Question 2

Can I buy a Baldwin Park condo with a conventional loan?

Accepted Answer

Yes, but the condo complex needs conventional loan approval. Some HOAs don't qualify due to investor ratios or budget issues. We verify this before you make an offer.

Question 3

How much do I need for a down payment in Baldwin Park?

Accepted Answer

First-time buyers can put down 3%, repeat buyers need 5% minimum. PMI adds $100-300 monthly until you reach 20% equity through payments or appreciation.

Question 4

Do conventional loans close faster than FHA in Baldwin Park?

Accepted Answer

Typically 3-5 days faster because conventional appraisals don't require repair inspections. Sellers prefer this when they have multiple offers at similar prices.

Question 5

What's the maximum conventional loan amount for Baldwin Park?

Accepted Answer

Conforming limit is $1,249,125 for Los Angeles County in 2026. Above that, you need a jumbo loan with stricter requirements and higher rates.

Question 6

Can self-employed buyers get conventional loans in Baldwin Park?

Accepted Answer

Yes, with two years of tax returns showing stable income. We average your last two years, so declining income creates problems. Bank statements alone don't work for conventional loans.

Conventional Loans in Baldwin Park: Lower Rates, More Flexibility Than Government Programs