Question 1

What is the conforming loan limit in Los Angeles County for 2026?

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans above this amount are jumbo and typically require 20% down and stronger credit.

Question 2

Do I need 20% down to buy in Cerritos?

Accepted Answer

Yes — conventional loans accept 5% to 10% down, though PMI applies. FHA allows 3.5% down with a 580+ FICO score.

Question 3

What credit score do I need to qualify?

Accepted Answer

Conventional loans typically start at 620 FICO. FHA accepts 580+ FICO with compensating factors. Higher scores get better rates.

Question 4

Is Los Angeles County an FHA high-cost area?

Accepted Answer

Yes. FHA limits here reach $1,249,125 in 2026. MIP runs for life if you put down less than 10%.

Question 5

Is Los Angeles County a VA high-cost area?

Accepted Answer

Yes. VA loans can go up to $1,249,125 in 2026. Zero down and no PMI still apply. The funding fee replaces mortgage insurance.

Question 6

How does LAUSD's budget situation affect my mortgage decision?

Accepted Answer

School funding concerns may pressure home prices downward over time. Lock in your rate early if buying now.

Question 7

What does a typical Cerritos purchase look like in terms of down payment?

Accepted Answer

Most conventional buyers put 5% to 10% down. FHA buyers often put 3.5% down. VA buyers put zero down if eligible.

Question 8

Can I get a jumbo loan in Cerritos?

Accepted Answer

Yes. Jumbo loans above $1,249,125 require 20% down, 700+ FICO, and six months reserves. Rates typically run 0.125% to 0.5% above conforming.

Question 9

What's the difference between FHA and VA loans in this county?

Accepted Answer

FHA requires 3.5% down minimum and charges MIP for life if under 10% down. VA requires zero down and charges a funding fee instead.

Question 10

Can I carry two mortgages while buying in Cerritos?

Accepted Answer

Yes. If you have equity or strong income, both payments count against your debt-to-income ratio. Lenders evaluate your total monthly obligations.

Question 11

How much income do I need to qualify in Los Angeles County?

Accepted Answer

LA County's median household income is $87,760. Lenders typically want your housing payment under 28% of gross income.

Question 12

What happens to my FHA mortgage insurance after I build equity?

Accepted Answer

FHA MIP cancels after 11 years if you put 10% or more down. If you put less than 10% down, MIP stays for life.

Question 13

Can I refinance out of FHA mortgage insurance?

Accepted Answer

Yes. Once you have 20% equity, you can refinance to a conventional loan and drop MIP. Compare refinancing costs against the savings.

Question 14

What's the VA funding fee and when do I pay it?

Accepted Answer

The funding fee is 2.15% at zero down for first-time VA use. It rolls into your loan amount. A 10%+ VA disability rating exempts you.

Cerritos mortgage questions answered