Question 1

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

Accepted Answer

The 2026 conforming limit for Los Angeles County is $1,249,125. Loans above that amount are jumbo loans.

Question 2

Is Los Angeles County an FHA high-cost area?

Accepted Answer

Yes. Los Angeles County is designated an FHA high-cost area. FHA loan limits match the conforming limit of $1,249,125 for 2026.

Question 3

Is Los Angeles County a VA high-cost area?

Accepted Answer

Yes. VA loans in Los Angeles County follow the high-cost area limit of $1,249,125 for 2026. Qualified veterans can borrow up to that amount with zero down.

Question 4

What credit score do I need to buy in Compton?

Accepted Answer

Conventional loans typically require 620 or higher. FHA accepts 580 with a 3.5% down payment. Most lenders set their own floor around 620.

Question 5

How much down payment do I need for a conventional loan?

Accepted Answer

Conventional loans require a minimum of 3% down. At 5% to 10% down, you'll carry PMI. At 20% down or more, PMI is not required.

Question 6

What is PMI and when does it go away?

Accepted Answer

PMI protects the lender when you put down less than 20%. It cancels automatically when your loan balance reaches 78% of the original purchase price.

Question 7

Can I get an FHA loan with less than 5% down?

Accepted Answer

Yes. FHA requires only 3.5% down with a 580+ credit score. You'll pay an upfront mortgage insurance premium of 1.75% of the loan amount.

Question 8

How long does FHA mortgage insurance last?

Accepted Answer

If you put down 10% or more, FHA MIP cancels after 11 years. With less than 10% down, MIP runs for the life of the loan.

Question 9

Do VA loans require a down payment?

Accepted Answer

No. VA loans allow zero down for eligible veterans and surviving spouses with a Certificate of Eligibility. You'll pay a funding fee instead of PMI.

Question 10

What is the VA funding fee?

Accepted Answer

The VA funding fee is 2.15% of the loan amount on your first use with zero down. On subsequent VA loans, it's 3.3%. Veterans with a 10%+ disability rating are exempt.

Question 11

Can I use a USDA loan to buy in Compton?

Accepted Answer

USDA loans require properties in USDA-eligible rural areas. Most of Compton is urban, so USDA eligibility is unlikely. Check with your lender about your specific property.

Question 12

What does it take to qualify for a jumbo loan above $1,249,125?

Accepted Answer

Jumbo loans typically require 700+ credit, 20% down, and six months of reserves. Rates run 0.125% to 0.5% above conforming. Income verification is stricter.

Question 13

How long does the mortgage approval process take in California?

Accepted Answer

Conventional loans typically close in 30 to 45 days. FHA and VA loans may take 45 to 60 days due to additional appraisal steps.

Question 14

What closing costs should I expect?

Accepted Answer

Closing costs typically run 2% to 5% of the loan amount. This includes appraisal, title, escrow, and lender fees. Your lender will provide a detailed estimate.

Question 15

Can I refinance my mortgage later?

Accepted Answer

Yes. Refinancing becomes an option once you have equity or rates drop. FHA borrowers can use the VA Streamline program for faster refinancing.

Compton mortgage questions answered