Question 1

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

Accepted Answer

Minimum 620 to qualify, but 740+ gets you the best rates. Every 20-point drop costs about 0.25% in rate.

Question 2

Can I buy a Covina home with 3% down on a conventional loan?

Accepted Answer

Yes for primary residences. You'll pay PMI until you reach 20% equity, but it drops off automatically unlike FHA.

Question 3

How does conventional compare to FHA for Covina buyers?

Accepted Answer

Conventional costs less long-term if your credit exceeds 680. FHA works better for scores between 580-679.

Question 4

Do conventional loans work for Covina investment properties?

Accepted Answer

Yes, but you need 15-25% down and reserves covering 6 months of payments. Rates run 0.5-0.75% higher than owner-occupied.

Question 5

What's the conventional loan limit in Los Angeles County?

Accepted Answer

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

Question 6

How long does conventional loan approval take in Covina?

Accepted Answer

Plan on 30 days for purchase, 25 days for refinance. Older homes may need extra appraisal time for repair issues.

Conventional Loans in Covina: Lower Rates for Strong Borrowers