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in Glendora, CA
Glendora's housing market ranges from starter homes to high-end estates in the foothills. Your loan choice depends on how much you're borrowing.
Conventional loans cover most purchases. Jumbo loans kick in when you exceed conforming limits — currently $806,500 in Los Angeles County.
Conventional loans work for properties under $806,500. You can put down as little as 3% if you're a first-time buyer.
Rates tend to be lower than jumbo. Approval is more straightforward with standard income documentation and credit requirements.
Private mortgage insurance disappears once you hit 20% equity. These loans offer the most flexible underwriting for middle-market properties.
Jumbo loans finance properties above $806,500. Glendora has plenty of homes in the $900k-$1.5M range that require this product.
Expect to put down 10-20% minimum. Lenders want to see reserves — usually 12 months of payments in the bank after closing.
Credit scores need to be 700 or higher for best pricing. Income documentation is thorough, but rates have become competitive with conventional in recent years.
The conforming limit is the bright line. Under $806,500, conventional wins on flexibility and ease. Over that number, you're in jumbo territory.
Jumbo lenders scrutinize reserves and debt-to-income more carefully. A conventional loan might approve with 6 months reserves; jumbo wants 12-18 months.
Rates vary by borrower profile and market conditions. The gap between conventional and jumbo rates has narrowed significantly — sometimes just 0.125-0.25% difference.
If you're buying under $806,500, conventional is the clear choice. Lower barriers to entry and more forgiving underwriting make it the default.
Above that limit, jumbo is your only option unless you increase down payment to stay under conforming limits. That rarely makes sense financially.
For homes between $750k-$850k, you have a strategic decision. A larger down payment keeps you conventional, which might save on reserves and approval hassle.
$806,500 for a single-family home. Anything above that requires a jumbo loan product.
Yes, some lenders go to 10% down. You'll need excellent credit and substantial reserves to qualify.
Not always. The gap has narrowed significantly, often just 0.125-0.25% for well-qualified borrowers.
Most lenders want 12 months of mortgage payments in the bank after closing. Some require more for higher loan amounts.
Yes, if you're near the limit. A $900k home with $100k down keeps you at $800k borrowed — staying conventional.