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 at or below this amount qualify for conventional pricing. Above it, jumbo rates apply.

Question 2

Do I need 20% down to avoid PMI on a conventional loan?

Accepted Answer

Yes — 20% down (80% LTV) eliminates PMI entirely. Below 20% down, PMI applies until you reach 78% LTV.

Question 3

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require 620+ FICO for conventional loans. Scores of 740+ typically qualify for better rates. Industry buyers often see approval at 680+ with solid income.

Question 4

How much do closing costs run in Industry?

Accepted Answer

Closing costs typically run 2% to 5% of purchase price. This covers title, appraisal, underwriting, and escrow. Ask your lender for a Loan Estimate within three days.

Question 5

Is Los Angeles County an FHA high-cost area?

Accepted Answer

Yes. Los Angeles County is an FHA high-cost area. The FHA limit here is $1,249,125 for 2026.

Question 6

Can I get an FHA loan with 3.5% down?

Accepted Answer

Yes — FHA allows 3.5% down with a 580+ FICO score. You'll pay an upfront mortgage insurance premium of 1.75%. Annual MIP runs for the loan's life if down payment is under 10%.

Question 7

Is Industry a good fit for VA buyers?

Accepted Answer

Yes. Los Angeles County is a VA high-cost area. The VA limit matches the conforming ceiling at $1,249,125.

Question 8

Do VA loans require a funding fee?

Accepted Answer

Yes — VA loans carry a funding fee instead of PMI. At zero down, the fee is 2.15% of the loan amount. Veterans with a 10%+ disability rating are exempt.

Question 9

What does LAUSD's fiscal oversight mean for Industry buyers?

Accepted Answer

LA County placed LAUSD under heightened fiscal oversight due to budget concerns. This may affect school-dependent buyers' confidence. Strong school zones typically hold value better.

Question 10

How long does closing take in Industry?

Accepted Answer

Most conventional loans close in 30 to 45 days. FHA loans may take 45 to 60 days due to appraisal steps. Your lender's timeline depends on document submission speed.

Question 11

What is a jumbo loan and when do I need one?

Accepted Answer

A jumbo loan exceeds the $1,249,125 conforming limit. Jumbo rates typically run 0.125% to 0.5% above conforming. Jumbo buyers usually need 20%+ down and 700+ FICO.

Question 12

Can I refinance my conventional loan later?

Accepted Answer

Yes — refinancing is available once you have equity. Rates depend on market conditions at refinance time. Most lenders allow refinancing after six months of payments.

Question 13

What's the difference between FHA and conventional?

Accepted Answer

FHA allows 3.5% down but charges mortgage insurance for life if under 10% down. Conventional requires 5% to 20% down and PMI cancels at 78% LTV. Conventional is often cheaper long-term for stronger credit.

Question 14

Do I need to live in Industry to buy here?

Accepted Answer

No — owner-occupancy is not required for investment properties. Primary-residence loans carry better rates. Investor properties typically require 20%+ down and higher credit scores.

Question 15

What happens if I put down less than 5% conventional?

Accepted Answer

Conventional loans below 5% down are rare and carry higher rates. Most lenders require 5% minimum for conventional. FHA at 3.5% down is usually the better path.

Mortgage questions from Industry, CA buyers