Question 1

What's the monthly payment on a $750,000 conforming loan at 5.875%?

Accepted Answer

Principal and interest run $4,437 per month on a $750,000 loan at 5.875% APR. Add property taxes, insurance, and HOA if applicable. This scenario assumes 20% down ($187,500), 740 FICO, 30-day lock, primary residence.

Question 2

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

Accepted Answer

Yes. At 20% down (80% LTV), there is no PMI and no rate penalty. Below 20% down, PMI applies until you reach 78% LTV. PMI typically runs 0.4–0.6% of the loan balance annually.

Question 3

Can I qualify for a $750,000 conforming loan with a 680 FICO score?

Accepted Answer

Yes, but you'll pay a higher rate. Conforming loans accept 620 FICO minimum, but rates improve at 740+. A 680 FICO might cost 0.25–0.375% more than the 5.875% shown here. Get a quote to see the exact impact.

Question 4

How long does it take to close a conforming loan in La Mirada?

Accepted Answer

Brokers typically close in 30–45 days. Retail banks run 45–60 days. La Mirada conforming loans follow standard Fannie Mae and Freddie Mac timelines with no local delays. Appraisals and title work are the main variables.

Question 5

Is a conforming loan better than an FHA loan for a $750,000 purchase?

Accepted Answer

At 20% down, conforming beats FHA. Conforming has no insurance; FHA has lifetime MIP below 10% down. If you're putting down 20%, conforming avoids insurance costs entirely. FHA makes sense only if you're down 3–10%.

Conforming 30-year fixed mortgages in La Mirada: 5.875% with 20% down