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La Mirada sits in Los Angeles County where the median household income of $87,760 stretches to cover homes in the $750K–$950K range. At 5.875%, a $750,000 conforming loan carries a $4,437 monthly payment for principal and interest alone.
The conforming limit here is $1,249,125, so most single-family homes in La Mirada qualify without jumbo pricing. Buyers with 20% down and a 740+ FICO score lock in agency rates without PMI or rate penalties.
5.875%
Interest Rate
$4,437
Monthly P&I
620
Min FICO
$1,249,125
Conforming Limit
3%–20%
Down Payment
30 days
Lock Period
Conforming Loans in La Mirada
Conforming loans in La Mirada require a 620 FICO minimum, though 740+ gets the best pricing. Down payment ranges from 3% to 20%; at 20% down (80% LTV), you skip PMI entirely. Below 20%, PMI applies until you hit 78% LTV.
Los Angeles County's median household income of $87,760 supports a $750,000 purchase with standard 43% debt-to-income limits. That means total monthly debt—mortgage, car, credit cards—stays under $3,754.
Local decision guide
Use this guide to connect conforming loans eligibility, lender expectations, and local market factors before comparing payment options in La Mirada.
La Mirada sits in Los Angeles County where the median household income of $87,760 stretches to cover homes in the $750K–$950K range. At 5.875%, a $750,000 conforming loan carries a $4,437 monthly payment for principal and interest alone.
The conforming limit here is $1,249,125, so most single-family homes in La Mirada qualify without jumbo pricing. Buyers with 20% down and a 740+ FICO score lock in agency rates without PMI or rate penalties.
Conforming loans in La Mirada require a 620 FICO minimum, though 740+ gets the best pricing. Down payment ranges from 3% to 20%; at 20% down (80% LTV), you skip PMI entirely. Below 20%, PMI applies until you hit 78% LTV.
California conforming loans move through both retail banks and mortgage brokers. Brokers typically close in 30–45 days and offer more flexibility on credit overlays. Retail banks run 45–60 days but may have tighter employment and asset rules.
Agency loans (Fannie Mae and Freddie Mac) follow the same underwriting standards statewide. La Mirada buyers benefit from standardized appraisal rules and consistent documentation.
Conforming fixed-rate loans make sense in La Mirada when you plan to stay 7+ years and want payment certainty. At $750,000 with 20% down, the $4,437 monthly payment never changes. That stability is worth the 5.875% rate if you're building equity long-term.
Skip conforming if you're putting down less than 10% and plan to refinance within five years. PMI on a $675,000 loan ($750K at 90% LTV) runs roughly $300–$350 monthly.
FHA loans in La Mirada run a lower rate but carry lifetime mortgage insurance if you put down less than 10%. At 10% down, FHA MIP cancels after 11 years. Conforming at 20% down has zero insurance and no rate penalty.
Jumbo loans above $1,249,125 typically require 700+ FICO, 20% down, and 6–12 months reserves. Rates run 0.25–0.5% higher than conforming. For a $750,000 purchase, conforming is the clear choice—no jumbo overlay costs.
La Mirada's location between Los Angeles and Orange County makes it a commuter hub. Buyers here often work in downtown LA or Irvine, so a 30-year fixed payment locks in stability across a long career.
Schools in La Mirada feed into Norwalk-La Mirada Unified, which has seen recent bond funding for facility upgrades. That kind of local investment supports long-term home values for buyers holding 7+ years with a fixed-rate mortgage.
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.
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.
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.
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.
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%.