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Conforming Loans in Lakewood
Lakewood sits in a price range where conforming loans work well for most buyers. These mortgages stay within Fannie Mae and Freddie Mac limits, which means lenders can sell them on the secondary market.
That secondary market access translates into better rates for you. Lenders compete harder on conforming loans because they carry less risk than jumbo products.
You need 620 minimum credit for most conforming loans, though 700+ gets you the best pricing. Down payment starts at 3% for first-time buyers, 5% for everyone else.
Debt-to-income caps at 50% in most cases. Lenders verify employment through W-2s and paystubs. Two years of stable income history helps, but job changes within the same field won't kill your deal.
Every lender prices conforming loans differently even though they all follow the same guidelines. I shop your scenario across 200+ wholesale lenders to find the tightest spread.
Big banks advertise conforming loans heavily, but they usually can't match wholesale pricing. Credit unions sometimes offer good rates but limited product flexibility.
Most Lakewood buyers qualify for conforming loans but don't realize jumbo might cost them less with strong credit. I run both scenarios before locking.
Conforming loans have stricter appraisal requirements than jumbo products. If the home needs work, that can delay closing. Factor in 30-45 days for a clean transaction.
FHA loans let you buy with 3.5% down but require mortgage insurance for the loan's life on most deals. Conforming drops PMI once you hit 20% equity.
Jumbo loans typically need 10-20% down and demand higher credit scores. If your purchase price exceeds conforming limits, you're forced into jumbo territory regardless of preference.
Lakewood's older housing stock sometimes triggers appraisal conditions that delay conforming loans. Deferred maintenance on 1950s and 1960s homes can become issues.
Los Angeles County conforming limits run higher than most of California. For 2024, single-family limits reach $766,550, giving Lakewood buyers more conforming options than inland counties.
Los Angeles County's 2024 limit is $766,550 for single-family homes. This is higher than the baseline national limit due to local housing costs.
Yes, if the condo project meets Fannie Mae or Freddie Mac approval requirements. Many older Lakewood complexes aren't approved, which forces you into portfolio products.
Typically 0.125% to 0.375% lower, though this gap narrows with excellent credit. Rates vary by borrower profile and market conditions.
Yes, if you put down less than 20%. You can request PMI removal once you reach 20% equity through payments or appreciation.
Absolutely. You'll need two years of tax returns and a year-to-date profit and loss statement. Lenders average your net income across both years.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.