Question 1

What credit score do I need for a conventional loan in Lawndale?

Accepted Answer

620 minimum to qualify, but 740+ gets you the best rates. The difference between 680 and 760 can cost you 0.75% in rate.

Question 2

Can I buy a Lawndale home with 3% down on a conventional loan?

Accepted Answer

Yes, first-time buyers qualify for 3% down conventional programs. You'll pay PMI until you hit 20% equity, but it drops off automatically.

Question 3

How does conventional compare to FHA for Lawndale buyers?

Accepted Answer

Conventional wins for 680+ credit scores despite higher monthly PMI. FHA charges lifetime mortgage insurance you can never remove without refinancing.

Question 4

Do conventional loans work for Lawndale condos?

Accepted Answer

Yes, but the condo project must be warrantable. I verify project approval before you make an offer to avoid financing issues.

Question 5

What income do I need for a conventional loan?

Accepted Answer

No minimum income requirement. Lenders care about debt-to-income ratio staying under 43%, sometimes 50% with strong credit and reserves.

Conventional Loans in Lawndale: Competitive Rates for Strong Borrowers