Question 1

What is the 2026 conforming loan limit in Los Angeles County?

Accepted Answer

The conforming limit is $1,249,125. Loans above that are jumbo and typically require 20% down and a 700+ credit score.

Question 2

Do I need 20% down to buy in Lawndale?

Accepted Answer

No. Conventional loans accept 3% down with PMI. FHA allows 3.5% down at 580 credit. VA allows zero down for eligible veterans.

Question 3

What credit score do I need?

Accepted Answer

Conventional requires 620 or higher. FHA accepts 580 with 3.5% down. VA typically wants 620 minimum. Jumbo loans usually need 700 or better.

Question 4

Is Los Angeles County an FHA high-cost area?

Accepted Answer

Yes. FHA loans here cap at $1,249,125 in 2026. This matches the conforming limit, giving FHA buyers more purchasing power than in many counties.

Question 5

Is Los Angeles County a VA high-cost area?

Accepted Answer

Yes. VA loans reach $1,249,125 in 2026 with zero down. The funding fee applies unless you have a 10%+ VA disability rating.

Question 6

How does LAUSD's budget situation affect my home purchase?

Accepted Answer

School stability influences resale value and buyer demand. LAUSD's fiscal pressures may shape long-term appreciation in Lawndale neighborhoods. Ask a local agent about specific area impacts.

Question 7

What income do I need to qualify?

Accepted Answer

There is no hard income floor. Lenders verify you can repay the loan. Most want your housing payment below 28% of gross monthly income.

Question 8

Can I get a jumbo loan above $1,249,125?

Accepted Answer

Yes. Jumbo loans require 20% down, 700+ credit, and 6-12 months liquid reserves. Rates typically run 0.125% to 0.5% above conforming.

Question 9

What is the difference between FHA and VA loans here?

Accepted Answer

Both cap at $1,249,125. FHA requires 3.5% down minimum. VA allows zero down. FHA charges 1.75% upfront MIP; VA charges a funding fee (2.15% at zero down for first use).

Question 10

How long does closing take in Lawndale?

Accepted Answer

Typical timeline is 30 to 45 days from application to funding. Appraisal, title, and underwriting take the most time. Jumbo loans may add 5-10 days.

Question 11

Can I buy before selling my current home?

Accepted Answer

Yes. You can qualify for a new mortgage while owning your current home. Lenders count your existing payment as debt, reducing your borrowing power.

Question 12

When does PMI cancel on a conventional loan?

Accepted Answer

PMI cancels automatically at 78% LTV. You can request cancellation at 80% LTV if you've paid on time. FHA MIP is permanent below 10% down; it cancels after 11 years with 10%+ down.

Lawndale mortgage questions answered