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Conventional Loans in Lomita
Lomita sits between Torrance and Harbor Gateway, where most properties fall under conforming limits. Conventional loans dominate here because prices typically stay below $766,550.
This loan type works well for Lomita's mix of single-family homes and condos. Buyers with stable W-2 income and decent credit get the best terms.
Rates vary by borrower profile and market conditions. The smaller the down payment, the higher your rate and monthly PMI cost.
You need a 620 credit score minimum for conventional approval. Lenders want 3% down for single-unit properties, but 5% down gets you better pricing.
Your debt-to-income ratio can't exceed 50% in most cases. That includes your new mortgage payment, property taxes, insurance, and existing debts.
Expect two years of W-2 employment history. Self-employed borrowers need two years of tax returns showing stable or increasing income.
We shop 200+ wholesale lenders for conventional loans. Rate spreads between lenders run 0.25% to 0.75% on the same day for the same borrower profile.
Some lenders price aggressively for high credit scores. Others beat everyone on 5% down programs or specific property types like condos.
Big banks advertise low rates but add fees that brokers don't charge. We see the wholesale rate sheets they use and typically beat their retail pricing.
Lomita buyers often choose conventional over FHA to avoid upfront mortgage insurance. You save $6,000 on a $400,000 purchase by skipping that fee.
If you have 10% down and 740+ credit, conventional beats FHA on monthly payments too. The PMI costs less than FHA's ongoing insurance premium.
I push borrowers toward 5% down instead of 3% when possible. You get a lower rate, smaller PMI payment, and build equity faster from day one.
FHA allows 580 credit scores but charges higher insurance costs forever on loans after 2013. Conventional PMI cancels automatically once you hit 78% loan balance.
Jumbo loans kick in above $766,550 in Los Angeles County. Those need 10-20% down and stricter credit requirements than conventional.
VA loans beat everything if you qualify through military service. Zero down payment and no monthly mortgage insurance at any loan-to-value ratio.
Lomita homes built before 1978 need lead paint disclosures and sometimes inspections. Lenders won't delay closing for this, but know it adds steps.
The city has standard LA County transfer taxes and recording fees. Budget roughly 1% of purchase price for these costs beyond your down payment.
Some Lomita condos have deferred maintenance issues that show up in HOA reviews. Lenders reject loans when reserve funds drop too low or special assessments loom.
You need 620 minimum to qualify. Scores above 740 unlock the best rates and lowest PMI costs on purchases or refinances.
3% down works for single-family homes. 5% down gets you better pricing and lower monthly payments through reduced PMI.
Yes, if the complex meets lender condo requirements. We check HOA financial health and owner-occupancy ratios during approval.
PMI cancels automatically at 78% loan-to-value. You can request removal at 80% if you've made on-time payments.
Yes, with two years of tax returns showing stable income. Lenders average your net profit after deductions to qualify you.
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.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
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.