Question 1

What's the conforming loan limit in Los Angeles County for 2026?

Accepted Answer

The 2026 conforming limit is $1,249,125. Conventional, FHA, and VA programs all cap at this amount. Anything above requires jumbo financing.

Question 2

Is Los Angeles County an FHA high-cost area?

Accepted Answer

Yes. Los Angeles County is an FHA high-cost area. FHA loan limits match the conforming ceiling of $1,249,125 for 2026.

Question 3

Is Los Angeles County a VA high-cost area?

Accepted Answer

Yes. VA loan limits in Los Angeles County reach $1,249,125 in 2026. This matches the conforming cap.

Question 4

How much down payment do I need to avoid PMI on a conventional loan?

Accepted Answer

Yes — 20% down eliminates PMI on a conventional loan. Below 20%, PMI applies until you reach 78% LTV or request cancellation at 80% LTV.

Question 5

What credit score do I need to qualify for a conventional loan?

Accepted Answer

Most lenders require 620 or higher for conventional loans. Stronger scores (740+) qualify for better rates and terms.

Question 6

Can I get an FHA loan with less than 5% down?

Accepted Answer

Yes. FHA allows 3.5% down with a 580+ FICO score. Upfront mortgage insurance is 1.75% of the loan amount plus annual MIP.

Question 7

Do VA loans require a down payment?

Accepted Answer

No. VA loans allow zero down for eligible veterans, active duty, and surviving spouses with a Certificate of Eligibility. A funding fee replaces PMI (2.15% at zero down for first use).

Question 8

How does LAUSD's budget situation affect property values in Lomita?

Accepted Answer

School district stability influences buyer demand and resale appeal. LAUSD's current fiscal oversight may concern some families. Lomita's fundamentals remain solid.

Question 9

What's the income requirement for a conventional loan in Lomita?

Accepted Answer

Conventional loans typically require your debt-to-income ratio at 43% or lower. Los Angeles County's median household income is $87,760. This supports loans in the mid-range for many buyers.

Question 10

How long does it take to close a conventional loan in California?

Accepted Answer

Conventional closings typically take 30 to 45 days from application to funding. FHA and VA loans may run 45 to 60 days due to additional steps.

Question 11

What happens to my rate if I lock it in?

Accepted Answer

A rate lock freezes your interest rate and points for a set period, usually 30 to 60 days. If rates rise, your locked rate holds.

Question 12

Do I need to sell my current home before buying in Lomita?

Accepted Answer

Not necessarily. Bridge loans and contingent offers let you buy before selling. Most lenders require proof of funds or equity to qualify.

Question 13

What's the difference between a conventional and jumbo loan?

Accepted Answer

Conventional loans max out at $1,249,125 in Los Angeles County. Jumbo loans exceed that limit and typically require 20% down and 700+ FICO. Jumbo rates usually run 0.125% to 0.5% above conventional.

Question 14

Can I refinance my FHA loan to conventional later?

Accepted Answer

Yes. Once you build equity and your credit improves, refinancing to conventional removes FHA mortgage insurance. You'll need 20% equity (80% LTV) to qualify.

Mortgage questions from Lomita buyers, answered