Question 1

What is the 2026 conforming loan limit in Long Beach?

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans above this amount are jumbo loans. Jumbo loans typically require 20% down and a 700+ credit score.

Question 2

Do I need 20% down to buy in Long Beach?

Accepted Answer

No. Conventional loans allow 5% to 10% down with mortgage insurance. FHA loans go as low as 3.5% down with a 580+ credit score. VA loans offer zero down for eligible veterans.

Question 3

What credit score do I need to qualify?

Accepted Answer

Conventional loans typically require 620+. FHA loans go down to 580+. VA loans have no hard floor, but most lenders prefer 620+. Higher scores get better rates.

Question 4

Is Long Beach an FHA high-cost area?

Accepted Answer

Yes. Long Beach is an FHA high-cost area in 2026. The FHA limit here matches the conforming limit at $1,249,125. This affects MIP calculations and down-payment requirements.

Question 5

Is Long Beach a VA high-cost area?

Accepted Answer

Yes. Long Beach qualifies as a VA high-cost area. The VA loan limit is $1,249,125 in 2026. This means VA buyers can finance up to that amount with zero down.

Question 6

How does LAUSD's budget crisis affect home values?

Accepted Answer

School funding uncertainty can weigh on buyer demand in LAUSD zones. Families often prioritize districts with stable finances. This may create negotiating room in some Long Beach neighborhoods.

Question 7

What does PMI cost on a conventional loan?

Accepted Answer

PMI typically runs 0.5% to 1.5% annually on the loan amount. It cancels automatically at 78% LTV and can be requested at 80% LTV. The exact rate depends on your credit and down payment.

Question 8

Can I get a jumbo loan in Long Beach?

Accepted Answer

Yes. Jumbo loans above $1,249,125 are available. They typically require 20% down, 700+ credit, and six months of reserves. Rates usually run 0.25% to 0.5% above conforming.

Question 9

How long does closing take in Long Beach?

Accepted Answer

Most closings take 30 to 45 days from application to funding. Complex transactions or title issues can extend this. Lock your rate early to protect against market moves.

Question 10

What's the difference between FHA and conventional?

Accepted Answer

FHA requires 3.5% down minimum and charges MIP for the life of the loan if down is under 10%. Conventional requires 5% down and PMI cancels at 78% LTV. FHA is faster for lower down payments.

Question 11

Do I need to sell my current home first?

Accepted Answer

Yes — you can qualify for a new mortgage while still owning your current home. Lenders will factor in your existing mortgage payment. Significant equity in your current home strengthens your application.

Question 12

What income do I need to qualify in Long Beach?

Accepted Answer

Income requirements depend on your down payment and loan amount. The LA County median is $87,760. Lenders typically want housing costs below 28% of gross income and total debt below 43%.

Question 13

Can I get a VA loan if I'm a surviving spouse?

Accepted Answer

Yes. Surviving spouses of service members who died in service or from service-related disabilities can use VA benefits. You'll need a Certificate of Eligibility. Zero down and no funding fee apply.

Question 14

What closing costs should I expect?

Accepted Answer

Closing costs typically run 2% to 5% of the loan amount. This includes appraisal, title, underwriting, and lender fees. Ask your lender for a Loan Estimate within three days of application.

Long Beach mortgage FAQ for homebuyers