Question 1

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

Accepted Answer

The conforming limit is $1,249,125 for 2026. Loans above this amount are jumbo and typically require 20% down and stronger credit.

Question 2

Is Los Angeles County an FHA high-cost area?

Accepted Answer

Yes. Los Angeles County is an FHA high-cost area. FHA loans cap at $1,249,125 in 2026, matching the conforming limit.

Question 3

Is Los Angeles County a VA high-cost area?

Accepted Answer

Yes. VA loans in Los Angeles County cap at $1,249,125 for 2026. Eligible veterans can finance up to that limit with zero down.

Question 4

How does LAUSD's fiscal situation affect Monrovia home values?

Accepted Answer

LA County placed LAUSD under heightened fiscal oversight due to budget concerns. School stability often influences buyer decisions and long-term property appreciation.

Question 5

What down payment do most Monrovia buyers make?

Accepted Answer

Conventional buyers typically put 5% to 20% down. FHA allows 3.5% down with 580+ credit. VA buyers with a Certificate of Eligibility can put zero down.

Question 6

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require 620+ FICO for conventional loans. Stronger credit (740+) opens better rates and lower costs. Some programs accept lower scores with compensating factors.

Question 7

Do I need PMI on a conventional loan?

Accepted Answer

Yes, if you put down less than 20%. PMI is required when LTV exceeds 80%. It cancels automatically at 78% LTV.

Question 8

What's the minimum down payment for an FHA loan?

Accepted Answer

FHA requires 3.5% down with 580+ FICO. Upfront mortgage insurance is 1.75% of the loan amount. Annual MIP runs for life if down payment is under 10%.

Question 9

Can I get a VA loan with zero down in Monrovia?

Accepted Answer

Yes. VA-eligible borrowers can finance up to $1,249,125 with zero down in 2026. A funding fee applies but no PMI.

Question 10

What income do I need to qualify in Los Angeles County?

Accepted Answer

Lenders typically use a debt-to-income ratio of 43% to 50%. With county median income at $87,760, most borrowers qualify for loans in the $400,000 to $600,000 range.

Question 11

How long does it take to close a mortgage in Monrovia?

Accepted Answer

Most conventional loans close in 30 to 45 days. FHA and VA loans may take 45 to 60 days due to additional underwriting steps.

Question 12

What are typical closing costs in Los Angeles County?

Accepted Answer

Closing costs run 2% to 5% of the loan amount. This includes appraisal, title, escrow, and lender fees. Sellers often contribute through concessions.

Question 13

Should I lock my rate or float it?

Accepted Answer

Rate locks protect you from increases during underwriting and appraisal. Most buyers lock immediately after approval. Floating is risky unless rates are falling.

Monrovia home loan questions answered