Question 1

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

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans above that amount are jumbo and typically require 20% down and a higher credit score.

Question 2

Is Los Angeles County an FHA high-cost area?

Accepted Answer

Yes. FHA loan limits match the conforming limit of $1,249,125 in 2026. This status affects MIP rates and down-payment requirements.

Question 3

Is Los Angeles County a VA high-cost area?

Accepted Answer

Yes. VA loans in this county can go up to $1,249,125 in 2026. Eligible veterans and active-duty service members can still use zero-down VA financing.

Question 4

How much do I need to put down on a conventional loan in Montebello?

Accepted Answer

Conventional loans typically require 3% to 20% down. At 20% down or more, you skip PMI entirely. Below 20%, PMI applies until you reach 78% LTV.

Question 5

What credit score do I need to qualify for a mortgage in Montebello?

Accepted Answer

Most conventional lenders require 620+ FICO. FHA accepts 580+ FICO with 3.5% down. VA loans typically expect 580+ FICO as well.

Question 6

Do I need to be a first-time buyer to qualify for FHA in Montebello?

Accepted Answer

No. FHA is open to any buyer, first-time or repeat. The 3.5% down minimum and lower credit floor make it popular for repeat buyers too.

Question 7

How does LAUSD's fiscal situation affect my mortgage decision in Montebello?

Accepted Answer

School funding concerns may impact property values and resale appeal. Buyers prioritizing schools should factor this into long-term holding plans.

Question 8

What's the difference between PMI and MIP?

Accepted Answer

PMI applies to conventional loans when down payment is below 20%. MIP applies to FHA loans and runs for the life of the loan if down is under 10%.

Question 9

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

Accepted Answer

Yes. VA loans allow zero down for eligible veterans, active-duty service members, and surviving spouses with a Certificate of Eligibility. No PMI applies.

Question 10

What does the VA funding fee cover?

Accepted Answer

The VA funding fee replaces PMI on VA loans. At zero down, it's 2.15% of the loan amount. Veterans with a 10%+ disability rating are exempt.

Question 11

Do I need 10% down to avoid FHA MIP for life?

Accepted Answer

Yes. With 10% or more down on FHA, MIP cancels after 11 years. Below 10% down, MIP stays for the life of the loan.

Question 12

What income do I need to qualify in Montebello?

Accepted Answer

Debt-to-income ratio matters more than absolute income. Most lenders cap DTI at 43% to 50%. Los Angeles County's median household income is $87,760.

Question 13

Are jumbo loans available in Montebello?

Accepted Answer

Yes. Jumbo loans above $1,249,125 are available but typically require 20% down, 700+ FICO, and six months of reserves. Rates usually run higher.

Question 14

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

Accepted Answer

Most conventional and FHA loans close in 30 to 45 days. VA loans may take slightly longer due to appraisal and COE verification.

Question 15

Can I refinance out of PMI once I hit 80% LTV?

Accepted Answer

Yes. You can refinance to drop PMI at 80% LTV. PMI also cancels automatically at 78% LTV if you stay in the loan.

Montebello mortgage questions answered