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Conforming Loans in Paramount
Paramount sits in the sweet spot for conforming loans. Most properties fall under the 2024 LA County limit of $1,149,825.
The city's middle-income neighborhoods mean conforming financing works for most buyers. You won't need jumbo products here.
Single-family homes and condos typically qualify. Lenders treat Paramount as stable LA County territory with standard risk profiles.
You need 620 minimum credit for conforming loans. Most lenders want 680+ for competitive rates.
Down payment starts at 3% for first-time buyers. Conventional wisdom says 5% if you've owned before, but some lenders go lower.
Debt-to-income caps at 50% with strong credit. Expect 43-45% limits if your score sits below 700.
Two years of W-2 income gets you through underwriting fastest. Self-employed borrowers need tax returns showing consistent earnings.
Every lender we work with offers conforming products. That's the point of Fannie and Freddie guidelines—universal standards.
Rate spreads matter more than you'd think. We've seen 0.375% differences between lenders on identical scenarios.
Credit unions sometimes beat banks by 0.125-0.25% in Paramount. They like stable LA County employment patterns.
Wholesale channel access matters. Retail banks can't match broker pricing because we shop 200+ lenders per deal.
Paramount buyers often overpay by going direct to big banks. We find better pricing through wholesale lenders weekly.
PMI gets expensive above 90% LTV. If you're close to 20% down, stretch to avoid it—saves $200-300 monthly on a median Paramount purchase.
Automated underwriting pulls most deals through in days. Manual underwriting adds 2-3 weeks and stricter standards.
Lock your rate when approved, not when shopping. Rates vary by borrower profile and market conditions, but timing your lock matters as much as the rate itself.
FHA loans require 3.5% down but stick you with lifetime mortgage insurance on most deals. Conforming conventional drops PMI at 78% LTV.
Jumbo loans kick in above $1,149,825 in LA County. Rates run 0.25-0.5% higher and require 20% down minimum.
ARMs make sense if you're moving in 5-7 years. Conforming fixed-rate products win for long-term Paramount homeowners.
Non-QM programs cost 2-3% more annually. Use conforming if you qualify—savings compound over 30 years.
Paramount's proximity to major LA employment centers keeps conforming lenders comfortable. Appraisers find solid comps throughout the city.
Condo projects need Fannie or Freddie approval. Some older Paramount buildings don't qualify—we check project status before you write offers.
LA County transfer taxes add to closing costs. Budget 0.45% for this on top of standard conforming fees.
Property condition matters. Conforming loans require functional systems and no major defects. FHA accepts more cosmetic issues if you need flexibility.
$1,149,825 for single-family homes in LA County. Most Paramount properties fall well below this ceiling.
Yes, if you're a first-time buyer or meet income limits. Repeat buyers typically need 5% down minimum.
680+ gets standard pricing. Below 680 adds 0.25-0.75% to your rate depending on down payment size.
Yes, if you put down less than 20%. PMI drops automatically when you reach 78% loan-to-value through payments.
We shop 200+ wholesale lenders to find better rates. Banks only offer their own products, which rarely compete on price.
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.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
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.