Question 1

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

Accepted Answer

The 2026 conforming limit is $1,249,125. Loans above this 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. Los Angeles County is designated a high-cost area for FHA loans in 2026, which affects the maximum loan amount you can borrow.

Question 3

Is Los Angeles County a VA high-cost area?

Accepted Answer

Yes. VA loans in Los Angeles County follow high-cost-area rules, which may impact your funding fee and borrowing limits.

Question 4

How much do I need to put down to buy in Paramount?

Accepted Answer

Conventional loans typically require 5% to 20% down. FHA allows 3.5% down with a 580+ credit score. VA loans offer zero down for eligible veterans.

Question 5

What credit score do I need for an FHA loan?

Accepted Answer

FHA requires a minimum 580 FICO score for a 3.5% down payment. A 620+ score opens more lender options and better terms.

Question 6

Do I need 20% down to avoid PMI on a conventional loan?

Accepted Answer

Yes. At 20% down (80% LTV), you skip PMI entirely. Below 20% down, PMI applies until you reach 78% LTV or request cancellation at 80% LTV.

Question 7

How long does it take to close on a home in Paramount?

Accepted Answer

Most conventional loans close in 30 to 45 days. FHA and VA loans may take 40 to 50 days due to additional appraisal and verification steps.

Question 8

What is mortgage insurance and when do I pay it?

Accepted Answer

Mortgage insurance protects the lender if you default. On conventional loans, PMI applies when down payment is below 20%. FHA uses MIP for the life of the loan if down payment is under 10%.

Question 9

Can I get a VA loan with less than perfect credit?

Accepted Answer

Yes. VA loans are available to eligible veterans with credit scores as low as 580. Many lenders work with borrowers in the 620 range for better terms.

Question 10

What does the Los Angeles County median household income mean for my qualification?

Accepted Answer

Los Angeles County's median household income is $87,760. Lenders use your actual income to qualify you, but this figure shows what a typical household earns locally.

Question 11

How does the Paramount-Skydance merger affect the local job market?

Accepted Answer

LA County estimates approximately 2,495 positions could be affected by the merger. Job stability matters to lenders when they assess your income and employment history.

Question 12

What's the difference between FHA and conventional loans?

Accepted Answer

FHA requires 3.5% down and allows lower credit scores. Conventional typically needs 5% to 20% down and a stronger credit profile. FHA carries mortgage insurance for the loan term.

Question 13

Can I buy a home in Paramount while still owning another property?

Accepted Answer

Yes. If you have equity or strong income, you can carry two mortgages. Lenders will count both payments when qualifying you for the new loan.

Question 14

What closing costs should I expect?

Accepted Answer

Closing costs typically run 2% to 5% of the loan amount. They cover appraisal, title, underwriting, and lender fees. Ask your broker for an itemized estimate.

Paramount home loan questions answered