Question 1

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

Accepted Answer

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

Question 2

Is Los Angeles County an FHA high-cost area in 2026?

Accepted Answer

Yes. Los Angeles County is designated as an FHA high-cost area. The FHA loan limit matches the conforming limit at $1,249,125.

Question 3

Is Los Angeles County a VA high-cost area in 2026?

Accepted Answer

Yes. Los Angeles County is a VA high-cost area. VA loans reach $1,249,125 with zero down for eligible veterans and active-duty service members.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require a minimum 620 FICO for conventional loans. A 740+ score typically qualifies for better rates and lower down payments.

Question 5

How much down do I need to avoid PMI?

Accepted Answer

You need 20% down to skip PMI on a conventional loan. Below 20% down, PMI applies until you reach 78% LTV or request cancellation at 80% LTV.

Question 6

What is the minimum down payment for FHA?

Accepted Answer

FHA requires 3.5% down with a 580+ FICO score. Upfront mortgage insurance is 1.75% of the loan amount, and annual MIP runs for life if down is under 10%.

Question 7

Can I get a VA loan with zero down?

Accepted Answer

Yes. VA loans offer zero down for eligible veterans, active-duty service members, and surviving spouses with a Certificate of Eligibility. A funding fee replaces PMI.

Question 8

What does the VA funding fee cost?

Accepted Answer

The VA funding fee is 2.15% of the loan amount on first use with zero down. Subsequent VA loans cost 3.3%. Veterans with 10%+ disability rating are exempt.

Question 9

How does LAUSD's budget situation affect my home purchase?

Accepted Answer

LAUSD's budget challenges may influence school property values and family decisions. Buyers with children should review school ratings and the district's recovery plan.

Question 10

What income do I need for a USDA loan?

Accepted Answer

USDA income limits are set per household size and subject to USDA's published cap for this county. You must buy in a USDA-eligible rural area.

Question 11

Do jumbo loans require 20% down?

Accepted Answer

Yes. Jumbo loans typically require 20% down minimum. Lenders usually ask for 6-12 months of reserves and a 700+ credit score.

Question 12

How long does closing take in San Fernando?

Accepted Answer

Most conventional loans close in 30-45 days. FHA and VA loans may take 45-60 days due to additional appraisal and inspection requirements.

Question 13

Can I refinance an FHA loan to conventional?

Accepted Answer

Yes. Once you build equity and meet conventional requirements, refinancing to conventional removes annual MIP and may lower your payment.

Question 14

What is the difference between FHA MIP and PMI?

Accepted Answer

FHA MIP is required for life if down is under 10%. Conventional PMI cancels at 78% LTV automatically or at 80% LTV on request.

San Fernando mortgage questions answered