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Conforming Loans in San Marino
San Marino sits in a tough spot for conforming loans. This city has one of the highest median home prices in Los Angeles County, pushing most purchases past conforming limits.
The 2024 conforming limit is $766,550 for a single-family home. Properties at or below that threshold are rare here, but they exist—often condos or starter homes.
For buyers targeting those lower price points, conforming loans offer the best rates and terms available. You get access to conventional mortgage products backed by Fannie Mae and Freddie Mac.
Minimum credit score is 620, but you need 740+ to see the best pricing. Lenders price in quarter-point tiers, and the gap between 680 and 760 can cost you thousands over the loan term.
Down payment starts at 3% for first-time buyers, 5% for repeat buyers. Anything under 20% requires PMI, which adds $50-$200 monthly depending on your credit and down payment.
Debt-to-income ratio caps at 50% for most lenders. That includes your new mortgage payment, property taxes, HOA fees, and all existing debt obligations.
Every major lender offers conforming loans—this is the bread and butter of mortgage lending. The challenge is finding who has the tightest pricing for your specific profile.
Rate differences seem small until you do the math. A quarter-point on a $750,000 loan is $40,000 over 30 years. Shopping multiple lenders matters more here than on any other loan type.
We run your scenario across 200+ wholesale lenders simultaneously. That includes banks, credit unions, and non-bank lenders who all compete in this space.
Most San Marino buyers skip straight to jumbo loan research without checking conforming options first. That's a mistake if you're buying a condo or looking at properties under $800,000.
Conforming loans have standardized underwriting, which means faster approvals and fewer surprises. Jumbo lenders add overlays that can kill deals over small details—conforming is cleaner.
If you're close to the limit, consider a slightly higher down payment to stay conforming. The rate savings often outweigh the cash you tie up, especially with current rate spreads.
Conforming loans typically price 0.25-0.75% lower than jumbos. On a $750,000 loan, that's $125-$470 monthly—money that stays in your pocket instead of going to the lender.
FHA loans allow lower credit scores and smaller down payments, but they carry mandatory mortgage insurance for the life of the loan. Conforming lets you drop PMI at 20% equity.
If your purchase exceeds conforming limits, you need a jumbo loan. The underwriting gets stricter—higher reserves required, tougher documentation, and more scrutiny on income sources.
San Marino property taxes run about 1.1% of purchase price annually. On a $750,000 home, that's $8,250 yearly—factor that into your DTI calculation before applying.
Condo buyers face HOA fees ranging from $300-$800 monthly in most San Marino complexes. Lenders count these toward your debt ratio, which can push you over the 50% DTI limit.
The local market moves fast despite high prices. Sellers expect strong financing and quick closes. Conforming loans close in 21-30 days on average—faster than jumbo products.
Yes, condos under $766,550 qualify. The condo complex must be Fannie Mae or Freddie Mac approved, which most established San Marino buildings already are.
You need a jumbo loan for any amount above $766,550. Consider increasing your down payment to bring the loan amount down to conforming limits.
Conforming typically closes in 21-30 days. Jumbo loans add 5-10 days due to stricter underwriting and additional documentation requirements.
PMI is required on all conforming loans with less than 20% down. It drops automatically when you reach 22% equity through payments or appreciation.
740+ unlocks top-tier pricing. Scores between 680-739 see moderate pricing hits, while 620-679 face steeper rate adjustments.
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.