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 carry stricter requirements.

Question 2

How much down payment do I need to buy in Santa Monica?

Accepted Answer

Conventional loans typically require 5% to 20% down. FHA allows 3.5% down with a 580+ credit score.

Question 3

What credit score do I need to qualify?

Accepted Answer

Conventional loans generally require 620+. FHA accepts 580+. VA has no official minimum but most lenders want 620+.

Question 4

Do I need PMI if I put down less than 20%?

Accepted Answer

Yes. Conventional loans require PMI when down payment is below 20%. PMI cancels automatically at 78% LTV or on request at 80% LTV.

Question 5

Is Santa Monica an FHA high-cost area?

Accepted Answer

Yes. Los Angeles County is an FHA high-cost area. The 2026 FHA limit matches the conforming limit at $1,249,125.

Question 6

Is Santa Monica a VA high-cost area?

Accepted Answer

Yes. VA loans in Los Angeles County follow the same $1,249,125 limit as conventional loans. Zero-down VA financing is available.

Question 7

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

Accepted Answer

School quality influences property values and buyer demand. LAUSD's budget challenges may affect long-term neighborhood appeal.

Question 8

What does FHA mortgage insurance cost?

Accepted Answer

FHA charges 1.75% upfront MIP rolled into the loan. Annual MIP runs for life if down payment is under 10%.

Question 9

How long does closing typically take?

Accepted Answer

Most closings take 30 to 45 days from offer to funding. Rush closings are possible but cost more.

Question 10

What's the VA funding fee?

Accepted Answer

VA funding fee is 2.15% at zero down for first-time use. Veterans with a 10%+ disability rating are exempt.

Question 11

Can I get a VA loan if I'm on active duty?

Accepted Answer

Yes. Active duty service members and veterans with a Certificate of Eligibility can use VA loans.

Question 12

What income do I need to qualify in Los Angeles County?

Accepted Answer

Income requirements depend on debt-to-income ratio, not a hard floor. Most lenders want 43% or lower DTI.

Question 13

Are jumbo loans available above $1,249,125?

Accepted Answer

Yes. Jumbo loans start above the conforming limit. Expect 700+ credit, 20% down, and 6-12 months reserves.

Question 14

How do closing costs work in Santa Monica?

Accepted Answer

Closing costs typically run 2% to 5% of the loan amount. Seller concessions can cover part of them.

Santa Monica mortgage questions answered