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Conforming Loans in Temple City
Temple City sits in the sweet spot for conforming loans. Most homes here fall under the 2024 Los Angeles County limit of $1,149,825.
Single-family homes in Temple City's established neighborhoods typically price between $800,000 and $1.1 million. That puts you in conforming territory where rates run 0.25-0.50% lower than jumbo alternatives.
This isn't Beverly Hills. You're buying in a stable San Gabriel Valley community where conforming loan limits actually cover real inventory.
You need 620 credit minimum for conforming approval. Most lenders want 3% down, though 5-10% gets you better pricing.
Debt-to-income can't exceed 50% in most cases. Document income through W-2s, tax returns, or paystubs—Fannie and Freddie require standard verification.
Primary residence? You can go as low as 3% down. Investment property in Temple City requires 15-25% depending on credit profile.
Every lender offers conforming loans. The difference is pricing, overlays, and how they handle edge cases.
Big banks add overlays that inflate credit score requirements to 680-700. Credit unions sometimes beat rates by 0.125% but take twice as long to close.
We shop 200+ wholesale lenders who compete for conforming business. That competition shaves 0.25-0.375% off retail rates and gives you options when one lender adds restrictions.
Half the Temple City deals we see could go conforming but buyers assume they need jumbo. Always verify the actual purchase price against limits before choosing loan type.
Conforming loans price best between 680-740 credit. Above that, improvement is marginal. Below 680, you pay serious adjustments—sometimes 0.5-0.75% in rate.
If you're $50,000 over the conforming limit, consider negotiating price down. The rate savings over 30 years often exceed the discount you're giving.
Conforming beats FHA when you have 10% down and 700+ credit. You avoid mortgage insurance at 20% down—FHA never drops it on loans after 2013.
Jumbo loans kick in above $1,149,825 in LA County. They require 10-20% down, stricter reserves, and cost 0.25-0.50% more even with perfect credit.
ARMs exist in conforming format. A 7/1 ARM saves 0.50-0.75% over fixed rates if you're not keeping the Temple City house past a decade.
Temple City has older housing stock. Appraisals sometimes flag deferred maintenance or outdated systems that delay conforming approval until repairs complete.
The area draws Asian-American buyers using gift funds from overseas relatives. Fannie and Freddie allow gifted down payments but require specific documentation and paper trails.
Proximity to good school districts means competition. Conforming loans close in 21-30 days—faster underwriting helps in multiple-offer situations common here.
$1,149,825 for single-family homes in Los Angeles County. That covers most Temple City inventory.
Yes, but you need 15-25% down and at least 680 credit. Rates run 0.50-0.75% higher than owner-occupied.
3% minimum for primary residence. 10% gets better rates, 20% eliminates mortgage insurance entirely.
Yes, but appraisals are stricter. Budget for possible repair requirements before loan funding.
680-740 is the sweet spot. Above 740 helps minimally, below 680 costs significantly.
21-30 days with clean documentation. Faster than FHA, comparable to conventional jumbo.
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.