Question 1

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

Accepted Answer

The 2026 conforming limit for Los Angeles County is $1,249,125. Loans above that amount are jumbo and typically require 20% down and a stronger credit profile.

Question 2

Is Temple City in an FHA high-cost area?

Accepted Answer

Yes. Temple City is in an FHA high-cost area. The FHA limit matches the conforming limit at $1,249,125 for 2026.

Question 3

Is Temple City in a VA high-cost area?

Accepted Answer

Yes. Temple City qualifies as a VA high-cost area. The VA loan limit is $1,249,125 in 2026.

Question 4

How much down payment do I need for an FHA loan?

Accepted Answer

FHA requires a minimum 3.5% down payment with a 580+ FICO score. You'll also pay an upfront mortgage insurance premium of 1.75% of the loan amount.

Question 5

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

Accepted Answer

Yes. With 20% down (80% LTV), you skip PMI entirely. Below 20% down, PMI applies until you reach 78% LTV through principal paydown.

Question 6

What credit score do I need to qualify for a conventional loan?

Accepted Answer

Most lenders require 620+ FICO for conventional loans. Stronger scores (740+) open access to better rates and more flexible terms.

Question 7

Can I get a VA loan with zero down in Temple City?

Accepted Answer

Yes. VA loans allow zero-down financing for eligible veterans, active duty, and surviving spouses with a Certificate of Eligibility. No PMI applies.

Question 8

What is the VA funding fee?

Accepted Answer

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

Question 9

How does LAUSD's fiscal situation affect Temple City home values?

Accepted Answer

LAUSD faces budget pressures and county oversight. This may influence school-district appeal for some buyers, though property values depend on many factors beyond district finances.

Question 10

What income do I need to qualify for a jumbo loan?

Accepted Answer

Jumbo loans typically require 20%+ down and solid reserves. Lenders usually want to see your housing ratio under 28% and total debt under 36% of gross income.

Question 11

Can I use a VA loan to buy above the conforming limit?

Accepted Answer

Yes. VA loans can exceed the $1,249,125 conforming limit. Jumbo VA loans require stronger credit and reserves but remain available to eligible borrowers.

Question 12

What is the difference between FHA and conventional for Temple City buyers?

Accepted Answer

FHA allows 3.5% down but carries mortgage insurance for the life of the loan if down is under 10%. Conventional requires 5-20% down and PMI cancels at 78% LTV.

Question 13

How long does it take to close a mortgage in Temple City?

Accepted Answer

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

Question 14

Do I need to be a first-time buyer to qualify for FHA?

Accepted Answer

No. FHA loans are available to any borrower who meets credit and down-payment requirements, regardless of prior homeownership.

Question 15

What happens to my PMI once I reach 80% LTV?

Accepted Answer

PMI cancels automatically at 78% LTV through principal paydown. You can request cancellation at 80% LTV if you've paid on time.

Mortgage questions from Temple City buyers