Question 1

What credit score do I need for a conventional loan in West Covina?

Accepted Answer

Minimum is 620, but you'll get competitive rates starting at 640. A 720+ score unlocks the best pricing and easiest approval.

Question 2

How much down payment is required for a West Covina home?

Accepted Answer

3% down for first-time buyers, 5% for repeat buyers. Put down 20% to eliminate PMI and strengthen your offer in competitive situations.

Question 3

Can I use a conventional loan for an investment property in West Covina?

Accepted Answer

Yes, with 15% down minimum for a single-unit rental. You'll need six months reserves and solid rental income documentation.

Question 4

How does conventional compare to FHA for West Covina buyers?

Accepted Answer

Conventional costs less long-term because PMI cancels at 78% LTV. FHA charges upfront and monthly premiums for the life of the loan.

Question 5

What's the conventional loan limit in Los Angeles County?

Accepted Answer

$806,500 for single-family homes in 2024. Above that limit you need a jumbo loan with different requirements and pricing.

Question 6

Do conventional loans close faster than government loans in West Covina?

Accepted Answer

Yes, typically 21-25 days versus 30-40 for FHA or VA. Underwriters process conventional files daily, creating faster turn times.

Conventional Loans in West Covina: Fast Approval for Strong Credit Borrowers