Loading
Conventional Loans in West Hollywood
West Hollywood runs on conventional financing. Most condos in the Design District close with these loans.
This market moves fast. Sellers expect clean conventional approvals, not FHA repair riders or VA appraisal delays.
The typical West Hollywood buyer has strong credit and steady W-2 income. Conventional loans match that profile perfectly.
You'll compete with cash offers on smaller units. A conventional loan with 20% down keeps you competitive.
You need 620 minimum credit for conventional approval. Most West Hollywood buyers bring 680-740 to get the best rates.
Down payment starts at 3% for first-time buyers. Expect to put 5-10% down if you've owned before.
Debt-to-income ratio caps at 50% with strong credit. We see most approvals between 36-43% DTI.
Two years of stable income matters more than job title. Lenders verify employment history through tax returns and paystubs.
We shop your scenario across 200+ wholesale lenders. Rate differences hit 0.5% between best and worst quotes on identical profiles.
Some lenders price condos better than others. This matters in West Hollywood where 80% of inventory sits in condo buildings.
Condo approval varies by building. We know which lenders will touch older conversions versus new construction.
Overlays kill deals. Banks add requirements beyond Fannie Mae minimums, and those rules change monthly.
Put 20% down if you can. PMI adds $150-300 monthly on a typical West Hollywood purchase.
Lock your rate when you go under contract, not before. Rates change daily and locks expire in 30-45 days.
Your offer gets stronger with a broker pre-approval letter. Listing agents know we close on time.
Skip the 3% down program unless cash is genuinely tight. You'll pay higher rates and mandatory PMI for years.
FHA loans hit $766,550 in Los Angeles County. That limit excludes most West Hollywood properties worth buying.
Jumbo loans kick in above $806,500 for single-family homes. You'll need 10-20% down and 700+ credit for jumbo approval.
Conventional conforming sits in the sweet spot: $766,551 to $806,500. This covers many West Hollywood condos perfectly.
ARMs make sense if you'll move within seven years. Most West Hollywood buyers refinance or sell before year ten anyway.
Condo financing dominates this market. Know your building's owner-occupancy ratio before you make an offer.
HOA dues run $400-800 monthly in most buildings. Lenders count this toward your debt-to-income ratio.
Older buildings on the Sunset Strip need special approval. Some lenders won't touch conversions from the 1970s.
Parking spots add value but complicate appraisals. Make sure your lender understands how to value separate parking deeds.
620 gets you approved, but 680+ unlocks better rates. Most West Hollywood buyers I work with sit between 700-760.
20% down eliminates PMI and strengthens your offer. You can go as low as 3%, but expect higher monthly costs and weaker negotiating position.
Low owner-occupancy, deferred maintenance, or pending litigation kill deals. We check building approval status before you write an offer.
Yes, by 7-10 days typically. Conventional appraisals don't require FHA's repair inspections, which speeds up closing timelines.
Absolutely. You'll need 15-25% down and accept slightly higher rates. Most investors prefer conventional over portfolio loans for better pricing.
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.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
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.