Question 1

What's the 2026 conforming loan limit in Los Angeles County?

Accepted Answer

The conforming limit is $1,249,125. Loans above that amount are jumbo and carry different terms, rates, and down-payment rules.

Question 2

Do I need 20% down to buy in Westlake Village?

Accepted Answer

Yes — conventional loans accept 5% to 10% down. You'll carry PMI until reaching 20% equity. FHA allows 3.5% down with a 580+ credit score.

Question 3

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

Accepted Answer

Most lenders require 620+ FICO for conventional. Jumbo loans typically ask for 700+. FHA accepts 580+ but offers better terms above 640.

Question 4

Is Westlake Village in an FHA high-cost area?

Accepted Answer

Yes. Los Angeles County is an FHA high-cost area, which means FHA loan limits match the conforming ceiling of $1,249,125 instead of the standard FHA cap.

Question 5

Is Los Angeles County a VA high-cost area?

Accepted Answer

Yes. VA loan limits in this county reach $1,249,125, the same as the conforming limit. Zero-down VA loans are available up to that amount.

Question 6

How much does the VA funding fee cost?

Accepted Answer

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

Question 7

What does PMI cost on a conventional loan?

Accepted Answer

PMI typically runs 0.5% to 1.5% of the loan amount annually, depending on your down payment and credit score. It cancels at 78% LTV automatically.

Question 8

Can I get an FHA loan with less than 3.5% down?

Accepted Answer

No. FHA's minimum down payment is 3.5% with a 580+ FICO score. The upfront mortgage insurance premium is 1.75% of the loan amount.

Question 9

How long does FHA mortgage insurance last?

Accepted Answer

If you put down less than 10%, MIP stays for the life of the loan. With 10%+ down, it cancels after 11 years of on-time payments.

Question 10

What's the difference between a jumbo and a conforming loan?

Accepted Answer

Jumbo loans exceed $1,249,125 and typically require 20% down, 700+ credit, and 6-12 months of reserves. Rates run 0.125% to 0.5% higher than conforming.

Question 11

How do LAUSD budget cuts affect home values in Westlake Village?

Accepted Answer

School funding uncertainty can pressure buyer confidence and demand. Homes in areas with stable school funding often hold value better during fiscal stress.

Question 12

What income do I need to qualify for a mortgage here?

Accepted Answer

There's no hard income floor, but lenders use a debt-to-income ratio of 43% to 50%. At $87,760 county median income, a household can typically carry $35K to $45K in monthly debt.

Question 13

Can I use a co-signer to qualify for a jumbo loan?

Accepted Answer

Yes. A co-signer's income and credit count toward qualification. Both of you will be liable for the full loan amount and appear on the title.

Question 14

How long does it take to close a mortgage in California?

Accepted Answer

Conventional loans typically close in 30 to 45 days. Jumbo loans may take 45 to 60 days. FHA and VA loans often run 40 to 50 days due to appraisal review.

Westlake Village mortgage questions answered