Question 1

What is the conforming loan limit in Orange County?

Accepted Answer

Orange County is a high-cost area with limits above the national baseline. Confirm the current limit with us — it adjusts annually.

Question 2

Can I use rental income to qualify in Laguna Woods?

Accepted Answer

Yes, if the property has a rentable unit and you have documentation. Most conforming lenders count 75% of documented rental income.

Question 3

Do HOA fees affect how much I can borrow?

Accepted Answer

Yes. Lenders add HOA fees to your monthly obligations. High fees in Laguna Woods Village directly reduce your max loan amount.

Question 4

Will a conforming loan work for a condo here?

Accepted Answer

Only if the condo project is Fannie Mae or Freddie Mac approved. We check warrantability before you write an offer.

Question 5

How does PMI work on a conforming loan?

Accepted Answer

PMI is private mortgage insurance paid monthly when you put less than 20% down. It cancels once you reach 20% equity in the home.

Question 6

Is a conforming loan better than FHA for Laguna Woods buyers?

Accepted Answer

Usually yes, if your credit is 620+. Conforming PMI eventually cancels, while FHA mortgage insurance stays for the loan's life.

Conforming Loans in Laguna Woods, CA