Question 1

Can I get a conventional loan for a Laguna Woods co-op?

Accepted Answer

Co-ops in Laguna Woods require specific financing. Not all conventional lenders handle them — you need one that knows stock co-op structures.

Question 2

Does my retirement income qualify for a conventional loan?

Accepted Answer

Yes. Social Security, pension, and investment distributions all count as qualifying income. Lenders just need two years of documented history.

Question 3

How does the HOA affect my conventional loan approval?

Accepted Answer

Lenders review HOA financials and reserve funds. A poorly funded HOA can block approval even if your credit is strong.

Question 4

What credit score do I need for a conventional loan here?

Accepted Answer

Most conventional loans require at least a 620 score. A 740 or higher gets you the best rate tiers available.

Question 5

Is PMI required on conventional loans in Laguna Woods?

Accepted Answer

PMI is required if you put less than 20% down. Unlike FHA, conventional PMI cancels automatically once you reach 20% equity.

Question 6

How long does a conventional loan close take in Laguna Woods?

Accepted Answer

Plan for 30–45 days. Co-op and condo review adds time — getting HOA docs early keeps your close on track.

Conventional Loans in Laguna Woods, CA