Question 1

What's the monthly payment on a $750,000 conforming loan at today's rate?

Accepted Answer

At 5.875% APR on a $750,000 loan, principal and interest run $4,437 per month. That's based on a $937,500 purchase with $187,500 down (20% LTV), 740 FICO, 30-day lock as of April 8, 2026.

Question 2

Do I need 20% down to avoid PMI on a conforming loan?

Accepted Answer

Yes. 20% down (80% LTV) is the only way to skip PMI on a conforming loan. You can put down 3%, 5%, or 10% and carry PMI, but it never cancels automatically. At 20%, there's zero insurance and zero rate penalty.

Question 3

What credit score do I need to qualify for a conforming loan in Cathedral City?

Accepted Answer

Minimum 620 FICO, but California lenders typically start at 640 for competitive rates. At 740 FICO or higher, you get par pricing with no rate adjustment. Each 20-point drop below 740 can cost 0.125-0.25% in rate.

Question 4

How much income do I need to qualify for a $750,000 conforming loan?

Accepted Answer

At 43% debt-to-income, you need roughly $7,400 gross monthly income ($88,800 annually). Riverside County's median household income is $89,672, so a typical county household qualifies. Your actual approval depends on all debts, not just the mortgage.

Question 5

What's the difference between conforming and jumbo loans in Cathedral City?

Accepted Answer

Conforming loans max out at $832,750 in this county. Jumbo loans above that require 20% down, 700+ FICO, and 6-12 months reserves. Jumbo rates typically run 0.375-0.5% higher than conforming, making them expensive for Cathedral City buyers.

Conforming 30-year fixed mortgages in Cathedral City at 5.875%