Question 1

What's the monthly payment on a $750,000 conforming loan in El Cajon?

Accepted Answer

At 5.875% APR with 20% down on a $937,500 purchase, principal and interest run $4,437 monthly. That's before property taxes, insurance, and HOA. Full scenario: $750K loan, 80% LTV, 740 FICO, 30-day lock, as of April 17, 2026.

Question 2

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

Accepted Answer

Yes. At 20% down (80% LTV), there is no PMI. Below 20%, you'll carry mortgage insurance until you hit 78% LTV. PMI cancels automatically at that threshold under the Homeowners Protection Act.

Question 3

What credit score do I need to qualify for a conforming loan in El Cajon?

Accepted Answer

740 FICO is the minimum. Lenders prefer 760+ for the best rate. Below 740, you'll face rate adjustments or stricter documentation. Employment and credit history matter as much as the score.

Question 4

How long does it take to close a conforming loan in El Cajon?

Accepted Answer

Brokers typically close in 30-45 days. Banks range from 35 to 60 days depending on volume. Appraisals in San Diego County turn in 7-10 days. The biggest variable is how fast you submit documents.

Question 5

Is a conforming loan better than FHA if I only have 10% down?

Accepted Answer

Not necessarily. FHA at 10% down lets mortgage insurance cancel after 11 years. Conforming at 10% down carries PMI until 78% LTV, which takes longer. Run both scenarios — FHA may be cheaper monthly.

Conforming 30-year fixed mortgages in El Cajon: 5.875% with 20% down