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Imperial Beach sits at the southern edge of San Diego County, where oceanfront and near-beach homes command $900K to $1.2M. At 5.875%, a $750,000 conventional loan on a $937,500 purchase runs $4,437 monthly for principal and interest alone.
The median household income across San Diego County is $102,285. That income supports a $750K loan comfortably when debt-to-income ratios stay under 43%. Most buyers here put 20% down to skip PMI entirely.
5.875%
Interest Rate
$4,437
Monthly P&I
620
Min FICO
$750,000
Loan Amount
20% ($187,500)
Down Payment
30 days
Lock Period
Conventional Loans in Imperial Beach
Conventional loans in Imperial Beach require a 620 FICO minimum, but lenders prefer 740+. Down payments range from 5% to 25%. At 20% down ($187,500 on a $937,500 purchase), PMI cancels immediately and never appears on your loan.
San Diego County's median household income of $102,285 stretches to cover a $750K loan when your total debt stays under 43% of gross income. That includes car payments, credit cards, and the new mortgage.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Imperial Beach.
Imperial Beach sits at the southern edge of San Diego County, where oceanfront and near-beach homes command $900K to $1.2M. At 5.875%, a $750,000 conventional loan on a $937,500 purchase runs $4,437 monthly for principal and interest alone.
The median household income across San Diego County is $102,285. That income supports a $750K loan comfortably when debt-to-income ratios stay under 43%. Most buyers here put 20% down to skip PMI entirely.
Conventional loans in Imperial Beach require a 620 FICO minimum, but lenders prefer 740+. Down payments range from 5% to 25%. At 20% down ($187,500 on a $937,500 purchase), PMI cancels immediately and never appears on your loan.
California's conventional market splits between retail banks (Wells Fargo, Chase, Bank of America) and mortgage brokers. Brokers typically close faster and offer tighter pricing on conforming loans under $1.1M.
Fannie Mae and Freddie Mac set the rules for all conventional loans. They require 620+ FICO, documented income, and verified assets. Most lenders close in 21-30 days. Brokers can often beat bank rates by 0.125-0.25% on conforming deals.
Conventional 30-year fixed makes sense in Imperial Beach when you have 15%+ down and a 740+ FICO. Below that, FHA's lower rate and 3.5% down option pencils better despite lifetime mortgage insurance.
At $937,500 with 20% down, conventional wins. You skip PMI entirely and lock a 5.875% rate. The $187,500 down payment is real money, but it saves you $150-200 monthly in insurance costs over the life of the loan.
FHA loans in Imperial Beach start with a lower rate but carry mortgage insurance for life if you put down less than 10%. With 10%+ down, FHA insurance cancels after 11 years. Conventional at 20% down has zero insurance from day one.
If you have $187,500 down, conventional is cleaner. You avoid the upfront 1.75% FHA mortgage insurance fee and the annual premiums. The rate difference is small, but the lifetime cost favors conventional when you can hit 20% down.
Imperial Beach's location at the Mexican border and proximity to the Pacific Ocean shapes property values and buyer priorities. Homes here appeal to families seeking beach access and international commerce workers.
Buyers in Imperial Beach often hold long-term. A 30-year conventional mortgage aligns with that stability. The fixed rate protects against inflation over decades, and the 20% down position gives you immediate equity and no PMI drag.
Principal and interest run $4,437 monthly at 5.875% on a $750,000 loan. Add property taxes, insurance, and HOA fees — typically $800-1,200 more. The full payment depends on your specific property and insurance costs.
Yes. At 20% down (80% LTV), PMI cancels immediately. Below 20%, PMI applies until you hit 78% LTV through paydown or refinancing. At 20% down, you skip PMI entirely from day one.
The minimum is 620 FICO, but lenders prefer 740+. At 740+, you get the best rates and fastest approval. Below 660, rates rise 0.25-0.5% and documentation tightens.
Yes. Conventional loans accept 5-19% down, but PMI applies. At 10% down, PMI runs roughly $150-200 monthly on a $750K loan. At 20% down, PMI disappears entirely.
Most conventional loans close in 21-30 days. Brokers often close faster than retail banks. Appraisal and title work are the main delays. With clear documentation, 21 days is typical.