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La Mesa sits in San Diego County's East County region, where $937,500 purchases are common for single-family homes. At 5.875%, a $750,000 conventional loan runs $4,437 monthly for principal and interest alone.
The county's median household income of $102,285 supports this price range comfortably. Most buyers here put 20% down to skip PMI entirely, which is the conventional advantage at this loan size.
5.875%
Current Rate
$4,437
Monthly P&I
620
Min FICO
3–20%
Down Payment
$750,000
Loan Amount
21–28 days
Typical Close
Conventional Loans in La Mesa
Conventional loans in La Mesa require a 620 FICO minimum, though 740+ gets the best rates. Down payment ranges from 3% to 20%; at 20% down, PMI cancels immediately. Below 20%, PMI stays until you hit 78% LTV through principal paydown.
San Diego County's median household income of $102,285 stretches to cover $750K mortgages here. Lenders typically want debt-to-income under 43%, meaning your total monthly debt shouldn't exceed roughly $3,700.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in La Mesa.
La Mesa sits in San Diego County's East County region, where $937,500 purchases are common for single-family homes. At 5.875%, a $750,000 conventional loan runs $4,437 monthly for principal and interest alone.
The county's median household income of $102,285 supports this price range comfortably. Most buyers here put 20% down to skip PMI entirely, which is the conventional advantage at this loan size.
Conventional loans in La Mesa require a 620 FICO minimum, though 740+ gets the best rates. Down payment ranges from 3% to 20%; at 20% down, PMI cancels immediately. Below 20%, PMI stays until you hit 78% LTV through principal paydown.
California's conventional market splits between retail banks, credit unions, and brokers. Retail lenders move slowly but offer relationship pricing; brokers shop multiple lenders and close faster, often in 21–28 days.
Fannie Mae and Freddie Mac set the agency rules, so rates and terms are similar across lenders. The real difference is service speed and willingness to work with non-standard situations—self-employed borrowers, recent job changes, or complex income.
Conventional pencils best in La Mesa when you have 20% down and a 740+ FICO. At that profile, you skip PMI entirely and lock a 5.875% rate with no insurance drag—that's the sweet spot.
Below 20% down, FHA becomes competitive because its mortgage insurance is front-loaded and cancels after 11 years if you put 10%+ down. For a $750K purchase with 10% down, conventional PMI runs longer and costs more total.
FHA loans run lower rates than conventional but carry lifetime mortgage insurance if you put less than 10% down. At 10%+ down, FHA insurance cancels after 11 years—but you still pay upfront MIP of 1.75% of the loan.
Conventional at 20% down has no insurance at all. If you have the cash, conventional wins over the life of the loan. If you're stretching for down payment, FHA's lower rate might offset the insurance cost in year one.
La Mesa's location between downtown San Diego and the foothills makes it a draw for buyers who want suburban space without the commute. Schools and parks anchor the neighborhoods, and the cost per square foot runs lower than central San Diego.
That affordability relative to the county means a $937,500 purchase here gets you more house than the same price in Mission Valley or Pacific Beach. Conventional financing at 20% down locks in that advantage with no PMI drag.
At 5.875% with $750,000 borrowed, principal and interest run $4,437 monthly. Add property taxes, insurance, and HOA if applicable. The full scenario: $937,500 purchase, $187,500 down (20%), 740 FICO, 30-day lock, as of April 13, 2026.
Yes. At 20% down (80% LTV), there is no PMI and no rate penalty. Below 20% down, PMI is required and stays until you hit 78% LTV through principal paydown or refinance.
The minimum is 620 FICO, but 740+ gets the best rates and terms. At 740, you qualify for the 5.875% rate shown here. Lower scores may face higher rates or require larger down payments.
Conventional loans typically close in 21–28 days. Brokers often move faster than retail banks because they shop multiple lenders. Your timeline depends on appraisal speed and document turnaround.
Conventional wins if you have 20% down and a 740+ FICO—no PMI, clean rate. FHA's lower rate helps if you're putting 10–15% down, but you'll pay mortgage insurance. Call to compare both scenarios with your down payment.