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Lemon Grove sits in San Diego County where the median household income of $102,285 supports homes in the $900K range. At 5.875%, a $750,000 conforming loan runs $4,437 monthly in principal and interest alone.
The conforming limit here is $1,104,000, so buyers under that cap avoid jumbo pricing and tighter underwriting. Most San Diego County lenders compete hard on conforming loans because volume is steady.
5.875%
Interest Rate
$4,437
Monthly P&I
740
Min FICO (best pricing)
$750,000
Loan Amount
$187,500
Down Payment (20%)
30-45 days
Closing Timeline
Conforming Loans in Lemon Grove
Conforming loans require a minimum 620 FICO, but lenders price best at 740+. You'll need 3% down minimum, though 20% down (80% LTV) eliminates PMI entirely. At 20% down on a $937,500 purchase, you'd put $187,500 down.
San Diego County's median household income of $102,285 stretches to cover a $750,000 loan comfortably. Most lenders cap debt-to-income at 43-50%, so income around $100K-$110K qualifies for this loan amount.
Local decision guide
Use this guide to connect conforming loans eligibility, lender expectations, and local market factors before comparing payment options in Lemon Grove.
Lemon Grove sits in San Diego County where the median household income of $102,285 supports homes in the $900K range. At 5.875%, a $750,000 conforming loan runs $4,437 monthly in principal and interest alone.
The conforming limit here is $1,104,000, so buyers under that cap avoid jumbo pricing and tighter underwriting. Most San Diego County lenders compete hard on conforming loans because volume is steady.
Conforming loans require a minimum 620 FICO, but lenders price best at 740+. You'll need 3% down minimum, though 20% down (80% LTV) eliminates PMI entirely. At 20% down on a $937,500 purchase, you'd put $187,500 down.
Conforming loans are the bread and butter of California lending. Banks, credit unions, and mortgage brokers all compete on these loans because Fannie Mae and Freddie Mac set the rules, not individual lenders.
Closing timelines run 30-45 days for conforming loans. Underwriting is straightforward—no overlays, no exotic documentation. Brokers can shop your loan to multiple lenders to find the best rate and terms.
Conforming loans make sense for Lemon Grove buyers under $1,104,000 who have 20% down and a 740+ FICO. The rate is competitive and PMI disappears at 80% LTV, so you're not paying insurance forever.
If you're at 10% down on a $937,500 home, conventional PMI runs roughly $150-200 monthly. FHA might offer a lower rate, but the mortgage insurance never cancels unless you refinance—that's a decade-long cost.
FHA loans run lower rates than conforming but carry mortgage insurance for the life of the loan if you put down less than 10%. With 10% down, MIP cancels after 11 years—still a long time.
Conforming at 20% down has no PMI and no insurance ever. The rate is higher than FHA's, but you save money over 10-15 years because you're not paying insurance. Call for today's FHA quote to compare.
Lemon Grove is a working-class community in South San Diego County with solid schools and quick freeway access to downtown. Home prices here run $100K-$200K below comparable homes in nearby Chula Vista.
Buyers in Lemon Grove often commute to downtown San Diego or the airport. A conforming loan at 5.875% keeps your monthly payment manageable while you build equity in a stable neighborhood.
Principal and interest run $4,437 monthly on a $750,000 loan at 5.875% APR. Add property taxes, insurance, and HOA if applicable. The scenario assumes 80% LTV, 740 FICO, single-family primary residence, 30-day lock.
Yes. At 20% down (80% LTV), there is no PMI. Below 20% down, PMI applies and runs until you hit 78% LTV or request cancellation at 80% LTV. PMI never cancels on FHA loans unless you refinance.
Yes. Conforming loans allow 3% down minimum with a 740+ FICO. You'll pay PMI, which typically runs $150-250 monthly depending on your LTV. PMI cancels automatically at 78% LTV under the Homeowners Protection Act.
Lenders price best at 740+ FICO. You can qualify at 620+, but your rate will be higher. At 740+, you get the best pricing and the most lender options to shop from.
Conforming loans typically close in 30-45 days. Underwriting is straightforward because Fannie Mae and Freddie Mac set uniform rules. No exotic documentation or overlays slow the process down.