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Lemon Grove sits in San Diego County where the median household income of $102,285 stretches to cover homes in the $900K range. At 5.875%, a $750,000 conventional loan on a $937,500 purchase runs $4,437 monthly for principal and interest alone.
The conventional market here rewards buyers with solid credit and 20% down. You avoid PMI entirely at 80% LTV, which saves thousands over the loan's life compared to putting less down.
5.875%
Interest Rate
$4,437
Monthly P&I
740
Min. FICO
20% ($187,500)
Down Payment
None
PMI at 80% LTV
30-45 days
Closing Timeline
Conventional Loans in Lemon Grove
Conventional loans in this price range typically require a 740+ FICO score and 20% down ($187,500 on a $937,500 purchase). That 80% LTV means zero PMI — the mortgage insurance that would otherwise run for years on lower down payments.
San Diego County's median household income of $102,285 supports a $937,500 purchase comfortably with conventional financing. Lenders look for debt-to-income ratios under 43%, which most buyers at this income level clear without strain.
Local decision guide
Use this guide to connect conventional 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 stretches to cover homes in the $900K range. At 5.875%, a $750,000 conventional loan on a $937,500 purchase runs $4,437 monthly for principal and interest alone.
The conventional market here rewards buyers with solid credit and 20% down. You avoid PMI entirely at 80% LTV, which saves thousands over the loan's life compared to putting less down.
Conventional loans in this price range typically require a 740+ FICO score and 20% down ($187,500 on a $937,500 purchase). That 80% LTV means zero PMI — the mortgage insurance that would otherwise run for years on lower down payments.
California's conventional market is dominated by retail banks and mortgage brokers who sell loans to Fannie Mae and Freddie Mac. Both agencies set the underwriting rules, so you'll see consistent credit and down payment requirements across lenders.
Closing timelines run 30-45 days for conventional loans. Brokers can often beat bank rates by a quarter-point or more because they shop multiple lenders. The tradeoff is that retail banks offer branch support and direct servicing.
Conventional 30-year fixed makes sense in Lemon Grove when you have 20% down and a 740+ FICO. Below that, FHA's 3.5% down and lower credit floor (580 FICO) pencil better despite lifetime mortgage insurance.
At $937,500, you're well below San Diego County's conforming limit of $1,104,000. That means no jumbo overlay costs and the tightest underwriting available. Lock in the 5.875% rate if your credit and down payment qualify.
FHA loans run lower rates than conventional but carry mortgage insurance for the life of the loan if you put down less than 10%. At 20% down, conventional wins because you skip PMI entirely and never pay it back.
If you have only 10% down ($93,750), FHA's 3.5% minimum might seem attractive. But the lifetime insurance cost over 30 years exceeds what you'd pay in a higher conventional rate. Call for today's FHA quote to compare the true monthly cost.
Lemon Grove's location in South County puts you 20 minutes from downtown San Diego and 10 minutes from the Grossmont Center shopping district. That proximity supports long-term home values and makes the area attractive to buyers who work in the city.
The area's affordability relative to central San Diego means your $937,500 purchase buys more space here than it would in Hillcrest or Mission Hills. That value proposition matters when you're financing at 5.875%.
At 5.875% APR on a $750,000 loan, principal and interest run $4,437 monthly. That's based on a $937,500 purchase with $187,500 down (20%), 740 FICO, primary residence, 30-year fixed, 30-day lock as of April 12, 2026.
Yes. At 20% down (80% LTV), there is no PMI and no rate penalty. Below 20% down, PMI kicks in and stays until you hit 78% LTV through paydown. At 20%, you skip it entirely.
Most lenders require 740+ FICO for conventional loans at this price point. Some will go as low as 680 with compensating factors like higher down payment or strong reserves, but expect rate adjustments below 740.
Conventional loans typically close in 30-45 days in California. Brokers can often move faster than retail banks. Your timeline depends on appraisal turnaround and document submission speed.
Yes. San Diego County's conforming limit is $1,104,000. Your $937,500 purchase is well below that, so you avoid jumbo overlays and get the tightest underwriting available.