Yes, individuals can secure loans when purchasing a resale home in Los Angeles. Common loan types include conventional, Federal Housing Administration (FHA), Department of Veterans Affairs (VA), and Jumbo loans. Lenders typically require a credit score of at least 620, a down payment of 3-20%, and proof of stable income. The Los Angeles market’s high demand and competitive pricing mean buyers must act quickly, but financing options remain accessible for qualified applicants.

The ability to obtain loans for resale homes in Los Angeles stems from the region’s robust real estate market and diverse lending programs. As of 2023, the median home price in Los Angeles County was approximately $1.1 million, with 65% of first-time buyers securing mortgages through conventional or government-backed loans, according to Fannie Mae. FHA loans, requiring just a 3.5% down payment, are particularly popular in the area due to their flexibility for lower-income buyers. Additionally, 30% of loan applications in Los Angeles are denied due to credit score issues or insufficient down payments, highlighting the importance of meeting lender criteria. The California Association of Realtors reported that 78% of successful applicants in 2023 had credit scores above 700, underscoring the role of creditworthiness. While property condition and location (e.g., neighborhoods like Santa Monica or West Hollywood) influence loan terms, the overall availability of financing reflects Los Angeles’ status as a prime real estate market with consistent investor and buyer activity.