Ione Mortgage FAQs: Your Questions Answered by Local Brokers

Expect 30-45 days from application to closing. Rural appraisals in Amador County can add 7-10 days compared to metro areas.

FHA loans start at 580 credit score with 3.5% down. Conventional loans typically need 620, though some portfolio lenders go lower for strong profiles.

Yes, but loans differ by acreage. Most conventional loans cap at 10 acres unless the property qualifies as a working ranch or farm.

Most of Ione qualifies for USDA financing with zero down payment. Income limits apply based on household size and county median income.

Standard W-2 borrowers need two years tax returns, recent pay stubs, and two months bank statements. Self-employed buyers need two years business returns plus profit and loss statements.

Rates stay the same, but rural appraisals and lower inventory can affect terms. Rates vary by borrower profile and market conditions.

USDA and VA loans offer zero down. FHA requires 3.5%, conventional starts at 3% for first-time buyers, 5% for repeat buyers.

Yes, 1099 loans use your gross income from 1099 forms without requiring full tax returns. We need 12-24 months of 1099 documentation.

Expect 2-3% of purchase price for closing costs. That includes lender fees, title, escrow, and prepaid items like property taxes and insurance.

Only if your property sits in a FEMA flood zone. Many Ione properties don't require it, but lenders order flood certificates during underwriting.

Bank statement loans use 12-24 months of deposits to calculate income instead of tax returns. Self-employed borrowers who write off significant expenses use these.

Yes, but it depends on condition. FHA 203k and conventional renovation loans work for repairs, but hard money works better for properties that won't pass inspection.

Lenders cap your total housing payment at 43-50% of gross monthly income. That includes mortgage, taxes, insurance, and HOA if applicable.

FHA allows lower credit and smaller down payments but charges mortgage insurance for life on minimal down payments. Conventional drops PMI at 78% loan-to-value and offers better rates with strong credit.

Yes, ITIN loans don't require a Social Security number. You'll need alternative credit documentation and typically 15-25% down payment.

DSCR loans approve based on rental income, not your personal income. Investors buying rental properties in Ione use these to avoid personal income documentation.

You pay PMI on conventional loans with less than 20% down. FHA charges upfront and annual mortgage insurance regardless of down payment size.

Yes, if it's permanently affixed to owned land and built after 1976. Loan terms are less favorable than stick-built homes.

Asset depletion uses your savings and investments to qualify instead of employment income. We divide total assets by 360 months to calculate qualifying income.

Buyers typically put down 1-3% of purchase price as earnest money. It gets credited toward your down payment at closing.

No, rate locks require an accepted purchase agreement. Locks typically last 30-60 days from contract acceptance.

Pre-qualification is an estimate based on what you tell us. Pre-approval means we verified income, assets, and credit through documentation.

Yes, VA loans work throughout Amador County with zero down. Properties must meet VA minimum property requirements and pass appraisal.

Yes, most loan programs allow gifted down payments from family members. Lenders require a gift letter stating funds don't need repayment.

Jumbo loans exceed conforming limits, currently $806,500 in Amador County. Few Ione properties require jumbo financing.

ARMs start with a fixed period (5, 7, or 10 years) then adjust annually based on an index. Initial rates run lower than 30-year fixed mortgages.

Investment properties typically require 15-25% down on conventional loans. DSCR loans offer similar terms without personal income verification.

Bridge loans let you buy before selling your current home. They're short-term, typically 6-12 months, with higher rates than permanent financing.

Most refinances require appraisals. Some conventional streamline refinances and VA IRRRLs skip appraisals if you've had the loan less than 24 months.

FHA 203k and conventional HomeStyle loans roll repair costs into your mortgage. The property must pass basic safety standards before funding.

You can renegotiate price, bring extra cash to close, or cancel the contract. Your earnest money returns if you have an appraisal contingency.

FHA allows purchases two years after Chapter 7 discharge. Conventional loans typically require four years with re-established credit.

Yes, you can rent rooms while living there. Lenders can count 75% of projected rental income toward qualifying if you have a lease.

Raw land requires 30-50% down through portfolio lenders. Construction loans work better if you're building within 12 months of purchase.

Interest-only loans work for investors or buyers expecting income increases. You pay only interest for 10 years, then principal and interest after.

Yes, second homes allow 10% down on conventional loans. The property can't be rented and must be at least 50 miles from your primary residence.

Portfolio ARMs are adjustable loans that lenders keep in-house instead of selling. They offer flexible terms for non-traditional borrowers.

California caps property tax at 1% of assessed value plus local bonds. Amador County adds special assessments that vary by location.

Yes, foreign national loans work with 20-40% down depending on visa status. We need passport, visa documentation, and proof of US assets.

P&L loans use your year-to-date profit and loss instead of full tax returns. Self-employed borrowers need a CPA-prepared statement covering at least 12 months.