Angels Camp Mortgage FAQs – Your Questions Answered by Local Brokers

FHA loans start at 580 with 3.5% down. Conventional loans typically require 620 minimum, though some lenders approve 600 for strong income and reserves.

FHA requires 3.5% down. Conventional starts at 3% for primary homes. USDA loans offer zero down for eligible rural properties outside city limits.

Most purchases close in 25-35 days. Rural properties with septic or well inspections may add 5-10 days for environmental reviews.

Properties outside incorporated city limits often qualify. USDA sets income limits by household size—check eligibility based on your specific address and income.

W-2 earners need two years tax returns, recent pay stubs, and bank statements. Self-employed borrowers provide full tax returns with business documentation or use alternative programs.

FHA 203(k) loans cover purchase plus repairs in one mortgage. Standard FHA won't approve homes with safety issues like faulty septic or structural damage.

Lenders analyze 12-24 months of business deposits instead of tax returns. Useful when tax write-offs reduce reported income below actual cash flow.

Expect 2-3% of purchase price for lender fees, title, escrow, and prepaid items. Seller credits can cover part of these costs if negotiated.

30-year loans offer lower payments but higher total interest. 15-year mortgages build equity faster—viable if monthly payment fits your budget comfortably.

FHA requires mortgage insurance for the loan life. Conventional loans drop PMI at 20% equity. Zero-down USDA loans charge an upfront and annual fee.

Yes, if you're an eligible veteran or active duty service member. VA loans require no down payment and don't charge mortgage insurance.

Pre-qualification estimates what you might afford based on stated income. Pre-approval verifies income, credit, and assets—sellers take these offers seriously.

2024 FHA limit is $498,257 for single-family homes in Calaveras County. Borrowers can finance up to 96.5% of this amount with approved credit.

Rates are similar, but rural parcels over 10 acres may require specialized programs. Some lenders price higher for non-conforming acreage.

Yes, but expect 15-25% down for conventional investor loans. DSCR loans approve based on rental income, not your personal tax returns.

Debt Service Coverage Ratio loans qualify you on rental income alone. Investors with multiple properties or complex tax returns use these to avoid income documentation.

Bridge loans tap your current home equity for down payment on the next purchase. You carry two payments temporarily until your old home sells.

Yes, if it's permanently affixed to owned land and built after 1976. FHA and conventional loans have specific requirements for foundation and HUD certification.

One point equals 1% of loan amount to reduce your rate. Makes sense if you plan to keep the loan 5+ years—breakeven depends on savings.

Lenders require surveys for parcels without clear boundaries or recent documentation. Costs vary by acreage—budget $500-$2,000 for most lots.

Only with FHA 203(k) or refinances. Purchase loans require you to bring costs or negotiate seller credits—lenders won't let you borrow over purchase price.

FHA allows lower credit scores and 3.5% down but charges mortgage insurance for life. Conventional requires 620+ credit but drops PMI at 20% equity.

ARMs offer lower initial rates that adjust after 3, 5, 7, or 10 years. Best for buyers who plan to sell or refinance before adjustment.

Yes, from immediate family on most programs. Lenders require a gift letter stating funds don't need repayment, plus paper trail showing transfer.

Lenders want two years stable work history. Job changes in the same field are fine—gaps over 60 days require explanation letters.

Only if your property sits in a FEMA flood zone. Most Angels Camp homes aren't in designated zones—your lender orders a determination during underwriting.

Yes, with 10% down on conventional loans. Lenders require proof you can afford both payments and verify the second property isn't rented.

Appraisers determine market value for your lender. Costs run $500-$750 for standard homes, more for rural acreage or unique properties requiring extra analysis.

Traditional loans require two years tax returns averaging income. Bank statement and 1099 programs skip tax returns—useful when write-offs lower reported income.

Yes, construction-to-permanent loans cover land purchase and building costs. You need 20% down, approved plans, and a licensed contractor with builder's risk insurance.

We shop 200+ lenders instead of one bank's programs. You get access to niche products like bank statement loans that retail banks don't offer.

Only FHA, VA, and USDA loans are assumable. You must qualify with the lender and pay the equity difference—rarely makes sense unless rates spiked significantly.

Most lenders require six months seasoning for rate-term refinances. Cash-out refinances typically need 6-12 months depending on loan type.

Recent bankruptcies, foreclosures, and unpaid collections cause denials. Chapter 7 bankruptcy requires 2-4 years waiting period depending on loan program.

Conventional loans want 2-6 months reserves for investment properties. Primary homes with strong credit may not require reserves, but they strengthen your application.