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Antioch Mortgage FAQ
Buying a home in Antioch, Contra Costa County brings unique opportunities and questions. These FAQs address common concerns from local homebuyers and investors working with California lenders.
Our answers cover everything from loan qualifications to city-specific buying strategies. Whether you're purchasing your first home or refinancing an investment property, you'll find practical guidance here.
SRK Capital serves Antioch residents with personalized mortgage solutions. We understand local market conditions and help match borrowers with the right loan programs for their situation.
Most purchase transactions close in 30-45 days from offer acceptance. Refinances often complete faster, typically within 25-35 days. Complex situations like bridge loans or construction financing may require additional time.
FHA loans accept scores as low as 580 with 3.5% down. Conventional loans typically require 620 or higher. Better scores unlock lower rates and more loan options throughout Contra Costa County.
Down payments range from 0% (VA, USDA) to 20% or more for conventional loans. FHA requires just 3.5%, while first-time buyer programs may offer additional assistance. Your loan type and property determine requirements.
Yes, Contra Costa County offers down payment assistance and special loan programs. FHA and conventional 97 loans require minimal down payments. Local housing authorities provide additional resources for qualified buyers.
Bring two years of tax returns, recent pay stubs, bank statements, and photo ID. Self-employed borrowers may need profit and loss statements. Investment property buyers should prepare rental income documentation.
Absolutely. Bank statement loans use deposits instead of tax returns to verify income. We also offer 1099 loans and profit & loss statement programs designed specifically for self-employed borrowers.
FHA loans accept lower credit scores and require smaller down payments but include mortgage insurance. Conventional loans offer better rates for strong credit profiles and let you cancel PMI at 20% equity.
FHA loans always require mortgage insurance. Conventional loans need PMI when you put down less than 20%. VA loans charge a funding fee but no monthly insurance. Rates vary by borrower profile.
Closing costs typically run 2-5% of your loan amount. This includes lender fees, title insurance, escrow charges, and recording fees. Contra Costa County transfer taxes also apply to property purchases.
Yes, most loan programs accept gift funds from family members. You'll need a gift letter stating the money doesn't require repayment. Donors may need to provide bank statements showing fund availability.
DSCR loans help investors buy rental properties without income verification. The property's rental income qualifies you instead of your personal earnings. Popular choice for building rental portfolios in Antioch.
ARMs offer lower initial rates that adjust after a fixed period. A 5/1 ARM stays fixed for five years, then adjusts annually. These suit buyers planning to sell or refinance within a few years.
Yes, foreign national loans don't require US citizenship or social security numbers. Down payments typically start at 25-30%. We help international buyers invest in California real estate.
ITIN loans serve borrowers without social security numbers who have Individual Taxpayer Identification Numbers. These mortgages follow similar guidelines to conventional loans but use alternative documentation.
Paying points upfront reduces your rate and monthly payment. This makes sense if you'll keep the loan long enough to recoup the cost. Rates vary by borrower profile and market conditions.
Antioch offers diverse neighborhoods from established communities to newer developments. Many buyers appreciate waterfront areas and family-friendly subdivisions. Working with a local agent helps identify areas matching your priorities.
Lenders typically approve loans where housing costs stay below 43% of gross income. Your credit, debts, and down payment also factor in. We provide personalized pre-approvals showing your specific budget.
Jumbo loans exceed conforming limits set by Fannie Mae and Freddie Mac. In 2024, amounts above $766,550 require jumbo financing. These loans typically need larger down payments and stronger credit.
FHA 203(k) loans finance both purchase and renovation costs together. Conventional renovation loans offer similar benefits. Hard money loans provide quick funding for investors flipping properties in Antioch.
Bridge loans provide short-term financing when you need to buy before selling your current home. These help Antioch buyers compete in fast markets. Terms typically run 6-12 months with various repayment options.
VA loans require you to live in the property as your primary residence. However, multi-unit properties qualify if you occupy one unit. Investors typically use DSCR or conventional loans for pure rentals.
Pre-approval verifies your income, assets, and credit before house hunting. Sellers take your offers more seriously with pre-approval letters. This saves time by showing your realistic price range upfront.
Yes, lenders include student loans in debt-to-income calculations. They use actual payments or a percentage of the loan balance. Strong income and credit help offset higher debt loads.
Interest-only loans let you pay just interest for a set period, reducing early payments. Principal payments begin after the interest-only term ends. These suit buyers expecting income increases or planning short-term ownership.
Construction loans fund new home builds in phases as work completes. Many convert to permanent mortgages after construction finishes. You'll need detailed plans, builder contracts, and larger down payments.
Asset depletion loans qualify you based on savings and investments rather than income. Lenders divide your assets by 360 months to calculate qualifying income. Retirees and wealthy buyers benefit most.
Using HELOC funds from another property for your down payment is generally allowed. However, the new loan amount and HELOC payment both count in qualification ratios. Lenders verify fund sources carefully.
Low appraisals mean the property is worth less than your offer price. You can negotiate with sellers, increase your down payment, or walk away if you have an appraisal contingency. Lenders base loans on the lower value.
Portfolio ARMs are held by lenders rather than sold to investors. This allows more flexible terms and qualification guidelines. These suit unique situations that don't fit standard lending boxes.
Community mortgages serve specific local areas or groups with favorable terms. Some offer down payment assistance or reduced requirements. California housing agencies provide various community-focused programs.
Yes, waiting periods vary by loan type and circumstances. FHA allows purchases 2-3 years after bankruptcy. Conventional loans typically require 4-7 years. Alternative loan programs may accept shorter timeframes.
Reverse mortgages let homeowners 62+ convert home equity into cash without monthly payments. The loan is repaid when you sell or pass away. These help seniors access equity while aging in place.
Brokers access multiple lenders instead of one bank's products. We shop rates and programs to find your best option. This saves time and often secures better terms than going direct.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.