Question 1

What credit score do I need to buy a home in Antioch?

Accepted Answer

Most conventional loans require 620 minimum. FHA accepts 580 with 3.5% down, sometimes lower with larger down payments.

Question 2

How much should I put down on an Antioch home?

Accepted Answer

FHA allows 3.5% down, conventional as low as 3% for first-time buyers. Putting 20% down avoids PMI and strengthens your offer.

Question 3

What's the typical timeline to close on an Antioch property?

Accepted Answer

Most purchase loans close in 25-35 days. Cash-out refinances often take 30-40 days due to appraisal and underwriting requirements.

Question 4

Do I qualify if I'm self-employed or work 1099?

Accepted Answer

Yes. We use bank statement loans or 1099 loans that look at deposits, not tax returns. Expect to provide 12-24 months of statements.

Question 5

What documents do I need to get pre-approved?

Accepted Answer

W-2s or 1099s for two years, recent pay stubs, two months of bank statements, and ID. Self-employed borrowers need more documentation.

Question 6

Can I buy in Antioch with an FHA loan?

Accepted Answer

Yes. FHA loans work well here with 3.5% down and 580 credit score minimum. You'll pay mortgage insurance for the loan's life.

Question 7

What's the difference between FHA and conventional loans?

Accepted Answer

FHA allows lower credit and smaller down payments but requires mortgage insurance. Conventional needs better credit but drops PMI at 20% equity.

Question 8

Are VA loans available in Antioch?

Accepted Answer

Yes. Veterans and active military can buy with zero down and no PMI. VA loans offer competitive rates and flexible credit requirements.

Question 9

How does a DSCR loan work for Antioch investment properties?

Accepted Answer

DSCR loans qualify based on rental income, not your W-2. The property's rent must cover the mortgage payment, typically 1.0-1.25 ratio.

Question 10

What closing costs should I expect in Contra Costa County?

Accepted Answer

Budget 2-5% of the purchase price. This includes lender fees, title insurance, escrow, and county recording fees. Rates vary by loan type.

Question 11

Can I buy an Antioch home with no down payment?

Accepted Answer

VA and USDA loans offer zero down for eligible buyers. Some first-time buyer programs provide down payment assistance for qualified applicants.

Question 12

What's PMI and how do I avoid it?

Accepted Answer

Private mortgage insurance protects the lender when you put down less than 20%. Avoid it by putting 20% down or using VA/USDA loans.

Question 13

Do I need reserves to buy in Antioch?

Accepted Answer

Conventional loans often require 2-6 months of mortgage payments in savings. FHA and VA typically don't require reserves for owner-occupied purchases.

Question 14

What's a bank statement loan and who needs one?

Accepted Answer

Self-employed borrowers use bank statements instead of tax returns for income verification. We analyze 12 or 24 months of deposits to qualify you.

Question 15

Can I use gift money for my down payment?

Accepted Answer

Yes. Most loans allow gifts from family members with a signed letter. FHA requires the donor to prove the funds came from acceptable sources.

Question 16

How do interest rates work in Antioch compared to other cities?

Accepted Answer

Rates don't vary by city. They're based on your credit score, loan type, down payment, and market conditions. Shop lenders for the best deal.

Question 17

What's the benefit of working with a mortgage broker?

Accepted Answer

Brokers shop 200+ lenders to find your best rate and program. Banks only offer their own products, limiting your options and potentially costing you more.

Question 18

Can I qualify with student loan debt?

Accepted Answer

Yes. Lenders include student loan payments in your debt-to-income ratio. Income-driven plans with low payments help you qualify more easily.

Question 19

What debt-to-income ratio do I need?

Accepted Answer

Most loans allow up to 43-50% DTI. This includes your new mortgage plus all monthly debts divided by gross income. Some programs go higher.

Question 20

Should I pay points to lower my rate?

Accepted Answer

Only if you're keeping the loan 5+ years. Each point costs 1% of the loan amount and typically reduces your rate by 0.25%. Calculate your break-even point.

Question 21

What's an adjustable-rate mortgage and when should I use one?

Accepted Answer

ARMs offer lower initial rates that adjust after a fixed period. They work well if you plan to sell or refinance within 5-7 years.

Question 22

Can I buy a fixer-upper in Antioch with a renovation loan?

Accepted Answer

Yes. FHA 203(k) and conventional renovation loans let you finance purchase price plus repairs in one loan. Requires detailed contractor bids upfront.

Question 23

Do I need an appraisal for every loan type?

Accepted Answer

Most purchase and refinance loans require appraisals. Some refinances qualify for appraisal waivers if you have strong equity and loan-to-value ratios.

Question 24

What's the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is an estimate based on what you tell us. Pre-approval involves document verification and credit checks, making your offer stronger.

Question 25

Can I buy an investment property in Antioch with 15% down?

Accepted Answer

Yes, for conventional loans on investment properties. DSCR loans may accept 20-25% down depending on the property's rental income and your credit.

Question 26

What happens if the appraisal comes in low?

Accepted Answer

You can negotiate a lower price, bring more cash to close, or cancel under the appraisal contingency. Lenders only loan based on appraised value.

Question 27

How does rental income count toward qualifying?

Accepted Answer

Lenders typically use 75% of rental income after reviewing a lease agreement. DSCR loans use the full rental amount to calculate debt coverage.

Question 28

Can I use an ITIN instead of a Social Security number?

Accepted Answer

Yes. ITIN loans work for borrowers without Social Security numbers. You'll need larger down payments and documentation of income and residency.

Question 29

What's a portfolio loan and when do I need one?

Accepted Answer

Portfolio loans are held by the lender, not sold to Fannie Mae or Freddie Mac. They offer flexibility for unique income situations or property types.

Question 30

Should I lock my rate or let it float?

Accepted Answer

Lock when you're satisfied with the rate and closing within 30-60 days. Floating risks rates rising but could capture drops in volatile markets.

Question 31

Can I buy a second home in Antioch while keeping my current mortgage?

Accepted Answer

Yes, if you qualify with both payments in your debt-to-income ratio. Second homes typically require 10% down and must be 50+ miles from your primary residence.

Question 32

What are common mistakes Antioch homebuyers make?

Accepted Answer

Opening new credit before closing, changing jobs mid-process, and not budgeting for repairs. Keep finances stable from application through closing day.

Question 33

How soon can I refinance after buying?

Accepted Answer

Conventional cash-out refinances require six months of ownership. Rate-and-term refinances have no waiting period if rates drop significantly after purchase.

Question 34

What's a bridge loan and when would I use one in Antioch?

Accepted Answer

Bridge loans provide short-term financing to buy a new home before selling your current one. Expect higher rates and 25-30% down payment requirements.

Question 35

Do property taxes affect how much I can borrow?

Accepted Answer

Yes. Lenders include estimated property taxes in your monthly payment when calculating debt-to-income. Higher taxes reduce your purchasing power.

Question 36

Can I get a loan if I had a previous bankruptcy or foreclosure?

Accepted Answer

Yes, after waiting periods. FHA requires 2-3 years after bankruptcy, 3 years after foreclosure. Conventional loans need 4-7 years with credit rebuilding.

Question 37

What's the advantage of a 15-year mortgage over 30-year?

Accepted Answer

Fifteen-year loans have lower rates and save massive interest long-term. Monthly payments are higher, so ensure your budget can handle them comfortably.

Question 38

How do HOA fees affect my loan approval?

Accepted Answer

HOA fees count in your debt-to-income ratio just like property taxes and insurance. High fees reduce how much home you can afford.

Question 39

What makes an offer competitive in Antioch's market?

Accepted Answer

Strong pre-approval, larger earnest money deposits, and flexible closing timelines help. Waiving contingencies is risky unless you've done thorough due diligence.

Question 40

Can I assume the seller's existing mortgage?

Accepted Answer

Some FHA and VA loans are assumable with lender approval. You must qualify and pay the seller their equity difference in cash.

Antioch Mortgage FAQs: Your Questions Answered by Local Brokers