Orland Mortgage FAQs: Expert Answers from Glenn County Loan Specialists

Conventional and FHA loans fit most W-2 earners. USDA loans work for properties outside city limits with zero down payment required.

Most areas outside Orland city limits qualify for USDA financing. These loans require no down payment and offer competitive rates for eligible buyers.

FHA loans start at 580 credit score with 3.5% down. Conventional loans prefer 620+ for best rates and terms.

USDA loans require zero down. FHA needs 3.5%, conventional starts at 3%, and jumbo loans typically need 10-20% depending on loan amount.

Yes, we use bank statement loans and profit-loss programs for agricultural income. Most lenders want 12-24 months of business deposits documented.

Standard purchases close in 30-45 days. Cash-out refinances take 30-40 days while rate-term refis complete in 20-30 days.

Conventional lenders struggle with seasonal agricultural income. Bank statement and asset depletion loans work better for farmers and ranchers with variable earnings.

W-2 earners need two years tax returns, pay stubs, and bank statements. Self-employed borrowers need business bank statements or profit-loss documentation.

DSCR loans approve based on rental income, not personal income. Conventional investor loans require 15-25% down depending on property count.

Expect 2-5% of purchase price for closing costs. This includes lender fees, title insurance, escrow, and prepaid property taxes.

Bridge loans let you buy a new Orland home before selling your current property. These close in 7-14 days but cost more than traditional mortgages.

FHA allows lower credit scores and 3.5% down but requires mortgage insurance for loan life. Conventional needs higher credit but drops PMI at 20% equity.

Yes, foreign national loans work with 20-30% down payment. We handle visa holders and overseas buyers purchasing California investment property.

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

DSCR loans approve rental properties based on property cash flow, not borrower income. Investors with multiple properties or complex tax returns use these frequently.

1099 loans qualify contractors and gig workers using income statements instead of tax returns. Most programs need 12-24 months of 1099 history.

ARMs start with lower rates for 3-10 years, then adjust annually. These work for buyers planning to sell or refinance within the fixed period.

Rates vary by borrower profile and market conditions. Credit score, down payment, and loan type all impact your final rate significantly.

ITIN loans work for borrowers without social security numbers. These require larger down payments and bank statement income documentation.

Asset depletion qualifies retirees by dividing investment accounts by loan term. Works great for buyers with substantial savings but limited monthly income.

Hard money closes in 5-10 days for distressed properties or time-sensitive deals. Rates run higher but approval focuses on property value, not credit.

Conventional investor loans need 15% down for one unit. DSCR loans typically require 20-25% down depending on credit and property cash flow.

VA loans work anywhere in Glenn County with zero down payment for eligible veterans. No mortgage insurance and competitive rates make these attractive.

Cash-out refinances let you access home equity for business investment. Most lenders allow 75-80% loan-to-value on primary residences and farms.

Portfolio ARMs offer flexible terms for non-conforming borrowers. These work for self-employed buyers or complex income situations traditional loans won't touch.

Construction loans fund building in stages as work completes. You convert to permanent financing once the home finishes, or refinance into a standard mortgage.

FHA 203k loans fund purchase plus renovation costs. Conventional renovation loans also work but require higher credit scores and down payments.

Community mortgages offer down payment assistance and flexible terms for first-time buyers. Income limits and property location restrictions typically apply in Glenn County.

Most purchase and refinance loans require full appraisals. Some refinances qualify for desktop appraisals or appraisal waivers with strong equity positions.

FHA allows financing two years after bankruptcy discharge. Conventional loans typically need four years, but exceptions exist for documented hardship circumstances.

Interest-only loans let you pay just interest for 5-10 years, then principal payments start. These work for buyers expecting income increases or planning to sell.

Most lenders want total monthly debts under 43-50% of gross income. DSCR and bank statement loans ignore DTI entirely, focusing on other qualification factors.

Conventional and FHA loans allow gift funds from family members. You need a gift letter stating the money doesn't require repayment.

Reverse mortgages let homeowners 62+ borrow against home equity without monthly payments. Loan gets repaid when you sell or pass away.

Paying points makes sense if you keep the loan 5+ years. Each point costs 1% of loan amount and typically reduces rate by 0.25%.

HELOCs give you a credit line secured by home equity. You draw funds as needed during the draw period, then repay over the remaining term.

Brokers shop 200+ lenders to find better rates and programs than single-bank options. We match complex income situations with appropriate loan products efficiently.