Maricopa Mortgage FAQ: Expert Answers to Your Home Financing Questions

Maricopa buyers have access to conventional, FHA, VA, USDA, and specialized programs including bank statement loans, DSCR loans, and ITIN loans. Your best option depends on your down payment, credit profile, and property type.

Down payment requirements vary by loan type. FHA loans require as little as 3.5% down, conventional loans start at 3%, VA and USDA loans offer zero down options for qualified buyers. Rates vary by borrower profile and market conditions.

Minimum credit scores range from 580 for FHA loans to 620+ for conventional financing. Some specialized programs have flexible credit requirements. Higher scores typically qualify for better interest rates.

Most purchase transactions close within 30-45 days from accepted offer to closing. Timeline depends on loan type, appraisal scheduling, and document processing. Cash-out refinances may take slightly longer.

Yes. Self-employed buyers can use bank statement loans, profit and loss statement loans, or 1099 loans. These programs verify income through deposits rather than tax returns, often beneficial for business owners.

Standard documents include pay stubs, W-2s, tax returns, bank statements, and identification. Self-employed buyers need business documentation. Your loan officer will provide a complete list based on your situation.

Yes. First-time buyers can access FHA loans with low down payments, conventional 97% financing, and community mortgage programs. California also offers down payment assistance programs for qualified buyers.

FHA loans require lower credit scores and smaller down payments but include mortgage insurance for the loan life. Conventional loans offer more flexibility and allow PMI removal at 20% equity.

Mortgage insurance is required with less than 20% down on conventional loans and throughout FHA loan terms. VA loans charge a funding fee but no monthly mortgage insurance. Costs vary by loan amount and down payment.

Yes. Eligible veterans and service members can use VA loans for primary residences in Maricopa with zero down payment. VA loans don't require mortgage insurance and often feature competitive rates.

DSCR loans qualify based on rental property income rather than personal income. Real estate investors use these for properties generating rental cash flow. No tax returns or employment verification required.

USDA loan eligibility depends on property location and income limits. Some Kern County areas may qualify. These loans offer zero down payment for eligible rural and suburban properties.

Closing costs typically range from 2-5% of the purchase price, covering appraisal, title, escrow, and lender fees. Exact amounts depend on loan type, property price, and negotiations with sellers.

Yes. ITIN loans are available for borrowers without Social Security numbers. These programs verify income and creditworthiness through alternative documentation. Down payment requirements typically start at 15-20%.

Bank statement loans use 12-24 months of bank deposits to verify income instead of tax returns. Self-employed buyers and business owners benefit when tax deductions reduce reported income.

Fixed-rate mortgages maintain the same payment throughout the term. ARMs start with lower rates that adjust periodically. ARMs work well if you plan to sell or refinance within a few years.

Asset depletion loans qualify buyers based on investment accounts, retirement funds, or other assets rather than employment income. Lenders calculate qualifying income by dividing total assets by the loan term.

Yes. Investment property loans typically require 15-25% down and have slightly higher rates than primary residence financing. DSCR loans and portfolio loans are popular for investors building rental portfolios.

PMI is private mortgage insurance required on conventional loans with less than 20% down. You can avoid it by putting 20% down, using a VA loan, or selecting lender-paid mortgage insurance options.

Bridge loans provide short-term financing to buy a new home before selling your current one. They use existing home equity as collateral. These are temporary solutions typically lasting 6-12 months.

Recent bankruptcies, foreclosures, late payments, and high debt-to-income ratios can affect approval. Most issues have waiting periods. Working with an experienced broker helps navigate credit challenges.

Yes, and pre-approval is highly recommended. Pre-approval shows sellers you're a serious buyer with verified financing. The process involves credit check, income verification, and document review.

Jumbo loans exceed conforming loan limits set by Fannie Mae and Freddie Mac. They typically require larger down payments, higher credit scores, and more documentation but finance higher-priced properties.

Yes. Interest-only loans allow you to pay only interest for an initial period, lowering early payments. They're popular with investors and high-income buyers expecting income growth or property appreciation.

Hard money loans are short-term, asset-based financing used for fix-and-flip projects or when quick closings are needed. They have higher rates but faster approval and funding than traditional mortgages.

Yes. Cash-out refinancing replaces your existing mortgage with a larger loan, giving you the difference in cash. Home equity loans and HELOCs are alternatives that keep your first mortgage in place.

Most lenders prefer debt-to-income ratios below 43-50%, though some programs allow higher ratios. This includes your new mortgage payment plus credit cards, auto loans, and other monthly obligations.

While not required for loan approval, inspections are strongly recommended. They reveal property condition issues that could affect value or require repairs. Lenders do require appraisals to confirm property value.

A rate lock guarantees your interest rate for a specific period during loan processing. Lock when rates are favorable and you're confident about closing timeline. Rates vary by borrower profile and market conditions.

Yes. FHA, VA, and conventional loans can finance manufactured homes that meet specific requirements including permanent foundation and HUD certification. Loan terms may differ from site-built homes.

If appraisal is below purchase price, you can renegotiate with the seller, increase your down payment to cover the gap, or cancel the contract. Your lender can only finance based on the appraised value.

Yes. Foreign national loans are available for non-U.S. citizens purchasing property in California. These programs typically require larger down payments and have specific documentation requirements for international buyers.

Construction loans provide financing to build a new home. They typically convert to permanent mortgages after construction completes. These require detailed project plans, builder credentials, and larger down payments than purchase loans.

SRK Capital offers access to 25+ loan programs, personalized guidance throughout the process, and expertise in California lending. We help match you with the right financing for your situation and property goals.