Lemoore Mortgage FAQs: Your Questions Answered by Local Brokers

Most pre-approvals take 24-48 hours once we receive your documents. Military buyers with straightforward W-2 income can get same-day letters if needed for competitive offers.

No. VA loans require zero down payment for eligible service members and veterans. You'll still pay closing costs unless the seller agrees to cover them.

FHA loans accept 580 credit scores with 3.5% down. Conventional loans typically need 620 minimum, though some lenders go lower with compensating factors.

Usually, yes. Zero down payment and no PMI make VA loans hard to beat. Conventional loans only make sense if you're buying above VA county limits or have credit issues.

W-2 farm employees provide paystubs and tax returns. Self-employed farmers need two years of Schedule F forms showing consistent profit.

Yes. 1099 loans use bank statements or tax returns to verify income. Rates run higher than conventional loans, but approval odds improve for irregular income.

Three percent for first-time buyers. Repeat buyers need 5% down minimum on primary residences.

Depends on the property. Lenders require flood insurance if the home sits in a FEMA-designated flood zone. Most of Lemoore doesn't require it.

Yes. FHA 203k loans roll renovation costs into your mortgage. You need 3.5% down based on the after-repair value, not current condition.

Lenders average two years of farm income from tax returns. Seasonal fluctuations don't disqualify you, but net profit matters more than gross revenue.

Expect 2-5% of the purchase price. A $300,000 home typically costs $6,000-$15,000 in closing fees, depending on loan type and lender charges.

Yes. Bank statement loans use 12-24 months of deposits to calculate income. They work well for contractors, farmers, and small business owners who write off significant expenses.

No. VA loans don't cap income, but your debt-to-income ratio can't exceed 41% in most cases. Lenders verify you can afford the payment.

Depends on your budget. 15-year loans cut total interest but double monthly payments. Most Lemoore buyers choose 30-year terms for lower payments.

No. FHA loans require owner occupancy. You need a conventional or DSCR loan for rental properties near Naval Air Station.

Bring two years of tax returns, two recent paystubs, two months of bank statements, and photo ID. Military buyers also need DD-214 or current orders.

You pay PMI monthly if you put down less than 20%. Cost runs 0.3-1.5% of loan amount annually until you hit 20% equity.

Most of Lemoore qualifies as rural under USDA guidelines. Zero down payment required, but income limits apply based on household size.

First-time VA buyers pay 2.15% of the loan amount. Repeat users pay 3.3%. Veterans with service-connected disabilities pay zero funding fee.

Yes, for purchase loans. Lenders order appraisals to confirm home value matches the contract price. Buyers can't waive this requirement.

No. Rate locks require a signed purchase contract. Most locks last 30-45 days, matching typical escrow timelines.

DSCR loans qualify you based on rental income, not personal income. They work for investors buying near Naval Air Station who want tenant cash flow to cover payments.

ARMs start with fixed rates for 3-10 years, then adjust annually. Initial rates beat 30-year fixed loans, but payments can increase after the fixed period.

Yes. Conventional and FHA loans allow gift funds from family. VA loans permit gifts but don't require down payments anyway.

You renegotiate with the seller, pay the difference in cash, or cancel the contract. Lenders only loan based on appraised value, not contract price.

Yes. Lenders require proof of insurance before funding your loan. Shop quotes early since coverage costs vary between carriers.

Yes, if the home meets VA standards. It must be on a permanent foundation and classified as real property, not personal property.

We shop 200+ wholesale lenders per file. Banks only offer their own rates. Wholesale access means better pricing and more program flexibility.

Pre-qualification is an estimate based on what you tell us. Pre-approval verifies income, assets, and credit, giving you a firm commitment letter.

Yes. Bridge loans let you tap equity in your current home for a down payment on the new one. You'll carry two mortgages temporarily until your old home sells.

No. Rates vary by borrower profile and market conditions, not geography. Your credit score and loan type matter more than location.

Sometimes. VA IRRRL and FHA Streamline programs skip appraisals. Conventional refinances usually need one unless you qualify for an appraisal waiver.

Jumbo loans exceed conforming limits—$806,500 for Kings County in 2024. Most Lemoore homes cost less, so conventional loans suffice.

Typical escrow runs 30-45 days. VA loans often take longer due to appraisal requirements. Cash deals close fastest at 2-3 weeks.

Yes. ITIN loans work for non-citizens with Individual Taxpayer ID numbers. You need 15-20% down and proof of income through tax returns.

Lenders verify employment days before closing. Job loss during escrow usually kills the deal unless you secure new employment quickly.

California offers down payment assistance programs if you haven't owned a home in three years. Check CalHFA options before applying.

Zero down, yes. Zero closing costs requires seller concessions or lender credits that increase your rate. Both rarely happen simultaneously.

Most conventional loans cap DTI at 43-50%. VA loans allow higher ratios with strong compensating factors like high credit scores or cash reserves.

Lenders average two years of income from tax returns. Gaps in employment don't disqualify you if you return to the same employer annually.