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Conventional Loans in Clearlake
Clearlake runs more affordable than most California markets. Conventional loans dominate here because prices stay under conforming limits.
Lake County sees steady demand from buyers leaving pricier coastal areas. Strong credit gets you the best terms in this market.
You need 620 minimum credit, but 740+ unlocks the lowest rates. Put down 3% for a primary home, 5% for second homes, 15% for investment properties.
Debt-to-income can't exceed 50% in most cases. Lenders want two years of steady income and clean tax returns.
Lake County properties get flagged for extra scrutiny on septic and well systems. Not every lender prices rural Clearlake the same as Sacramento suburbs.
We shop your file across 200+ wholesale lenders because overlay differences matter here. One bank's decline is another's easy approval on the same property.
Half my Clearlake conventional deals close with 5-10% down. Buyers skip PMI by putting 20% down, but most choose lower down payments and accept mortgage insurance.
Watch the appraisal carefully in Lake County. Comps can be sparse, and one low appraisal kills deals. Order it early so you have time to pivot if needed.
FHA allows 580 credit and 3.5% down, but you pay mortgage insurance for the loan's life. Conventional PMI cancels at 20% equity—huge savings over time.
FHA makes sense under 640 credit or with past credit issues. Above that score, conventional beats FHA on total cost in almost every scenario.
Clearlake sits on lakefront, which lenders treat differently than standard residential. Properties with shared docks or HOA water access need extra documentation.
Fire insurance runs high in Lake County after recent wildfire seasons. Lenders verify coverage before closing, and some borrowers hit roadblocks finding affordable policies.
Minimum is 620, but you'll pay much higher rates. 740+ gets you the best pricing and easiest approval.
Yes, but lenders scrutinize waterfront properties more carefully. Expect detailed appraisals and possible water rights documentation.
It doesn't block approval, but lenders require verified fire insurance. Some high-risk parcels struggle to find affordable coverage.
Most lenders require it for properties on septic systems. Budget $400-600 and plan two weeks for the inspection timeline.
Automatically at 78% loan-to-value based on original purchase price. You can request removal at 80% with a new appraisal.
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.
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.