Susanville Mortgage FAQ: Your Questions Answered by Local Brokers

Most Susanville closings take 30-45 days from accepted offer to funding. Rural appraisals sometimes add a week since fewer appraisers serve Lassen County.

FHA loans start at 580, conventional at 620. We've closed deals in Susanville with scores in the low 600s through manual underwriting when borrowers had solid income.

Yes, most of Susanville qualifies for USDA financing with zero down. Income limits apply, but the program fits many first-time buyers in Lassen County perfectly.

FHA requires 3.5%, conventional can go as low as 3%. USDA and VA offer zero down if you qualify, which many Susanville buyers do.

California offers down payment assistance through CalHFA, and USDA loans work well here. We also tap local county programs when available for Lassen residents.

Two years of tax returns, two months of bank statements, 30 days of pay stubs, W-2s. Self-employed borrowers need profit and loss statements plus business bank statements.

FHA 203(k) and conventional renovation loans both work here. The property still needs to be structurally sound and meet basic safety requirements.

Expect 2-3% of the loan amount. That covers appraisal, title, escrow, lender fees, and prepaid items like property taxes and insurance.

Yes on conventional loans. FHA charges mortgage insurance regardless of down payment, while USDA and VA have different fee structures built into the loan.

Rates vary by borrower profile and market conditions. Your credit score, down payment, and loan type all affect the rate we can secure for you.

Absolutely. Bank statement loans work well for 1099 contractors and business owners common in Susanville who don't show much taxable income.

ARMs offer lower initial rates that adjust after a fixed period. A 5/1 ARM stays fixed for five years, then adjusts annually based on market indexes.

FHA allows lower credit scores and smaller down payments but charges ongoing mortgage insurance. Conventional has stricter requirements but lower costs long-term if you put 20% down.

DSCR loans qualify you based on rental income, not your W-2. Investors buying Susanville properties use these when they don't want personal income scrutinized.

Yes, if you're military or a veteran. VA loans offer zero down with no PMI and work well throughout Lassen County for eligible borrowers.

Pre-qualification is an estimate based on what you tell us. Pre-approval means we've verified your income, assets, and credit through actual documentation.

Most do, but properties on very large acreage or with unconventional features may need portfolio lenders. We route those deals to specialized lenders in our network.

Lenders limit your total debt payments to roughly 43-50% of gross income. A $60,000 annual income typically supports around $250,000 in purchase price, depending on other debts.

Yes, but it must be permanently affixed to owned land. FHA and some conventional programs work, though rates run slightly higher than stick-built homes.

Lenders count either 1% of the balance or your actual payment toward debt ratios. Income-driven repayment plans help, but we need documentation of the payment terms.

You deposit 1-3% of the purchase price when your offer is accepted. That money applies to your down payment at closing or gets refunded if the deal falls through properly.

FHA allows it two years after discharge, conventional requires four years. We've closed deals right at those marks when buyers rebuilt credit properly.

Rate locks freeze your interest rate for 30-60 days while your loan processes. Lock when rates feel right or when you're within 30 days of closing.

Lenders want to see reserves beyond your down payment and closing costs. Two months of mortgage payments in the bank satisfies most conventional underwriters.

Your monthly debt payments divided by gross monthly income. Most programs max out at 43-50%, though some portfolio lenders stretch higher with compensating factors.

Yes, but you'll need higher credit scores and larger down payments than primary residences. Lenders also verify you can afford both mortgage payments simultaneously.

An appraiser visits the property to confirm its value matches your purchase price. Low appraisals require renegotiation or bringing extra cash to close the gap.

Only if you're keeping the loan long enough to recoup the upfront cost. One point costs 1% of the loan amount and typically drops your rate 0.25%.

Not directly, but sellers can pay them or you can accept a slightly higher rate for lender credits. USDA loans allow rolling in the guarantee fee.

Title insurance protects you if someone later claims ownership of your property. Lenders require it, and you should buy an owner's policy for yourself too.

You'll pay them through an escrow account with your mortgage payment. Lassen County rates run lower than most California counties, typically under 1.1% of assessed value.

You can, but it's risky in Susanville where older homes sometimes hide expensive issues. Buyers who waive inspections occasionally face $20,000+ repair surprises after closing.

Don't open new credit cards, make large purchases, or change jobs. Lenders re-verify everything before closing, and changes can kill your approval.

FHA requires two years, conventional needs four years. Some portfolio lenders cut those timelines with large down payments and rebuilt credit.

Only if you're in a FEMA flood zone, which is rare here. Your lender orders a flood certification during processing to determine if coverage is required.

You pay just interest for a set period, usually 10 years, then payments jump when principal is added. These work for investors or buyers expecting income increases.

FHA, VA, and USDA loans are assumable with lender approval. It rarely makes sense unless the seller's rate is significantly lower than current market rates.

Negotiate a rent-back agreement where they pay you daily rent after closing. Lenders need to know about this arrangement before you close the loan.

Lenders average your income over two years. If you work seasonal jobs common in Lassen County, they'll want to see consistent history and likely employment continuing.

You'll need to pay them off or set up payment plans before closing. Some liens must be fully satisfied, while others just need documented repayment agreements.