Arcadia Mortgage FAQs: Your Questions Answered by Local Loan Experts

Conventional loans typically need 620 minimum, but 740+ gets the best rates. FHA allows 580 with 3.5% down, though most Arcadia properties exceed FHA limits.

Conventional loans require 3-20% depending on the program. Jumbo loans usually need 10-20% down based on loan amount and property type.

FHA allows lower credit scores and 3.5% down but has loan limits around $750,000. Conventional loans go higher but require better credit.

Many Arcadia properties exceed $766,550, the 2024 conforming limit. Anything above that requires a jumbo loan with stricter qualification standards.

W-2 buyers need two years of tax returns, recent pay stubs, and two months of bank statements. Self-employed borrowers need business documentation too.

Most purchases close in 30-45 days. Jumbo loans sometimes take longer due to additional underwriting requirements and property appraisals.

Yes, but expect PMI on conventional loans under 80% LTV. Some jumbo lenders offer 10-15% down programs with slightly higher rates.

Expect 2-5% of the purchase price. That includes lender fees, title insurance, escrow fees, and property taxes prorated at closing.

Pre-approval carries weight in competitive Arcadia offers. It means underwriting reviewed your financials versus a quick estimate from pre-qualification.

Absolutely. We offer bank statement loans, P&L statement programs, and 1099 loans that don't require traditional tax returns.

DSCR loans qualify you based on rental income, not personal income. Perfect for investors buying Arcadia rental properties without W-2 documentation.

Conforming loans get the best rates. Jumbo rates run 0.25-0.5% higher, while non-QM programs like bank statement loans add 1-2% premium.

ARMs offer lower initial rates than fixed mortgages. A 7/1 ARM makes sense if you plan to sell or refinance within seven years.

Yes, if the property is under $766,550 and meets VA standards. Above that limit, you'd need a VA jumbo loan with a down payment.

No. USDA loans only work in designated rural areas, and Arcadia doesn't qualify as a USDA-eligible location.

ITIN loans let non-citizens without Social Security numbers buy homes using an Individual Taxpayer Identification Number. We offer several ITIN programs.

PMI costs 0.5-1% annually when you put down less than 20%. It drops off automatically once you reach 78% loan-to-value through payments.

Some lenders allow it on DSCR loans if the property cash flows. Most require 20-25% down for non-owner-occupied investment purchases.

Portfolio ARMs are held by lenders, not sold to Fannie or Freddie. They offer flexibility on credit, income documentation, and property types.

Each point costs 1% of the loan and drops your rate about 0.25%. It makes sense if you keep the loan over five years.

HELOCs work like credit cards with variable rates. Home equity loans give you a lump sum with a fixed rate and payment.

Yes, from immediate family. You'll need a gift letter stating the funds don't require repayment and proof of the donor's account.

Bridge loans let you buy before selling your current home. Rates run higher but give you buying power without a sale contingency.

Foreign nationals can buy Arcadia property without US credit or income verification. Expect 30-40% down and higher interest rates.

These qualify you using liquid assets instead of income. Your assets get divided by the loan term to calculate qualifying income.

We can't predict market timing. Focus on whether monthly payments fit your budget and you plan to stay five-plus years.

Hard money loans fund quickly based on property value, not credit. They work for fixers or purchases needing fast closes with high rates.

Yes, once your home value gives you 20% equity. Refinancing or requesting PMI removal both work after you hit that threshold.

You pay only interest for 5-10 years, then principal payments start. Monthly payments jump significantly when the interest-only period ends.

Lenders qualify you at 43-50% debt-to-income ratio. Most jumbo lenders prefer keeping housing costs under 38% of gross monthly income.

Lenders review the HOA financials and FHA approval status. Warrantable condos qualify easily; non-warrantable condos need portfolio lenders.

You'll need to bring more cash, renegotiate the price, or cancel the deal. Low appraisals happen less in stable markets like Arcadia.

Most lenders only lock rates once you're in contract. Some offer float-down options if rates drop during your lock period.

We shop your scenario across 200+ wholesale lenders daily. Banks only offer their own products at retail pricing without comparison shopping.