Artesia Mortgage FAQ: Answers From Los Angeles County Brokers

FHA loans start at 580 credit, conventional at 620. Bank statement loans for self-employed borrowers typically need 680 or higher to get competitive rates.

FHA requires 3.5% down, conventional as low as 3%. Jumbo and investor loans typically need 20-25% depending on property type and borrower profile.

Yes. Bank statement loans use 12-24 months of deposits instead of tax returns. Profit & loss loans work if you have a CPA-prepared P&L and business bank statements.

W-2 borrowers need two years of tax returns, 60 days of bank statements, and recent pay stubs. Self-employed need business bank statements or P&Ls depending on loan type.

Pre-approval takes 1-3 days with complete documents. Full underwriting runs 7-14 days if your file is clean and the lender isn't backed up.

Artesia sits mid-range for Los Angeles County. You get more space per dollar than coastal areas but pay more than Inland Empire markets.

FHA allows lower credit and smaller down payments but charges mortgage insurance for life on most loans. Conventional drops PMI at 80% loan-to-value.

Yes. VA loans require no down payment and no monthly mortgage insurance. You'll pay a one-time funding fee unless you're exempt due to disability rating.

Expect 2-5% of purchase price. This includes lender fees, title insurance, escrow, and prepaid property taxes which run high in California.

DSCR loans approve based on rental income, not your tax returns. You need 20-25% down and the property must cash flow above the monthly payment.

ITIN loans work for foreign nationals and non-resident borrowers. You'll need larger down payments, typically 15-25%, and rates run slightly higher.

15-year loans save massive interest but double your monthly payment. Most Artesia buyers pick 30-year terms to preserve cash flow in expensive California markets.

Jumbo loans exceed conforming limits—$806,500 in Los Angeles County for 2024. Rates vary by borrower profile and market conditions, typically close to conventional rates with strong credit.

PMI costs 0.3-1.5% of your loan annually on conventional loans under 20% down. Request removal at 80% loan-to-value or wait for automatic termination at 78%.

Bank statement loans analyze 12 or 24 months of deposits to calculate qualifying income. We typically see 50-75% of deposits count as usable income after business expenses.

DSCR loans qualify you on rental income alone—no tax returns or W-2s needed. They work best for real estate investors buying cash-flowing properties.

No. Rates depend on loan type, credit score, down payment, and lender—not city. Competition among our 200+ lenders keeps your rate competitive regardless of location.

Yes on most loan types. FHA and conventional allow gifts from family with a simple gift letter. Jumbo loans may require the donor to show source of funds.

Pre-qualification is an estimate based on what you tell us. Pre-approval means we pulled credit, verified income, and submitted your file to underwriting for review.

Lenders approve up to 43-50% debt-to-income ratio depending on loan type. Your actual budget depends on property taxes, insurance, HOA, and other monthly debts.

Most purchase loans require a full appraisal. Some refinances qualify for automated valuations if you have strong equity and the property meets lender guidelines.

FHA 203(k) and conventional renovation loans bundle purchase price and repair costs into one loan. You'll need detailed contractor bids and the property must be livable.

Bridge loans let you buy before selling your current home. They're short-term, usually 6-12 months, with higher rates to cover both properties temporarily.

ARMs offer lower initial rates if you plan to sell or refinance within 5-7 years. They're riskier if you're staying long-term and rates climb after the fixed period.

FHA and conventional loans finance 2-4 unit properties with owner occupancy. Pure investor loans need 20-25% down but don't require you to live there.

Asset depletion loans qualify you based on investment accounts, not income. Lenders divide your assets by 360 months to calculate monthly qualifying income.

California property tax runs roughly 1.1-1.25% of purchase price annually. This adds $900-1,000+ monthly on a typical Artesia home depending on price point.

Yes if you qualify solo. You'll refinance into your name only, which requires meeting income and credit standards without the co-borrower's support.

DSCR and conventional investor loans need 20-25% down. Some portfolio lenders go to 15% for strong borrowers, but rates increase as down payment drops.

FHA requires minimal reserves on primary homes. Jumbo and investor loans typically want 6-12 months of mortgage payments in liquid accounts after closing.

Depends on severity and timing. One 30-day late won't kill most deals if it's old. Multiple recent lates or 60+ day delinquencies require explanations and stronger compensating factors.

Rate locks guarantee your rate for 30-60 days while your loan processes. Lock when rates feel right to you—timing the absolute bottom is impossible.

California offers CalHFA and county-specific programs with grants or low-interest seconds. Most require first-time buyer status and income limits that vary by program.

Condos need lender approval of the HOA. FHA has strict requirements on owner-occupancy ratios and reserves. Conventional and portfolio loans offer more flexibility.

You can negotiate price down, bring extra cash to close the gap, or walk if you have an appraisal contingency. Low appraisals happen when offers exceed recent comparable sales.

We shop 200+ wholesale lenders competing for your deal. Banks only offer their own products, which means you're stuck with whatever rate they quote that day.