Bell Gardens Mortgage FAQs: Your Local Home Loan Questions Answered

FHA loans require 3.5% down, conventional loans 3-5% for primary homes. Investment properties typically need 15-25% depending on the loan program and your credit profile.

Most lenders want 620 minimum for conventional loans, 580 for FHA. We have portfolio lenders who approve borrowers at 550 for specific programs with larger down payments.

Conventional and FHA loans typically close in 21-30 days with complete documents. Cash-out refinances and non-QM loans can take 30-45 days depending on complexity.

Absolutely. Bank statement loans use 12-24 months of deposits instead of tax returns. We also offer 1099 loans and P&L programs for business owners who write off significant expenses.

W-2 borrowers need two years of tax returns, 30 days of pay stubs, and 60 days of bank statements. Self-employed borrowers need 12-24 months of business bank statements for alternative programs.

FHA makes sense below 10% down or with credit under 680. Conventional costs less monthly with 10%+ down and eliminates PMI at 20% equity.

Expect 2-5% of the purchase price for lender fees, title, escrow, and prepaid taxes. On a $500k purchase, that's $10k-$25k depending on your loan type and down payment.

Yes, most programs allow gifts from family members with a signed letter. FHA requires you to contribute at least 3.5% yourself unless the gift covers everything.

FHA requires mortgage insurance for the loan life. Conventional loans drop PMI when you hit 20% equity through payments or appreciation.

Pre-qualified is an estimate based on what you tell us. Pre-approved means we verified your income, assets, and credit through documentation.

Yes, through specific portfolio lenders in our network. Most conventional investment loans require 20-25%, but we have programs that go lower for strong borrowers.

DSCR loans qualify you based on the rental income the property generates, not your personal income. Investors with multiple properties use these to avoid income verification.

ARMs offer lower initial rates for 5, 7, or 10 years, then adjust annually based on market indexes. They work well if you plan to sell or refinance before adjustment.

Yes, ITIN loans are available through specialized lenders. You'll need 15-20% down, 12 months of bank statements, and proof of two years living in the US.

These loans use deposits instead of tax returns to calculate income. Self-employed borrowers who write off expenses show higher income this way.

Points make sense if you're keeping the loan 5+ years and the rate reduction covers the upfront cost. Most borrowers refinance before breaking even.

Yes, but you'll pay PMI on conventional loans or MIP on FHA. Some portfolio lenders refinance at 15% equity for borrowers with strong credit.

Jumbo loans exceed conforming limits, which is $766,550 in LA County for 2024. Rates vary by borrower profile and market conditions.

We divide your total monthly debt payments by gross monthly income. Most programs want 43-50% DTI, though some portfolio loans go to 55% with strong credit.

Second homes require 10% down minimum for conventional loans. Lenders verify you don't plan to rent it out through occupancy documentation.

These loans qualify you based on liquid assets like stocks and retirement accounts divided by 360 months. Retirees with investment income use these programs.

Veterans and active military qualify for 0% down VA loans with no mortgage insurance. You'll pay a funding fee unless you're disabled.

With complete documents, we can pre-approve you in 24-48 hours. Missing paperwork extends the timeline significantly.

Not on purchases, but you can ask sellers to cover costs through concessions. Refinances let you roll costs in if you have enough equity.

You can renegotiate the price, bring extra cash to close, or walk away if you have an appraisal contingency. Some buyers do a combination.

Lock when you're satisfied with the rate and within 45 days of closing. Floating is gambling that rates drop before your lock period.

Interest rate is your monthly payment rate. APR includes lender fees spread over the loan life and shows true borrowing cost.

FHA allows purchases two years after Chapter 7 discharge with rebuilt credit. Conventional loans typically require four years post-bankruptcy.

Bridge loans let you buy before selling your current home. They're expensive short-term financing for buyers in competitive timing situations.

HELOCs are revolving credit lines you draw from as needed with variable rates. Home equity loans give you a lump sum with fixed rates.

FHA 203k and conventional renovation loans let you finance purchase price plus repairs in one loan. Hard money works for serious rehabs investors plan to flip.

Recent foreclosures, active collections over $2k, and undisclosed debts cause denials. Tax liens must be paid or in payment plans for most programs.

Investment properties require 2-6 months of reserves depending on properties owned. Primary homes need reserves only for high DTI or certain loan programs.

You can refinance immediately, but most lenders want six months of payment history. Cash-out refinances typically require 6-12 months of ownership.

Portfolio ARMs come from individual lenders, not sold to Fannie or Freddie. They offer flexible underwriting for borrowers who don't fit standard loan boxes.