Bellflower Mortgage FAQs: Your Questions Answered by Local Brokers

FHA requires 3.5% down, conventional loans 3-5% for primary homes. Investors typically need 15-25% depending on the property and loan type.

FHA approves at 580, conventional at 620. We have portfolio lenders who go to 550 for strong compensating factors like large down payments.

Clean files close in 21-30 days. Self-employed or complex income situations add 1-2 weeks for underwriting review.

Yes. Bank statement loans use 12-24 months of deposits instead of tax returns. We also have P&L programs for newer businesses.

W-2 buyers need pay stubs, tax returns, and bank statements. Self-employed need 12-24 months bank statements or two years of returns depending on program.

More accessible than many LA County cities. FHA and conventional 3% down programs make entry possible with proper planning.

FHA works better under 10% down or with credit below 680. Conventional costs less monthly if you have 10%+ and solid credit.

Rates vary by borrower profile and market conditions. Your credit score, down payment, and loan type shift rates by 0.5-2% daily.

Yes, unless you put 20%+ down on conventional or use VA loans. FHA charges upfront and monthly MI regardless of down payment.

Absolutely. VA loans require no down payment and no monthly mortgage insurance, making them the strongest option for eligible veterans.

Budget 2-3% of purchase price. That covers title, escrow, appraisal, lender fees, and prepaid taxes and insurance.

Yes. Sellers can cover up to 3% on conventional loans, 6% on FHA, and all costs on VA loans.

Your total monthly debts can't exceed 43-50% of gross income depending on loan type. We calculate exact numbers with your full debt profile.

All monthly debts count against qualification. Paying off small balances before applying often increases buying power significantly.

Yes. DSCR loans approve based on rental income, not your personal income. Expect 20-25% down and slightly higher rates.

Debt Service Coverage Ratio loans use property rental income for approval. No tax returns or income verification required for investors.

Yes. Jumbo loans exceed conforming limits and require stronger credit, larger down payments, and more reserves than conventional financing.

Yes. Bank statement loans work for self-employed borrowers who write off income. We analyze 12-24 months of business or personal deposits.

Adjustable Rate Mortgages start with lower rates that adjust after 5-10 years. Good if you'll sell or refinance before adjustment.

Yes. Foreign national programs require 20-30% down and don't need US credit history or Social Security numbers.

ITIN loans let you qualify with an Individual Taxpayer Identification Number. Requirements mirror conventional loans otherwise.

Bridge loans let you buy before selling your current home. Short-term financing with higher rates until you complete the sale.

Points let you buy down your rate by paying upfront. Worth it if you keep the loan 5+ years and can afford the cost.

Yes, after waiting periods: FHA requires 2-3 years, conventional 4-7 years. Portfolio lenders sometimes approve sooner with large down payments.

Pre-qualification estimates based on stated info. Pre-approval verifies income, credit, and assets—sellers take it seriously in competitive situations.

Typically 60-90 days. After that, lenders re-pull credit and verify employment before closing.

Lock if you're closing within 30-45 days and satisfied with the rate. Floating risks rate increases but captures potential drops.

FHA 203k and conventional renovation loans fund purchase plus repairs in one loan. Hard money works for investors planning quick rehabs.

Home Equity Lines of Credit let you borrow against existing equity. Good for renovations or debt consolidation if you have solid equity.

Yes, for purchase loans. Lenders require third-party appraisals to confirm property value supports the loan amount.

You negotiate a lower price, bring more cash, or cancel the deal. Low appraisals happen when you overpay in hot markets.

Yes. Rate-and-term refinances lower payments or shorten terms. Cash-out refinances convert equity to cash for other uses.

Most lenders require 20% equity for conventional refinances. FHA streamline refinances need less but charge mortgage insurance.

LA County inventory stays tight, so waiting rarely improves options. Lock favorable terms when you find the right property.

Fixed rates protect against increases. ARMs save money short-term if you'll move or refinance within 5-7 years.

You pay only interest for 5-10 years, then principal starts. Investors use these for cash flow, but payments jump after the IO period.

Only if they have an assumable loan like FHA or VA. You still qualify with the lender and pay the seller their equity.

Brokers shop 200+ lenders to find the best rate and program fit. Banks only offer their own products, limiting your options.

Adjustable rate mortgages held by lenders instead of sold to investors. More flexible underwriting for non-traditional borrowers.

Community programs offer lower down payments or reduced MI for qualifying borrowers. Each lender sets specific income and area limits.