Beverly Hills Mortgage FAQs: Jumbo Loans, Luxury Financing & Local Market Guidance

Most Beverly Hills properties cost $2M-$15M, putting them well into jumbo loan territory. You'll need jumbo-specific underwriting and typically 20-30% down.

Yes, bank statement loans work well here for self-employed buyers. We use 12-24 months of business or personal bank statements instead of tax returns to qualify you.

Jumbo loans typically require 680-700 minimum credit scores. Higher scores unlock better rates, especially on loans above $3M.

Expect 20-30% down for jumbo loans. Some portfolio lenders go to 10% down, but you'll pay higher rates and stricter underwriting applies.

Yes, we have foreign national programs that don't require US credit or tax returns. You'll need 30-40% down and proof of international income.

The 2024 conforming limit in LA County is $766,550. Anything above that requires jumbo underwriting with stricter qualification standards.

Yes, DSCR loans use rental income to qualify you without reviewing personal income. You need 20-25% down and the property must cash flow.

Jumbo loans take 30-45 days typically. Complex income structures or multiple properties can add another 1-2 weeks to underwriting.

Expect to provide 2 years tax returns, 2 months bank statements, asset documentation, and explanations for large deposits. Jumbo lenders scrutinize everything.

Yes, many jumbo borrowers use interest-only periods to maximize cash flow. You'll pay interest-only for 5-10 years, then principal kicks in.

Yes, but most lenders require personal guarantees on jumbo loans. Portfolio lenders offer true non-recourse loans but charge higher rates.

Expect 1.5-3% in lender and third-party fees, plus 1.1% transfer tax to LA County. Budget $75K-$120K total for a $3M purchase.

No, jumbo loans don't use PMI. But if you put down less than 20%, expect higher interest rates baked into the loan pricing.

Yes, rate-and-term refinances work anytime. Cash-out refinances typically require 12 months ownership and you can pull out equity up to 80% LTV.

Portfolio ARMs are adjustable-rate mortgages from private lenders. They offer flexible underwriting for complex income scenarios common among Beverly Hills buyers.

1099 loans use your gross 1099 income before expenses. We need 1-2 years of 1099 forms and sometimes a CPA letter to verify earnings.

Yes, but lenders typically require 2-year history of vesting. They'll average your stock income and may discount it by 25% for volatility.

Asset depletion loans qualify you using investment accounts instead of income. Lenders divide your assets by 360 months to calculate qualifying income.

Yes, but jumbo condo financing requires warrantable projects. Lenders review HOA budgets, owner-occupancy ratios, and litigation history before approving.

Yes, use a construction-to-permanent loan. You'll need 20-25% down, detailed building plans, and a licensed contractor before approval.

Bridge loans provide short-term financing to buy before selling your current home. Rates run 7-10% but you avoid sale contingencies in competitive markets.

Technically yes, but FHA maxes out at $766,550 in LA County. Almost no Beverly Hills homes fall under that limit.

Yes, VA loans work up to $766,550 with zero down. Above that, you'll need 25% of the difference in cash as a down payment.

Jumbo rates run 0.25-0.75% higher than conforming loans. Your credit score, down payment, and loan amount determine where you land in that range.

Some lenders offer float-down locks for 30-60 days. You'll pay a fee upfront but it locks your rate while you shop for homes.

DSCR loans qualify based on rental income, not your personal income. Investors use them to avoid showing tax returns or W-2s.

Yes, lenders can count rental income from legal ADUs if you have a lease and rental history. Illegal units won't count toward qualifying income.

Yes, ITIN loans work for borrowers without Social Security numbers. You'll need 15-20% down and proof of US income history.

Co-ops are harder to finance than condos. Fewer lenders touch them, you'll need 25-30% down, and board approval can delay closing.

Expect 6-12 months of mortgage payments in reserves after closing. Higher loan amounts and multiple properties increase reserve requirements.

Yes, second home loans require 10-20% down depending on loan amount. The property must be 50+ miles from your primary residence to qualify.

P&L loans use a CPA-prepared profit and loss statement instead of tax returns. Self-employed buyers use them when tax returns understate actual income.

Most jumbo refinances require full appraisals. Some lenders offer desktop appraisals under $2M if you have strong equity and credit.

Conventional and jumbo loans aren't assumable. Only FHA, VA, and USDA loans allow assumptions, and those rarely apply to Beverly Hills price points.

Bank statement loans only need 12 months of history. Some portfolio lenders go down to 6 months if you have strong credit and reserves.

Yes, but above $10M you'll work with private banks and portfolio lenders. Expect custom underwriting, 30% down, and significant liquid reserves.

You can pay points upfront to lower your rate. Each point costs 1% of loan amount and typically reduces your rate by 0.25%.

Yes, but jumbo lenders limit gifts to 20-30% of down payment on primary homes. Investment properties typically require all your own funds.

Hard money loans fund in 7-10 days based on property value, not your credit. Investors use them for fix-and-flip projects or quick closings.

Lenders don't require earthquake insurance, but most Beverly Hills buyers carry it. Standard policies exclude earthquake damage, so you'll buy separate coverage.