Bradbury Mortgage FAQs: Your Questions Answered by Local Experts

Most Bradbury homes sell between $3-10 million. You'll need jumbo loan approval, which typically requires 20% down and strong financials.

Rarely—conventional loans cap at $1,149,825 in 2024. Nearly all Bradbury properties exceed this, requiring jumbo financing instead.

Most jumbo lenders want 700 minimum, but 740+ gets better rates. Bradbury properties often require 720+ due to loan size.

Jumbo loans typically require 20% down. On a $4 million home, that's $800,000 cash to close.

Yes—many Bradbury buyers are self-employed or business owners. We use 12-24 months of statements to document income instead of tax returns.

DSCR loans qualify you based on rental income, not personal income. Works for investment properties or when you don't want to show tax returns.

Absolutely—if you have substantial assets but low reported income. We calculate qualifying income from your investment portfolio instead.

Jumbo loans take 30-45 days typically. Complex income documentation or estate-sized properties can push to 60 days.

Expect to provide two years of tax returns, 60 days of asset statements, employment verification, and detailed purchase contract. More for complex income.

Yes—we have programs requiring 30-40% down. You'll need passport, visa, and U.S. bank accounts established.

ITIN loans work with tax identification numbers. Rates run slightly higher and down payments start at 20-25%.

Maybe—if rates are high and you plan to sell within 7-10 years. ARMs offer lower initial rates but adjust after the fixed period.

Rates vary by borrower profile and market conditions. Expect 0.25-0.75% higher than conforming loans, depending on down payment and credit.

We use your 1099s plus tax returns to document income. Two years of consistent earnings required, and we average the income.

Private mortgage insurance—required when you put down less than 20%. Most Bradbury buyers avoid it by meeting the 20% threshold.

Expect 1-1.5% of loan amount, so $40,000-60,000 on a $4 million loan. This covers lender fees, title, escrow, and appraisal.

Always—lenders require full appraisals on jumbo loans. Estate properties may need specialized appraisers familiar with luxury comparables.

Yes—common for high-net-worth borrowers managing cash flow. Interest-only periods run 5-10 years, then convert to amortizing payments.

A loan held by the lender instead of sold to Fannie/Freddie. Offers more flexibility on terms, especially for unique income situations.

Most lenders cap at 43-45% DTI. On high loan amounts, some go to 50% if you have substantial reserves.

Lenders want 6-12 months of mortgage payments in liquid assets after closing. On a $20,000/month payment, that's $120,000-240,000 in reserves.

Yes—second home loans require 10-20% down. Lenders verify it's not a rental and you have primary residence elsewhere.

Short-term financing when you need to close before selling your current home. Rates are higher, terms run 6-12 months.

Absolutely—we finance custom builds and major renovations. Funds release in draws as construction progresses, not upfront.

Yes—on loans up to $1.5 million, often 100% of down payment can be gifted. Higher amounts may require some of your own funds.

We count rental income toward qualification if you have two years of landlord history. Investor loan programs also available.

Some jumbo loans include them, especially portfolio products. We negotiate these terms based on your plans.

Traditional reverse mortgages cap at $1,149,825. For higher-value homes, proprietary jumbo reverse mortgages exist but are less common.

Pre-qualification is an estimate. Pre-approval means we've verified income, assets, and credit—carries weight with Bradbury sellers.

Standard locks run 30-60 days. Longer locks cost extra—usually 0.125-0.25% per 15-day extension.

Yes—whether for better rates or cash-out. Jumbo cash-out refinancing typically allows up to 80% loan-to-value.

We access 200+ wholesale lenders, including portfolio and private programs retail banks don't offer. Critical for this price range.

Brokers shop multiple lenders for best rates and programs. Banks offer only their products—limiting options for complex situations.

Initial approval within 3-5 business days if documents are complete. Full underwriting takes 2-3 weeks for jumbo loans.

You'll need to increase down payment, renegotiate price, or walk away. Low appraisals are rare in Bradbury's unique market.

Only if it's FHA or VA—rare in Bradbury. Most jumbo loans aren't assumable due to lender portfolio requirements.