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Culver City Mortgage FAQ
Culver City sits between Santa Monica and downtown LA, mixing studio lots with walkable neighborhoods. Buyers here range from tech workers to entertainment professionals to investors eyeing rental density.
We broker 200+ lenders, which matters in a market this diverse. A Bank Statement Loan that works for a freelance editor looks nothing like the Jumbo Loan a Sony exec needs.
Below are the questions we field most often from Culver City buyers. If your situation feels messier than these examples, that's exactly when to call a broker instead of clicking through bank websites.
FHA loans start at 580. Conventional loans typically need 620 or higher, though some portfolio lenders go lower for strong income or large down payments.
FHA requires 3.5% down. Conventional loans allow 3% for first-time buyers, 5% otherwise. Jumbo loans in this market usually need 10-20% depending on the lender.
Rates vary by borrower profile and market conditions. Your rate depends on credit score, loan type, down payment, and property type—shop across lenders for best pricing.
Most purchase loans close in 21-30 days. Cash-out refinances and portfolio loans can take 30-45 days if underwriting needs extra documentation.
Yes. Bank Statement Loans use 12-24 months of deposits instead of tax returns. We also offer 1099 Loans and Profit & Loss Statement Loans for freelancers and business owners.
FHA allows lower credit scores and smaller down payments but requires mortgage insurance for life on loans over 90% LTV. Conventional drops PMI once you hit 20% equity.
Only if the building is FHA-approved. Many Culver City condos aren't on the list due to investor ratios or HOA issues—Conventional is often your only option.
W-2 earners need pay stubs, W-2s, and two years of tax returns. Self-employed buyers need bank statements or P&Ls depending on the loan program.
Get pre-approved. It requires credit checks and document review, so sellers know you're real. Pre-qualification is a guess based on what you tell a lender.
Expect 2-5% of the loan amount. That includes lender fees, title insurance, escrow, appraisal, and county recording fees—higher on smaller loans as a percentage.
Not on a purchase. You can ask the seller to cover some costs, or choose a higher rate in exchange for lender credits that offset fees.
Private Mortgage Insurance protects the lender if you default. Avoid it by putting 20% down or using a piggyback second mortgage to stay under 80% LTV.
Yes for Conventional loans. FHA charges MIP regardless of down payment size. Some portfolio lenders offer no-PMI options with slightly higher rates.
Jumbo Loans exceed conforming limits—currently $806,500 in LA County. Most single-family homes in Culver City require Jumbo financing due to price levels.
Yes if you're an eligible veteran or active-duty service member. VA Loans require no down payment and no PMI, which saves thousands over Conventional.
No. USDA Loans are for rural areas, and Culver City doesn't qualify under any definition of rural—it's fully urbanized Los Angeles County.
DSCR Loans qualify you based on rental income, not personal income. Investors buying Culver City rentals use these when they don't want to show W-2s or tax returns.
Yes. ITIN Loans work for non-citizens who lack SSNs but have U.S. income and tax history. Expect higher rates and larger down payments than Conventional loans.
It uses 12-24 months of personal or business bank statements to calculate income. Freelancers, gig workers, and business owners with write-offs use these instead of tax returns.
Lenders divide your liquid assets by 360 months to create qualifying income. Retirees or trust-fund buyers with low tax returns but high account balances use these.
15-year mortgages save interest but double your monthly payment. Most Culver City buyers pick 30-year terms for flexibility, then pay extra when cash flow allows.
ARMs start with a fixed rate for 5, 7, or 10 years, then adjust annually. Use them if you plan to sell or refinance before the adjustment period hits.
Yes on Conventional Investor Loans. DSCR Loans may allow 20-25% down if the rent covers the mortgage. Expect higher rates than owner-occupied loans.
Home Equity Loans give you a lump sum with fixed payments. HELOCs work like credit cards—you draw what you need, and payments adjust with the balance.
Most lenders require one. Some portfolio lenders waive appraisals on rate-and-term refinances if you have strong equity and payment history.
Bridge Loans let you buy before selling your current home. Rates are higher and terms are short—6-12 months—so only use them if your sale is imminent.
Yes. Construction Loans release funds in stages as the build progresses. You'll need detailed plans, contractor bids, and a larger down payment than standard purchases.
One point costs 1% of the loan and lowers your rate by roughly 0.25%. Pay points if you're keeping the loan long enough to recoup the upfront cost.
Most lenders require a purchase contract to lock a rate. Some offer float-down options if rates drop during your lock period, but they cost extra.
Buyers focus on Culver West, Downtown Culver, and areas near Hayden Tract for walkability. Families often look near Linwood Howe or El Marino for school access.
Culver City sees steady demand due to studios, tech offices, and proximity to Westside jobs. Expect multiple offers on well-priced homes, especially below $1.5 million.
Yes with FHA or Conventional financing if you live in one unit. FHA allows up to 4 units with 3.5% down, Conventional needs 5% for 2-unit properties.
It's for non-U.S. citizens without U.S. credit or income. You'll need 30-40% down, and rates run higher than domestic loans—used mostly by international investors.
Yes. Lenders count 1% of your balance as a monthly payment if you're on income-driven repayment or deferment. Active payments show on your credit report and count directly.
Bank Statement Loans or Profit & Loss Statement Loans work best. We skip tax returns and qualify you on deposits or a CPA-prepared P&L instead.
Most brokers earn 1-2% from the lender, so you pay nothing out of pocket. Some deals involve borrower-paid fees if you want below-market rates or niche loan programs.
Brokers shop 200+ lenders, so we find loans banks can't offer. A bank only has its own products—if you don't fit their box, you're denied.
Maybe. You'll need 20% equity for most Conventional refinances. FHA Streamline Refinances skip appraisals, so falling values don't block you if you're current on payments.
Most Jumbo lenders want 700 or higher. Some portfolio lenders go to 680 if you have 25% down and strong reserves—at least six months of mortgage payments saved.
Yes. HOA fees count as part of your debt-to-income ratio. High HOA dues in some Culver City condos can reduce the loan amount you qualify for.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.