Gardena Mortgage FAQ: Your Questions Answered by Local Brokers

Most conventional and FHA loans close in 25-35 days. Bank statement and alternative income loans add 5-10 days for underwriting review.

FHA allows 580 with 3.5% down. Conventional typically needs 620, though some programs accept 600 with higher down payments and rate adjustments.

FHA requires 3.5%, conventional starts at 3%, and VA offers zero down for veterans. Jumbo loans typically want 10-20% depending on the lender.

Areas near Artesia Boulevard offer older homes at lower price points. Western Gardena closer to the 110 freeway sees higher prices but better access to jobs.

Yes, Gardena typically prices below Torrance and Redondo Beach. You trade coastal proximity for more affordable entry and strong freeway access to downtown LA.

W-2 earners need two years of tax returns, recent paystubs, and bank statements. Self-employed borrowers add business returns and profit-loss statements.

Yes, we offer bank statement loans, 1099 loans, and P&L statement programs. These use deposits or profit trends instead of tax returns to verify income.

FHA allows lower credit and smaller down payments but charges mortgage insurance for the loan life. Conventional drops PMI at 20% equity and offers better rates above 680 credit.

Conventional loans require PMI below 20% down. FHA charges upfront and annual mortgage insurance regardless of down payment size.

Yes, VA loans work well here with zero down and no PMI. Los Angeles County has no VA loan limits for qualified veterans with full entitlement.

Expect 2-3% of the purchase price. That covers lender fees, title insurance, escrow, and LA County transfer taxes at $1.10 per $1,000.

Yes, sellers can contribute up to 3% on conventional loans and 6% on FHA. This is common in buyer-friendly markets but rare when inventory is tight.

DSCR loans qualify investment properties based on rental income, not personal income. They work for buyers with multiple properties or complex tax situations.

Yes, DSCR loans require no tax returns or paystubs. The property must generate enough rent to cover the mortgage payment plus property costs.

Most jumbo lenders want 700 minimum. Some accept 680 with higher down payments and cash reserves, but rates increase below 720.

Conventional loans want 2-6 months of mortgage payments in the bank after closing. Jumbo loans typically require 6-12 months depending on the property and profile.

Yes, FHA and conventional allow gifts from family members. You need a gift letter stating the funds don't require repayment and proof of the donor's ability to give.

ARMs start with a fixed rate for 3, 5, 7, or 10 years, then adjust annually. Initial rates sit 0.5-1% below fixed rates, making sense if you plan to sell or refinance early.

Only if you'll keep the loan long enough to recover the cost. One point costs 1% of the loan amount and typically drops the rate 0.25%.

Yes, ITIN loans work for non-citizen buyers. You need 15-20% down, solid credit history, and proof of income through tax returns or bank statements.

Bank statement loans use 12-24 months of deposits to calculate income instead of tax returns. They cost 0.5-1.5% more than conventional but work for self-employed borrowers who write off income.

Conventional offers the lowest rates with strong credit. FHA adds 0.25-0.5%, while bank statement and DSCR loans run 1-2% higher due to added risk.

Yes, once you hit 20% equity through payments or appreciation. You'll need a new appraisal and must meet current credit and income standards.

Brokers shop 200+ lenders instead of offering one bank's products. That access finds better rates and catches niche programs banks don't advertise.

LA County charges $1.10 per $1,000 of purchase price, typically split between buyer and seller. Gardena adds no additional city transfer tax.

Yes, FHA allows up to four units if you occupy one as your primary residence. You need 3.5% down and the property must meet FHA condition standards.

Bridge loans let you buy before selling your current home. They use your existing equity as collateral and typically last 6-12 months at higher rates.

Pre-approval takes 24-48 hours with complete documents. Full approval after an accepted offer takes 3-5 business days for most loan types.

You can renegotiate the price, bring extra cash to close, or cancel the deal. FHA and VA allow you to challenge the appraisal with comparable sales data.

Some lenders offer 30-90 day float-down locks on pre-approvals. These guarantee a maximum rate while letting you lock lower if rates drop before you find a home.