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Conventional Loans in Glendora
Glendora's mix of older ranch homes and newer developments makes conventional financing the dominant choice here. Most buyers avoid FHA because conventional allows PMI removal once you hit 20% equity.
Foothill neighborhoods with homes under the conforming limit ($766,550 in 2024) fit conventional perfectly. Properties above that threshold need jumbo programs with different underwriting.
You need 620 minimum credit for approval, though 740+ unlocks the best pricing tiers. Most Glendora purchases require 5% down for owner-occupied properties, 15% for second homes, 25% for investment properties.
Your debt-to-income ratio caps at 50% with strong compensating factors like reserves or high credit scores. We run automated underwriting first to see if your profile fits the matrix.
Big banks quote standard agency pricing but rarely budge on overlays. Credit unions sometimes beat them by 0.125% but cap loan amounts around $650,000, which excludes half of Glendora listings.
We access 200+ wholesale lenders including portfolio shops that waive overlays on credit events or employment gaps. Rate spread between best and worst lender on the same profile runs 0.375-0.500%.
Sellers in Glendora still favor conventional over FHA because appraisals skip the strict property condition requirements. Wood-destroying pest inspections get requested but rarely kill deals like they do with government loans.
If you're putting down less than 10%, run scenarios with lender-paid MI versus borrower-paid monthly. On $600,000 purchases, lender-paid saves $80-120 monthly but increases rate by 0.250%, which pencils out better if you refinance within five years.
FHA allows 580 credit with 3.5% down but charges lifetime mortgage insurance on loans over 90% LTV. Conventional PMI costs more upfront but cancels at 78% LTV automatically, saving $200+ monthly long-term.
Jumbo programs kick in above $766,550 and require 10-20% down depending on loan size. They skip PMI entirely but price 0.250-0.500% higher than conforming conventional on rate.
Homes near the San Gabriel Mountains sometimes need geologic or soils reports for hillside lots. Conventional lenders review these but rarely require retrofits unless the engineer flags active movement.
Glendora's older housing stock means 1960s-1970s properties with original electrical or plumbing. Appraisers note deferred maintenance but won't force updates unless safety hazards exist, unlike FHA which mandates repairs before closing.
Minimum 620 for approval, but 740+ gets you the best rate tiers. Scores between 620-739 price in 0.250-0.500% increments with higher PMI costs.
No, but you can choose lender-paid MI at a higher rate or pay monthly PMI that cancels at 78% LTV. Lender-paid works better if you expect to refinance within five years.
Yes, because conventional appraisals don't enforce property condition repairs. FHA requires fixing chipped paint, handrails, and other items that delay closings.
Conforming conventional caps at $766,550 for single-family homes. Loans above that threshold fall into jumbo territory with different underwriting and pricing.
5% minimum for primary residence, 15% for second homes, 25% for investment properties. Putting down 20% eliminates PMI and often unlocks better rates.
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.
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.