Glendora Mortgage FAQs – Your Questions Answered by Local Brokers

FHA loans accept scores as low as 580 with 3.5% down. Conventional loans typically require 620 minimum, though rates improve significantly above 740.

FHA requires 3.5%, conventional loans allow 3% for first-time buyers. Jumbo loans in Glendora usually need 10-20% depending on loan amount and credit.

Bring two years of tax returns, two months of bank statements, 30 days of pay stubs, and W-2s. Self-employed borrowers need P&Ls and full tax returns.

Pre-approval takes 1-3 days. Full underwriting and closing typically span 25-35 days, though cash-out refis add a mandatory three-day rescission period.

Absolutely. Bank statement loans use 12-24 months of deposits instead of tax returns. We also offer P&L programs and 1099 loans for various business structures.

FHA allows lower credit and smaller down payments but charges mortgage insurance for life on loans with less than 10% down. Conventional PMI drops off at 78% LTV.

Veterans, active-duty service members, and eligible spouses qualify. VA loans require no down payment and no monthly PMI, making them the strongest program for those who qualify.

Expect 2-5% of the loan amount. This includes lender fees, title insurance, escrow, appraisal, and county transfer taxes which run 0.11% in LA County.

Each point costs 1% of the loan and typically drops your rate 0.25%. It makes sense if you plan to keep the loan beyond the break-even point, usually 4-6 years.

Private mortgage insurance protects the lender when you put down less than 20%. Avoid it by making a larger down payment or using a piggyback second mortgage structure.

Yes. Most programs allow gifts from family members. You'll need a gift letter stating the funds don't require repayment and documentation showing the transfer.

Jumbo loans exceed conforming limits, currently $806,500 for Los Angeles County. Many Glendora homes in north neighborhoods require jumbo financing due to higher prices.

Lenders qualify you on rental income alone, not personal earnings. The property must generate 1.0-1.25 times the monthly mortgage payment to qualify.

Areas near downtown and south of Route 66 offer more affordable entry points. Northern foothill properties typically require larger budgets and jumbo financing.

FHA 203k and conventional renovation loans let you finance purchase and repairs in one loan. Hard money works for heavy rehabs that won't pass traditional appraisals.

We access 200+ wholesale lenders versus one bank's products. This means better rate shopping and specialized programs like bank statement or ITIN loans.

Lenders cap total debt at 43-50% of gross monthly income depending on loan type. Factor property taxes around 1.1% annually plus insurance and HOA if applicable.

ARMs offer lower initial rates that adjust after a fixed period, typically 5, 7, or 10 years. They work well if you plan to move or refinance before adjustment.

Yes. ITIN loans allow foreign nationals and non-residents to buy in Glendora. Expect 15-25% down and higher rates than conventional programs.

Lenders use 12 or 24 months of business or personal bank deposits to calculate income. Self-employed borrowers with write-offs benefit from this program.

Nearly all purchase loans require one. Some refinances qualify for appraisal waivers if you have strong equity and Fannie Mae or Freddie Mac backing.

Pre-qualification is an estimate based on stated information. Pre-approval involves document review and credit check, giving you a firm borrowing limit.

Yes, if your debt-to-income ratio supports both mortgages. Expect 10-15% down minimum and higher rates than primary residence loans.

These adjustable-rate mortgages stay on the lender's books instead of selling to Fannie or Freddie. They offer flexibility for complex income or credit situations.

California's Prop 13 caps increases at 2% annually on your purchase price. Expect around 1.1% effective rate including county and special assessments.

Bridge loans fund a new purchase before your current home sells. They work for move-up buyers in competitive markets who can't wait for contingent offers.

Refinances allow this if you have sufficient equity. Purchase loans cannot exceed the home's value, so you must bring closing costs to escrow.

FHA allows new financing 2-3 years after bankruptcy and 3 years post-foreclosure with credit rebuilding. Conventional loans require 4-7 year waiting periods.

Properties in FEMA flood zones require it. Parts of Glendora near washes may fall into these zones. Your lender will order a flood certification during processing.

You'll pay significantly less interest and build equity faster. Monthly payments run about 50% higher, so ensure your budget can handle the increase.

You pay only interest for a set period, typically 10 years, then principal and interest. Monthly payments jump significantly when the interest-only period ends.

Lenders qualify you by dividing investment assets by 360 months to calculate income. Retirees or high-net-worth buyers with irregular income benefit most.

FHA, VA, and USDA loans are assumable with lender approval. The buyer must qualify and the loan terms must be favorable compared to current market rates.

Recent bankruptcies, foreclosures, active collections over limits, and unpaid tax liens cause problems. Most issues can be resolved or worked around with time.

Home equity lines let you borrow against equity as needed, paying interest only on what you use. They work well for renovations or debt consolidation.

Homeowners 62 and older can convert equity into payments without selling. You must live in the home and maintain it, with no monthly mortgage payments required.

Most lenders require an impound account that collects monthly taxes and insurance, paying them when due. You can waive this with 20% equity on some loans.

Get pre-approved with full document review, respond to underwriter requests same-day, and use local appraisers familiar with Los Angeles County properties.

Locks guarantee your rate for 30-60 days while you close. Lock when you're in contract and comfortable with the rate, as market swings cut both ways.

Yes. Foreign national loans require 15-30% down and don't need US credit or work authorization. We verify income from your home country and reserve requirements vary.