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Conventional Loans in Hawaiian Gardens
Hawaiian Gardens sits in a price zone where conventional loans dominate. Most properties here fall under conforming limits, making conventional financing the default choice for buyers with decent credit.
We're seeing faster closes on conventional deals than FHA in this area. Sellers prefer them because there's no appraisal hassle with property condition issues that trip up government loans.
You need 620 minimum credit for conventional approval. Most lenders want 3% down for primary homes, 15% for investment properties in Hawaiian Gardens.
Your debt-to-income ratio can't exceed 50% with most lenders we use. W-2 income is easiest to document—expect two years of tax returns if you're self-employed.
We shop 200+ wholesale lenders for conventional loans. Rate spreads between lenders hit 0.5% some weeks, which changes your monthly payment by hundreds of dollars.
Credit unions often beat big banks on rate here, but their underwriting takes longer. Portfolio lenders give us flexibility on borderline credit situations that Fannie Mae would reject.
Put 5% down instead of 3% if you can. That extra 2% drops your rate and kills PMI faster, saving you $150+ monthly on a typical Hawaiian Gardens home.
Avoid paying points in this market. Rates shift too fast to lock in long-term pricing. We're refinancing clients who paid points just 18 months ago because rates dropped.
FHA loans cost more long-term despite lower credit requirements. You'll pay mortgage insurance for the loan's life versus conventional PMI that cancels at 78% loan-to-value.
Jumbo loans kick in above $806,500 in LA County. If you're close to that threshold, conventional conforming gives you better rates and easier approval than crossing into jumbo territory.
Hawaiian Gardens has older housing stock. Conventional appraisers are less strict than FHA about cosmetic issues, which matters when properties need minor repairs.
Property taxes here run lower than neighboring Long Beach or Cerritos. That helps your debt-to-income ratio since PITI stays manageable even with smaller down payments.
You need 620 minimum, but 680+ gets you the best rates. We see approvals at 620 regularly, just expect higher interest costs.
Yes, but you'll need 15% down minimum and 680+ credit. Rental income can offset the mortgage if you have a tenant lined up.
Figure 21-30 days from application to close. Clean credit and W-2 income gets you closer to 21 days with our fastest lenders.
Yes, PMI applies until you hit 78% loan-to-value. At 10% down, you're looking at $80-120 monthly on a $400K purchase.
The limit is $806,500 for LA County in 2024. Above that, you're in jumbo territory with different rate pricing.
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.