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Huntington Park Mortgage FAQ
Huntington Park buyers ask us the same questions every week. We've answered the most common ones here.
This FAQ covers everything from FHA requirements to ITIN loans. We work with 200+ lenders to find programs that fit your income and credit profile.
Most buyers in this market use FHA or conventional loans. Self-employed borrowers often need bank statement or 1099 programs.
FHA loans start at 580 for 3.5% down, 500 for 10% down. Conventional loans typically require 620 minimum for approval.
FHA requires 3.5% down with 580+ credit. Conventional loans allow 3% down for first-time buyers, 5% for repeat buyers.
Yes, we have ITIN loan programs that don't require a Social Security number. You'll need 12-24 months of bank statements and 15-20% down.
W-2 buyers need two years of tax returns, recent pay stubs, and bank statements. Self-employed borrowers need business returns and profit/loss statements.
Standard purchases close in 21-30 days. Cash-out refinances take 30-45 days due to appraisal and title work.
FHA allows lower credit scores and smaller down payments. Conventional loans have cheaper monthly insurance and better rates for strong borrowers.
Yes, if you put down less than 20%. PMI drops off automatically once you hit 22% equity through payments or appreciation.
Yes, bank statement loans use 12-24 months of deposits to calculate income. They're ideal when tax returns show low income due to write-offs.
Expect 2-5% of the purchase price. This includes lender fees, title, escrow, appraisal, and prepaid property taxes.
Yes, sellers can contribute up to 3% on conventional loans, 6% on FHA. This is common in slower markets when sellers need to move inventory.
DSCR loans qualify based on rental income, not your W-2. Investors use them to buy properties without proving personal income.
The rent must cover 75-100% of the mortgage payment. Lenders verify this using an appraisal with rent comparables.
No, FHA requires you to live in the property. You need a conventional or DSCR loan for pure investment purchases.
ARMs have lower rates than fixed loans for the first 5-10 years. They work if you plan to sell or refinance before the rate adjusts.
If you're active military, a veteran, or an eligible spouse, yes. VA loans require no down payment and have the lowest rates available.
Conventional investor loans require 15-25% down. DSCR loans typically need 20-25% depending on credit and rental income coverage.
Yes, FHA and conventional loans allow gifts from family. You'll need a gift letter stating the funds don't require repayment.
Points are prepaid interest that lower your rate. They make sense if you're keeping the loan 5+ years and have cash to deploy.
We use your 1099 forms plus bank deposits to verify income. Some lenders accept 12-24 months of statements instead of tax returns.
FHA allows mortgages 2 years after bankruptcy, 3 years after foreclosure. Conventional loans require 4 years for foreclosure, 2-4 for bankruptcy.
Portfolio ARMs are held by the lender, not sold to Fannie/Freddie. They work for borrowers with complex income or credit situations.
Yes, except some refinances qualify for appraisal waivers. Lenders need independent value verification before lending on a property.
Most lenders cap DTI at 43-50%. Strong credit and reserves can push approvals above 50% with automated underwriting.
FHA 203k and conventional renovation loans cover purchase plus repairs. Hard money works for heavy rehabs when you're flipping or plan to refinance.
Bridge loans let you buy before selling your current home. They're short-term financing, typically 6-12 months with higher rates.
We lock your rate for 30-60 days while the loan processes. Longer locks cost more but protect you if rates rise during escrow.
Yes, foreign national loans require 20-30% down and proof of income from your home country. Rates run 0.5-1% higher than conventional.
Lenders divide your liquid assets by 360 months to create qualifying income. Retirees with investments but no W-2 use these programs.
Investment properties require 6-12 months of reserves. Primary homes typically need 2-6 months depending on down payment and loan type.
LA County base rate is 1%, plus local assessments. Rates vary by borrower profile and market conditions for all loan programs.
Yes, cash-out refinances allow up to 75% LTV on investment properties. You'll need equity and sufficient rental income or reserves.
HELOCs are revolving credit lines with variable rates. Home equity loans are lump sums with fixed rates and payments.
You pay only interest for 5-10 years, then principal and interest. They lower early payments but delay equity building.
Jumbo loans exceed conforming limits, currently $806,500 in LA County. They require stronger credit, larger down payments, and more reserves.
FHA and VA loans are assumable with lender approval. You'll need to qualify and pay the seller their equity in cash.
These loans use current P&L statements instead of two-year tax returns. CPAs must prepare the statements and verify your business income.
Yes, we close first-time buyer loans weekly. We'll match you with programs that fit your income type and down payment budget.
Construction loans fund the build in stages as work completes. They convert to permanent mortgages once you get a certificate of occupancy.
These are flexible conventional loans with down payment assistance or reduced credit requirements. Eligibility varies by income and location.
If you're 62+ with equity, yes. Reverse mortgages pay you while you live there, with repayment due when you sell or move out.
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.