Inglewood Mortgage FAQs: Get Clear Answers from Local Brokers

FHA loans start at 580, but 620 gets you better rates. Conventional loans need 620 minimum, though 680+ unlocks the best pricing in competitive Inglewood offers.

FHA requires 3.5% down, conventional allows 3% for first-timers. Investment properties near the new developments need 15-25% depending on the loan type.

Standard purchases close in 30 days. Cash-out refinances take 35-40 days because appraisals in hot neighborhoods can delay two weeks.

W-2 borrowers need two years tax returns, 60 days bank statements, and pay stubs. Self-employed buyers add profit-loss statements and business bank accounts.

Absolutely—bank statement loans use 12-24 months of deposits instead of tax returns. We close these constantly for business owners buying near the Forum.

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

Pre-approval wins Inglewood offers—it means underwriting reviewed your finances. Pre-qualification is a broker's guess without verification, sellers ignore those.

You pay PMI on conventional loans under 20% down, typically 0.3-1.5% annually. FHA charges both upfront and monthly insurance regardless of down payment size.

Expect 2-5% of purchase price covering appraisal, title, escrow, and lender fees. Los Angeles County transfer taxes add roughly 0.11% to the total.

Yes—VA loans require zero down and no mortgage insurance. Veterans buying near LAX or the new developments should start here for maximum buying power.

Jumbo loans exceed the conforming limit of $806,500 in Los Angeles County. Many Inglewood homes stay under that, but properties near new construction may require jumbo financing.

It doesn't change qualification, but appraisers consider stadium proximity in valuations. Homes within walking distance often appraise higher due to development momentum.

DSCR loans approve based on rental income, not personal earnings. Properties near the entertainment district often qualify because projected rents cover the mortgage payment.

DSCR loans skip tax returns and use property cash flow for approval. Investors buying Inglewood rentals with strong income potential close faster this way.

Yes—ITIN loans work without a Social Security number. We close these regularly for Inglewood buyers, typically requiring 15-20% down and solid payment history.

Lenders use 12-24 months of personal or business bank deposits instead of tax returns. Self-employed buyers who write off income heavily use these constantly.

ARMs offer lower initial rates than fixed mortgages. If you're buying near the stadium expecting to sell within 5-7 years, the savings often justify the rate risk.

FHA 203k and conventional renovation loans finance both purchase and repairs in one mortgage. Older Inglewood homes often need this for outdated electrical or foundation work.

We know which lenders approve properties near the flight path and entertainment zones fast. Banks often delay or decline deals brokers close easily with specialized lenders.

Your total monthly debts can't exceed 43-50% of gross income for most loans. DSCR and bank statement programs skip this entirely and focus on assets or property income.

Conventional and FHA loans allow gifted funds from family. The donor writes a letter stating no repayment expected, and you show the transfer in bank statements.

You pay only interest for 5-10 years, then principal kicks in. Investors buying near the new arena use these to maximize cash flow early.

Most Inglewood properties don't require flood insurance unless near Centinela Creek. Lenders order elevation certificates during underwriting to confirm zone status.

Locking freezes your rate for 30-60 days while you close. Lock when you're in contract—waiting longer risks higher rates if markets shift.

Yes—lenders count 0.5-1% of the balance as monthly payment if it's deferred. Income-driven plans use the actual payment shown on your credit report.

Bridge loans let you buy before selling your current home. Inglewood's fast market sometimes forces buyers to move quickly before their old property closes.

Each point costs 1% of the loan and drops your rate roughly 0.25%. Calculate break-even—if you're keeping the home past that point, it saves money long-term.

Banks offer their own products only. Brokers access 200+ lenders, so we find better rates and approve deals banks reject due to property type or income structure.

Yes—once you hit 20% equity through payments or appreciation, you can refinance into a no-PMI loan. Home values near the stadium have increased significantly for many buyers.

Recent bankruptcy or foreclosure delays approval 2-4 years depending on loan type. Collections and late payments hurt but don't automatically disqualify if explained properly.

Los Angeles County assesses roughly 1.25% of purchase price annually. Lenders collect monthly through escrow, so taxes directly increase your payment by several hundred dollars.

FHA allows up to four units with 3.5% down if you live in one. Inglewood duplexes near the stadium are popular because rental income offsets the mortgage.

Lenders divide your liquid assets by 360 months to create qualifying income. Retirees or buyers with large investment accounts but low W-2 income use these regularly.

Condos need HOA approval and budget review from the lender. Projects with deferred maintenance or high investor concentration get rejected—we check this before you make offers.

Conventional loans allow 50% DTI max, FHA stretches to 57% with compensating factors. Higher ratios need perfect credit or larger down payments to offset risk.

Yes—foreign national loans require 20-40% down and don't need US credit or Social Security numbers. We close these for international buyers investing near LAX regularly.

You cover the gap with cash, renegotiate the price, or cancel if you have an appraisal contingency. Hot neighborhoods near the stadium occasionally see this in bidding wars.

15-year mortgages save massive interest but double the payment. If you can afford higher monthly costs and plan to stay long-term, 15-year loans build equity lightning fast.

These programs offer down payment assistance or reduced rates for qualified buyers. Los Angeles County has several targeting first-timers in areas like Inglewood—income limits apply.

Two years in the same field usually works even with job changes. Career switches or gaps need explanations and sometimes delay approval until you show stability.