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Irwindale Mortgage FAQ
Irwindale sits in Los Angeles County with a unique housing market. Most buyers here need guidance specific to this area.
We answer the mortgage questions Irwindale buyers ask most. These responses come from real deals we've closed in this market.
SRK CAPITAL brokers shop 200+ lenders to find your best rate and program. We handle conventional buyers, self-employed borrowers, and investors.
Most conventional loans need 620 minimum. FHA loans accept 580 with 3.5% down, or 500 with 10% down.
Conventional loans start at 3% down for first-time buyers. VA and USDA loans offer zero down for qualified borrowers.
Rates vary by borrower profile and market conditions. Your credit score, down payment, and loan type determine your actual rate.
Most purchase loans close in 21-30 days. Cash-out refinances take 30-45 days due to title seasoning requirements.
Yes. We offer bank statement loans, profit and loss statement loans, and 1099 loans for self-employed buyers.
W-2 buyers need two years tax returns, 60 days paystubs, and bank statements. Self-employed borrowers need additional business documentation.
FHA works for buyers with under 620 credit or small down payments. Conventional saves money long-term with 5% or more down.
California offers down payment assistance programs statewide. Los Angeles County has additional programs with income limits.
Yes, if you're a qualified veteran or active military. VA loans require no down payment and skip monthly mortgage insurance.
Expect 2-5% of the loan amount. This covers lender fees, title insurance, escrow, and prepaid property taxes.
Conventional loans need PMI with under 20% down. FHA charges both upfront and monthly mortgage insurance premiums.
Yes. We offer DSCR loans that qualify on rental income, not your personal income or tax returns.
DSCR loans qualify based on property rent, not borrower income. Investors and self-employed buyers use them frequently.
ARMs start with lower rates but adjust after 5, 7, or 10 years. Fixed rates stay the same for 30 years.
Pre-qualification is an estimate without verification. Pre-approval reviews documents and pulls credit for a firm approval.
Yes. ITIN loans work for foreign nationals and non-citizens buying property in Irwindale.
Points make sense if you'll keep the loan 5+ years. Calculate break-even before deciding.
Jumbo loans exceed conforming limits of $806,500 in Los Angeles County. Higher loan amounts need jumbo financing.
Bridge loans let you buy before selling your current home. They're short-term with higher rates than permanent financing.
Yes. Bank statement loans use 12-24 months of deposits to calculate income for self-employed borrowers.
These loans qualify borrowers based on investment accounts, not income. Retirees and high-net-worth buyers use them.
No. Irwindale sits in an urban area ineligible for USDA rural development financing.
Conventional loans typically allow 50% DTI. FHA goes to 56.99% with compensating factors like high credit scores.
Yes. Most loan programs accept gifts from family members with proper documentation and gift letters.
A safe rule: keep total housing costs under 28% of gross monthly income. Pre-approval determines exact buying power.
You pay just interest for 5-10 years, then principal and interest. Monthly payments jump significantly after the IO period.
Refinance if current rates beat your existing rate by 0.75%+. HELOCs work better for smaller amounts with good rates.
Portfolio ARMs come from lenders keeping loans in-house, not selling them. They offer flexibility for non-traditional borrowers.
Yes. Construction loans fund the build, then convert to permanent financing after completion.
These loans work for non-U.S. citizens buying property without Social Security numbers or U.S. credit history.
Hard money loans close fast using property value, not credit. They cost more but work for fix-and-flip investors.
Review the denial reasons with your broker. Often credit repair, larger down payment, or different loan programs solve issues.
No. Rate locks require a property address and purchase contract.
Lenders require appraisals to confirm the home's value matches the purchase price. Low appraisals require renegotiation or larger down payments.
We shop your scenario across 200+ wholesale lenders. Each lender prices loans differently based on your profile.
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.