La Mirada Mortgage FAQs: Expert Answers from Your Local Broker

FHA loans accept 580 credit scores with 3.5% down. Conventional loans typically require 620 minimum, though better rates start at 680.

FHA requires 3.5% down, conventional allows 3%, and VA/USDA offer zero down for qualified buyers. Higher down payments eliminate PMI and secure better rates.

Yes. Bank statement loans use 12-24 months of deposits instead of tax returns. We also offer 1099 loans and profit-and-loss statement programs.

Bring two years of tax returns, two months of bank statements, recent pay stubs, and ID. Self-employed borrowers may use bank statements instead of tax returns.

Most loans close in 21-30 days. Cash-out refinances and complex income situations may add a week.

FHA accepts lower credit and requires less down, but charges mortgage insurance for life. Conventional drops PMI at 80% loan-to-value and costs less long-term.

Jumbo loans exceed conforming limits—$806,500 in Los Angeles County for 2025. They require stronger credit and larger down payments but finance higher-priced homes.

Yes, if you're a qualifying veteran or service member. VA loans offer zero down, no PMI, and competitive rates.

Expect 2-5% of the purchase price. This covers appraisal, title insurance, escrow fees, and lender charges.

Lenders analyze 12 or 24 months of business or personal bank deposits. They calculate income from average monthly deposits, skipping tax return requirements.

Pre-qualification is an estimate based on what you tell us. Pre-approval means we verified your income, assets, and credit—it's what sellers want to see.

Yes. DSCR loans use rental income to qualify instead of personal income. Investor conventional loans work for owner-occupied or rental properties.

No. La Mirada doesn't meet USDA rural designation requirements, so these zero-down loans aren't available here.

Private mortgage insurance protects lenders when you put down less than 20%. You avoid it with 20% down, VA loans, or piggyback second mortgages.

Lenders want your total debt payments under 43-50% of gross monthly income. Exact requirements depend on credit score and loan type.

Yes. FHA and conventional loans accept gifted funds from family members. You'll need a gift letter stating the money doesn't require repayment.

DSCR loans qualify you based on rental income, not personal income. Investors with multiple properties or complex tax returns use these most.

Each point costs 1% of the loan amount and drops your rate about 0.25%. Break-even happens in 3-5 years, so pay points if you're staying long-term.

ARMs start with lower fixed rates for 5, 7, or 10 years, then adjust annually. They work best if you'll sell or refinance before adjustment.

Yes. ITIN loans require larger down payments and slightly higher rates, but they're available through our network.

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

Best pricing starts at 740 for conventional loans and 680 for FHA. Each 20-point drop costs roughly 0.25% in rate.

Not on purchases—you must bring costs to closing. Refinances can roll costs in if you have enough equity.

These adjustable loans don't follow Fannie/Freddie rules. Lenders keep them in-house, offering flexibility on income documentation and property types.

Lenders divide your total assets by 360 months to calculate qualifying income. Works well if you have substantial savings but limited monthly income.

Bridge loans let you buy before selling your current home. They're short-term, higher-rate financing until your sale closes.

Yes. Foreign national loans require 20-30% down and accept international credit history. Valid visa or passport required.

HELOCs work like credit cards with variable rates and draw periods. Home equity loans provide lump sums with fixed rates and payments.

Most of La Mirada isn't in flood zones, but lenders require it if your property falls in a FEMA-designated area. Your escrow company will verify.

FHA requires two years after Chapter 7 discharge, four years for conventional. Chapter 13 allows purchases after 12 months of on-time payments.

CPAs prepare P&L statements showing your business income. Lenders use these instead of full tax returns for faster self-employed approvals.

Yes, if the complex is FHA-approved. We check approval status before you make an offer to avoid delays.

Construction loans convert to permanent mortgages after completion. Builders sometimes offer incentives to use their preferred lenders—we compare those against our rates.

We lock your rate for 30-60 days once you're in contract. Locks protect you if rates rise but prevent you from benefiting if they drop.

Refinancing makes sense if you drop your rate 0.75% or more, or if you're eliminating PMI. Break-even typically happens in 18-36 months.

Homeowners 62+ can convert equity to cash without monthly payments. The loan balance grows over time and gets repaid when you sell or pass away.

FHA 203(k) loans finance purchase plus renovation costs in one loan. Hard money works for investors planning quick flips.

These programs offer down payment assistance and flexible qualifying for first-time buyers. Availability varies by city and income limits.

We submit your scenario to 200+ wholesale lenders simultaneously. Banks only offer their own products—we compare across the market.

We can close conventional and FHA loans in 21 days with complete documentation. Rush processing gets purchase contracts to the finish line faster.