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La Verne Mortgage FAQ
Buying in La Verne means understanding how Los Angeles County guidelines affect your loan. Most brokers push one lender. We shop 200+ wholesale lenders to find better terms.
We've closed hundreds of La Verne deals. Self-employed? We use bank statements. Investment property? DSCR loans skip income verification.
Every borrower gets a different rate based on credit, down payment, and loan type. We match you to the program that actually fits your situation.
FHA loans accept 580 credit, but you'll get better rates at 620+. Conventional loans typically require 620 minimum, while jumbo loans often need 680 or higher.
FHA requires 3.5% down, conventional loans allow 3-5% for primary homes. Investment properties need 15-25% down depending on the loan program.
Most conventional and FHA loans close in 21-30 days. Portfolio loans and bank statement programs may add 5-10 days for underwriting.
W-2 borrowers need pay stubs, tax returns, and bank statements. Self-employed? We need 12-24 months of bank statements or P&L statements instead.
Market conditions vary by neighborhood and property type. We track current trends and help you time your purchase based on what's moving.
Older areas near downtown often price lower than newer developments. We help you compare neighborhoods based on your budget and priorities.
La Verne offers small-town feel with Los Angeles County access. We compare rates and inventory across Claremont, San Dimas, and Pomona to find better deals.
Most of La Verne is not USDA eligible due to population density. FHA and conventional loans work better here with low down payment options.
FHA allows lower credit and 3.5% down but requires mortgage insurance for life. Conventional drops PMI at 20% equity and offers better rates for strong credit.
Jumbo loans apply when you borrow over $806,500 in Los Angeles County. They require stronger credit and larger down payments but offer competitive rates.
Yes, VA loans require no down payment and no PMI for eligible veterans. They're often the best option if you qualify, even with lower credit scores.
DSCR loans qualify you based on rental income, not personal income. Investors use them to buy La Verne rentals without tax returns or W-2s.
Bank statement loans use 12-24 months of deposits to calculate income. They work great for 1099 workers, business owners, and commission earners in La Verne.
ARMs start with lower rates for 3, 5, or 7 years, then adjust annually. They make sense if you plan to sell or refinance before the rate changes.
Interest-only loans lower monthly payments by deferring principal for 5-10 years. Investors and high-income borrowers use them for cash flow flexibility.
Yes, foreign national loans allow non-U.S. citizens to buy La Verne real estate. Expect 30-40% down and higher rates than domestic loans.
ITIN loans let borrowers without Social Security numbers qualify using tax ID numbers. Down payment and rate depend on credit history and documentation.
No. We place borrowers with 580 credit using FHA or portfolio loans. Rates improve significantly as your score climbs above 680.
Your debt-to-income ratio matters more than raw income. Most loans allow 43-50% DTI, meaning all monthly debts stay under half your gross income.
FHA allows purchases 2-3 years after bankruptcy or foreclosure with re-established credit. Conventional loans typically require 4-7 years waiting period.
Expect 2-5% of the purchase price for closing costs. That covers appraisal, title, escrow, lender fees, and prepaid property taxes.
Sellers can contribute 3-6% toward buyer closing costs depending on loan type. We negotiate this during the offer to reduce your cash needed.
PMI costs 0.3-1.5% annually when you put down less than 20%. You avoid it with 20% down, VA loans, or piggyback second mortgages.
Points cost 1% of the loan amount and drop your rate by roughly 0.25%. They make sense if you keep the loan past the break-even point, usually 4-6 years.
Los Angeles County property tax runs about 1.1-1.2% annually. That adds roughly $550-650 monthly per $500K in home value to your mortgage payment.
HOA fees range from $100-500+ monthly depending on amenities. Lenders count HOA fees in your debt-to-income ratio when qualifying you.
FHA 203k and conventional renovation loans bundle purchase and repair costs into one mortgage. Hard money works for flips requiring faster closings.
Portfolio ARMs are adjustable loans held by the lender, not sold to Fannie Mae. They offer flexibility for non-traditional income or property types.
Yes, bridge loans let you buy a new La Verne home before selling your current one. Expect 6-12 month terms and higher rates than traditional mortgages.
Yes, HELOCs can fund your down payment if you have equity in your current home. Lenders count the HELOC payment in your debt-to-income ratio.
Asset depletion loans qualify you based on savings and investments, not income. Retirees and investors with large portfolios use them frequently.
Both serve self-employed borrowers. 1099 loans use business income from tax forms, while bank statements calculate income from actual deposits.
Hard money works for quick closings, major rehabs, or credit challenges. Rates run 8-12% with 12-24 month terms before refinancing to permanent financing.
Yes, reverse mortgages let homeowners 62+ borrow against home equity without monthly payments. The loan is repaid when you sell or pass away.
Banks offer their own loans. We shop 200+ lenders to find better rates and programs big banks don't offer, like DSCR and bank statement loans.
Most pre-approvals complete in 24-48 hours with complete documentation. Self-employed borrowers may need 3-5 days for bank statement review.
No, rates are based on loan type, credit score, and down payment. Property location affects appraisal but not your interest rate.
Rate locks require a specific property address. We can quote current rates, but the lock happens after you're in contract.
Most locks don't allow re-locks if rates fall. Some lenders offer float-down options for a fee, letting you capture lower rates once.
We compare rates across 200+ lenders daily. Rates vary by borrower profile and market conditions, so your scenario gets custom 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.
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.