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Pomona Mortgage FAQ
Pomona buyers face unique challenges: mixed housing stock from historic bungalows to new construction, and price points that vary wildly between neighborhoods. We field hundreds of questions each year from borrowers shopping here.
Most questions fall into five buckets: what you actually qualify for, which loan fits your situation, how Pomona-specific factors affect approval, and what closing will cost. We've answered the most common ones below.
We're mortgage brokers with access to 200+ lenders. That means we shop your scenario across conventional banks, portfolio lenders, and specialty programs to find the best fit.
FHA loans start at 580, conventional at 620. Your score determines which programs you qualify for and what rate you'll pay.
FHA requires 3.5%, conventional as low as 3%, VA and USDA zero down. Higher down payments typically get better rates.
Absolutely. We use bank statement loans, 1099 loans, or profit-and-loss programs depending on how you document income.
FHA allows lower credit and smaller down payments but charges mortgage insurance for life on most loans. Conventional drops PMI at 20% equity.
No. Pomona is too urban and densely populated to meet USDA rural eligibility requirements.
Standard loans close in 21-30 days. Complex income or multiple properties can add a week.
Two years tax returns, recent pay stubs, two months bank statements, and ID. Self-employed borrowers need business docs too.
Yes on most loan types. The donor provides a gift letter confirming it's not a loan that needs repayment.
Expect 2-5% of purchase price. That includes lender fees, title insurance, escrow, and county transfer taxes.
Only if you're keeping the loan past breakeven, usually 4-6 years. Most Pomona buyers refinance or move sooner.
Private mortgage insurance protects lenders when you put down under 20%. Avoid it with 20% down or a piggyback second mortgage.
Standard loans won't cover major repairs. Use FHA 203k, conventional renovation loans, or hard money then refinance after fixes.
Debt Service Coverage Ratio loans qualify you based on rental income, not personal income. Investors use these for cash-flowing properties.
Conventional loans often require 2-6 months of mortgage payments in the bank after closing. FHA and VA typically don't.
Yes. We have ITIN loan programs that don't require citizenship or permanent residency.
Jumbo loans cover amounts above $766,550 in Los Angeles County. Rates are competitive and often beat conforming loans for strong borrowers.
Pre-approval is verified and carries weight with sellers. Pre-qualification is an estimate without document review.
Most lenders require a property address to lock. A few offer float-down locks, but they cost extra and have restrictions.
ARMs start with lower rates that adjust after 3, 5, 7, or 10 years. They work if you'll sell or refinance before adjustment.
Most programs cap DTI at 43-50%. That's your total monthly debts divided by gross income.
Yes. FHA and conventional loans allow up to four units if you occupy one as primary residence.
Bridge loans let you buy before selling your current home. They're short-term and cost more than standard mortgages.
Properties built before 1978 need lead paint disclosure. Major foundation or roof issues can kill FHA deals but conventional is more flexible.
Yes if you have equity. Cash-out refinancing typically requires 20% equity remaining and rates are slightly higher than rate-and-term refis.
Portfolio ARMs are held by the lender instead of sold to Fannie or Freddie. They offer flexibility for non-traditional income or credit.
Lenders approve up to 43-50% DTI, but that's maximum. Most brokers suggest keeping housing under 28% of gross income.
Self-employed borrowers use 12-24 months of business bank deposits instead of tax returns. Lenders average deposits to calculate income.
No. VA loans require owner occupancy as primary residence, though you can rent rooms or buy a multi-unit and live in one.
Some investor loans and non-QM programs charge penalties if you pay off early. Most owner-occupied loans don't have them.
Yes. Lenders require proof of coverage and the first year premium paid at closing.
Yes. You can withdraw or borrow from 401k/IRA, but early withdrawal penalties and taxes may apply depending on account type.
You renegotiate price, bring more cash to cover the gap, or walk if you have an appraisal contingency.
Brokers shop 200+ lenders to find the best rate and program fit. Banks only offer their own products.
Non-US citizens without US credit or work visas can buy investment properties using larger down payments, typically 30-40%.
Only if it's FHA, VA, or USDA and the lender approves you. Most conventional loans aren't assumable.
Interest-only loans let you pay just interest for 5-10 years with lower initial payments. Principal payments start after that period ends.
Locking guarantees your rate for 30-60 days while you close. Rates vary by borrower profile and market conditions.
Recent bankruptcy, foreclosure, or short sale create waiting periods. Late payments and collections hurt but don't always disqualify you.
Only if the complex is FHA or VA approved. Many HOAs aren't, which limits you to conventional financing.
Retirees or high-net-worth buyers with assets but low taxable income qualify by dividing total assets by 360 months to calculate income.
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.