Rolling Hills Estates Mortgage Questions Answered

Jumbo loans typically require 20% down for primary residences. If you're buying investment property or a second home, expect 25-30% down requirements.

Yes, bank statement loans work well for business owners in Rolling Hills Estates. We analyze 12 or 24 months of deposits to establish income without tax returns.

Standard transactions close in 30 days. Custom homes or properties with equestrian improvements can add 5-10 days for specialized appraisals.

Yes, stables and riding arenas require specialized appraisers familiar with equestrian value. This typically adds a week to the appraisal timeline.

Most jumbo lenders want 700 minimum for Rolling Hills Estates properties. You'll get better rates at 740 or higher on loan amounts over $2 million.

Asset depletion loans let you qualify using stocks, bonds, or retirement accounts. We divide your total liquid assets by 360 months to establish monthly income.

Yes, interest-only jumbo loans work well for high-income buyers who want lower initial payments. The interest-only period typically runs 10 years before converting to principal-and-interest.

Traditional loans require two years of tax returns and a current profit-and-loss statement. Bank statement or 1099 loans skip tax returns entirely if you need higher qualifying income.

Rolling Hills Estates HOA fees are typically modest compared to other Peninsula cities. Lenders add them to your monthly housing expense when calculating debt-to-income ratio.

Yes, foreign national loans don't require US credit or tax history. You'll need 30-40% down and proof of international income or assets.

FHA allows 3.5% down but won't work for most homes here since loan limits top out around $1.15 million. Conventional or jumbo loans handle higher purchase prices.

No, jumbo loans don't require PMI regardless of down payment. That's one advantage over conforming loans when you put down less than 20%.

Yes, we offer HELOCs up to 80% combined loan-to-value on jumbo properties. Rates vary by credit profile and total exposure to the property.

DSCR loans qualify based on rental income, not your personal finances. They work for investors buying Peninsula rental properties who don't want to show tax returns.

Expect 1.5-2.5% of the purchase price for closing costs and prepaid items. That's $15,000-$25,000 on a million-dollar home, not including your down payment.

Some lenders offer float-down locks that protect you while house hunting. This works best when you're actively shopping and expect to close within 60 days.

ARMs start 0.5-1% lower than fixed rates and make sense if you'll move or refinance within 5-7 years. Many Peninsula buyers upgrade homes frequently and prefer the lower initial rate.

Yes, construction-to-permanent loans fund your build and convert to a standard mortgage when complete. You'll need detailed plans and a licensed contractor before approval.

VA loans work here but the $1.15 million limit means you'll need a jumbo VA combo loan for most properties. Veterans still get no down payment on the conforming portion.

Portfolio ARMs are held by the lender instead of sold to Fannie or Freddie. They offer more flexibility on underwriting for complex financial situations or unique properties.

They take 75% of the gross rent shown on your lease agreement. If you have a history of rental income on your tax returns, they may average the last two years.

Yes, bridge loans let you access equity from your current home for a new down payment. Rates run higher but the term is only 6-12 months until your sale closes.

You'll need to make up the difference in cash, renegotiate the price, or cancel the deal. Low appraisals are rare here since Peninsula comps are well-established.

Yes, ITIN loans work the same as conventional mortgages but use your taxpayer ID. You'll still need income documentation and good credit history.

Community Mortgages allow higher debt-to-income ratios if you have strong compensating factors. They help buyers with excellent credit who are slightly over standard DTI limits.

Each point costs 1% of your loan and drops your rate about 0.25%. It makes sense if you're keeping the loan longer than 4-5 years and want to reduce monthly payments.

Yes, 1099 loans use your gross contract income without the write-offs shown on tax returns. You'll need 12-24 months of 1099 forms from clients.

Home equity loans give you a lump sum with a fixed rate. HELOCs work like a credit card with a variable rate you can draw on as needed.

Yes, if you're 62 or older and have significant equity. Reverse mortgages on high-value homes can provide substantial cash without monthly payments.

Most lenders want six months of payment history before refinancing. Cash-out refinances may require 12 months of ownership depending on the loan type.

Hard money loans fund quickly based on property value, not your financials. They work for fix-and-flip investors or buyers who need to close in 7-10 days but carry higher rates.

You can deduct interest on mortgage debt up to $750,000 across your primary and second homes combined. Consult your tax advisor since rules changed in 2018.

Conventional loans typically max at 50% DTI. Jumbo loans are stricter at 43-45% unless you have excellent credit and substantial reserves.

Expect 6-12 months of reserves for loan amounts under $2 million. Properties over $2 million often require 12-24 months depending on the lender.

Rates vary by borrower profile and market conditions. Shopping across our 200+ wholesale lenders typically saves 0.125-0.375% compared to a single bank.