Rosemead Mortgage FAQs: Your Complete Guide to Home Financing in Los Angeles County

Most loans close in 21-30 days with complete documentation. Delays happen when tax returns need amendments or title issues surface.

FHA allows 580, conventional wants 620 minimum. Jumbo loans typically require 680-700 depending on down payment and reserves.

FHA needs 3.5%, conventional starts at 3%. Investment properties require 15-25% down depending on the loan program.

Yes, ITIN loans work without a Social Security number. You'll need 15-20% down and proof of income through tax returns or bank statements.

W-2 earners need two years tax returns, recent paystubs, and bank statements. Self-employed borrowers add business returns and profit-loss statements.

Many properties fall under the $806,500 LA County conforming limit. Above that, you need a jumbo loan with stricter requirements.

FHA allows lower credit and smaller down payments but charges mortgage insurance for life on most loans. Conventional drops PMI at 80% loan-to-value.

Bank statement loans use 12-24 months of deposits instead of tax returns. Profit-loss loans work if you have a CPA-prepared P&L and good credit.

Yes, these loans work well for self-employed buyers who write off significant expenses. Rates run 0.5-1.5% higher than conventional.

Expect 2-3% of purchase price for lender fees, title, escrow, and county transfer taxes. Sellers sometimes cover part through negotiation.

Points make sense if you're keeping the loan 5+ years. Each point costs 1% upfront and typically drops your rate 0.25%.

Lenders qualify you based on rental income, not personal income. The property must generate 1.0-1.25x the monthly payment to approve.

Yes, foreign national loans require 20-30% down and valid passport plus visa. No US credit history needed with these programs.

FHA works for tight budgets with 3.5% down. Conventional costs less long-term if you have 5% down and 680+ credit.

Yes, conventional loans require PMI below 20% down. Costs range from 0.3-1.5% annually depending on credit score and loan amount.

Lenders cap total debt at 43-50% of gross income depending on loan type. Self-employed ratios sometimes stretch to 50% with compensating factors.

ARMs save 0.5-1% upfront if you're selling or refinancing within 5-7 years. Rates vary by borrower profile and market conditions.

Any loan above $806,500 in LA County. These require stronger credit, more reserves, and larger down payments than conforming loans.

Yes, FHA allows up to 4 units if you occupy one. Rental income from other units helps you qualify for the payment.

Bridge loans let you buy before selling your current home. Rates run higher and terms last 6-12 months until your sale closes.

Lenders divide your liquid assets by 360 months to create qualifying income. Works for retirees or buyers with significant savings but low reported income.

Yes, VA offers zero down for eligible veterans. No PMI and competitive rates make this the strongest program for qualifying borrowers.

ARMs held by lenders instead of sold to agencies. These offer flexible underwriting for borrowers who don't fit conventional guidelines.

Most programs want 2-4 years after bankruptcy or foreclosure. Some portfolio loans allow 12-24 months with strong compensating factors.

You pay only interest for 5-10 years, then principal kicks in. These suit buyers expecting income increases or planning to sell early.

Home equity lines let you borrow against equity as needed. Rates adjust monthly and work best for short-term needs like renovations.

Yes, for fix-and-flip investors or time-sensitive purchases. Rates run 8-12% with terms under 24 months and higher fees.

Lenders fund in stages as work completes. You need detailed plans, builder contracts, and 20-25% down for most construction programs.

Piggyback loans use a second mortgage to hit 20% and skip PMI. Total interest cost sometimes exceeds PMI depending on rate environment.

Programs designed for moderate-income borrowers with flexible guidelines. These often require homebuyer education and have income limits.

1099 loans verify income through contracts and deposits instead of paystubs. Underwriting focuses on consistency and bank activity.

Lock if you're closing within 30 days and rates are rising. Float only if you have time and expect rates to drop.

You can pay the difference in cash, renegotiate price, or cancel if you have an appraisal contingency. Low appraisals kill 5-10% of deals.

No legitimate program allows zero down on investment property. Expect 15-25% minimum depending on experience and property type.

Fixed protects against rate increases long-term. ARMs save money upfront if you're moving or refinancing within 7 years.

Get pre-approved with full documentation review before shopping. Cash-out refis and purchases with clean title close fastest at 14-21 days.