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Conventional Loans in San Dimas
San Dimas buyers lean conventional because the city's mix of single-family neighborhoods and newer developments attracts borrowers with solid credit. These loans dominate the market here—no government backing needed when you've got a 620+ score and 3% down.
Most San Dimas properties fall under conforming limits, making conventional the cleanest path to financing. You avoid mortgage insurance faster than FHA and get better rates than jumbo programs.
Lenders want 620+ credit, though 740+ unlocks the best rates. You'll need two years of steady income and a debt-to-income ratio under 43% in most cases.
Down payment starts at 3% for first-time buyers, 5% for repeat purchases. Put down 20% and you skip private mortgage insurance entirely—saves $150-300 monthly on a typical San Dimas home.
We shop 200+ wholesale lenders to find conventional pricing that retail banks can't match. Rate spreads hit 0.5% between lenders on identical borrower profiles—that's $90 monthly on a $500K loan.
Some lenders waive appraisal requirements on San Dimas refinances if you've got equity and clean credit. Others specialize in 3% down programs with reduced mortgage insurance costs.
San Dimas borrowers with 15-19% down often overpay. A smart broker runs scenarios: sometimes paying PMI at 15% down beats stretching to 20% if it drains your reserves or forces a higher rate to buy down.
Watch points versus rate tradeoffs. On a 30-year loan you're keeping 7+ years, buying a quarter point down makes sense. Selling in three years? Take the higher rate and skip upfront costs.
FHA requires mortgage insurance for the loan's life. Conventional drops it at 20% equity—massive difference over time. If your credit clears 680, conventional costs less monthly and long-term.
Jumbo loans kick in above conforming limits with stricter requirements. Most San Dimas buyers stay conventional unless targeting premium hillside properties that push past $766,550.
San Dimas sits in a strong school district zone, which affects appraisals and resale value. Lenders view this favorably—stable neighborhoods mean lower risk and sometimes better pricing flexibility.
Properties near the historic downtown or newer Via Verde developments appraise cleanly with solid comps. Hillside homes sometimes need specialized appraisers familiar with terrain premiums.
Minimum 620, but 740+ gets you the best rates. The difference between 680 and 740 can be 0.375% in rate—about $50 monthly on a $400K loan.
3% for first-time buyers, 5% for repeat purchases. Put down 20% to eliminate private mortgage insurance and reduce your monthly payment by $150-300.
Automatically at 78% loan-to-value, or request removal at 80%. FHA requires it for life, making conventional cheaper long-term for most San Dimas buyers.
Yes, but expect 15-25% down and higher rates than primary residences. Lenders also scrutinize rental income documentation more carefully on investor loans.
With 680+ credit, conventional beats FHA on monthly costs. Below 660, FHA's upfront and monthly insurance sometimes costs less despite higher rates.
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.
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.