San Marino Mortgage FAQs: Your Guide to Financing Luxury Real Estate

Conventional loans require 5% down, but jumbo loans typically need 10-20% minimum. Your down payment affects your rate and whether you'll pay PMI.

Most likely. The 2024 conforming loan limit is $766,550 for Los Angeles County. San Marino properties typically exceed this threshold, requiring jumbo financing.

Most jumbo lenders want 700+ credit scores. For loan amounts above $2 million, expect minimum scores of 720-740 depending on the lender.

Yes. Bank statement loans work well for self-employed San Marino buyers. We analyze 12-24 months of deposits to determine income.

Standard jumbo loans require two years of tax returns, W-2s, and recent pay stubs. Alternative programs accept bank statements, asset depletion, or 1099 documentation.

Rates vary by borrower profile and market conditions. Jumbo rates often match or beat conforming rates for well-qualified borrowers with strong credit and reserves.

Standard purchases close in 30-45 days. Cash-out refinances take 35-50 days due to appraisal requirements and underwriting for larger loan amounts.

Yes. Most jumbo lenders require 6-12 months of reserves (mortgage payments in the bank). Loan amounts above $2 million may need 12-24 months.

Absolutely. Foreign national loans require 20-30% down and don't need U.S. credit history or Social Security numbers. We work with specialized jumbo lenders.

Most jumbo lenders cap DTI at 43%. Strong borrowers with excellent credit and significant reserves can sometimes qualify up to 45-50% DTI.

Yes. Interest-only periods typically run 10 years on jumbo loans. You'll need strong credit, lower DTI, and larger down payment compared to fully amortizing loans.

Lenders divide your liquid assets by 360 months to calculate qualifying income. Great for retirees or investors with substantial portfolios but limited W-2 income.

Budget 2-3% of the loan amount. This includes origination, title, escrow, appraisal, and county recording fees for Los Angeles County transactions.

No. Jumbo loans always require full appraisals. High-value properties need detailed comparable analysis and often interior inspections by licensed appraisers.

Yes, with restrictions. Most lenders require at least 5-10% from your own funds. The remainder can come from family gifts with proper documentation.

We've closed jumbo loans above $5 million. Maximum amounts depend on your income, credit, reserves, and the specific lender's appetite for large loans.

15-year loans offer lower rates but higher payments. 30-year terms provide flexibility and lower monthly obligations, which can help with DTI on large loan amounts.

Yes. DSCR loans qualify you based on rental income, not personal income. You need 20-25% down and the property must generate sufficient cash flow.

ARMs offer lower initial rates fixed for 5, 7, or 10 years. They work well if you plan to sell before adjustment or refinance within the fixed period.

Yes. ITIN loans require alternative credit documentation and typically 15-20% down. We work with lenders who specialize in non-SSN financing for qualified borrowers.

Bridge loans let you access equity in your current home for a new down payment. Terms run 6-12 months while you sell your existing property.

Portfolio ARMs are held by lenders rather than sold to Fannie or Freddie. They offer more flexible underwriting for complex income situations or unique properties.

Not required by lenders, but highly recommended given California's seismic risk. Standard hazard insurance is mandatory and covers fire, not earthquake damage.

Yes. HELOCs provide revolving credit against your home equity. You'll need at least 20% equity remaining after the HELOC is in place.

P&L statement loans work for business owners who expense heavily. We use your business income without tax return limitations, often qualifying you for more.

Yes, but only for veterans buying below the conforming limit. Most San Marino properties exceed $766,550, which requires a VA jumbo loan with down payment.

Construction loans fund in draws as building progresses. You'll need detailed plans, contractor bids, and typically 20-30% down for lot and construction costs.

Hard money loans fund quickly based on property value, not credit. They work for fix-and-flip investors or bridge situations needing fast closings with higher rates.

Jumbo loans don't carry PMI like conventional loans. If you put down less than 20%, expect higher rates instead of mortgage insurance premiums.

You can lock your rate for 30-60 days once approved. Locks protect against rate increases but cost more for longer periods on jumbo loans.

We finance single-family homes, condos, townhomes, and multi-unit properties up to four units. Investment properties require 15-25% down depending on the loan type.

Technically yes, but FHA limits cap at $644,000 in Los Angeles County. You won't find many San Marino properties at that price point.

Depends on how long you'll keep the loan. One point costs 1% of the loan amount and typically reduces your rate by 0.25%. Calculate your breakeven period.

Bring two years of tax returns, 60 days of bank statements, recent pay stubs, and photo ID. Self-employed borrowers also need business bank statements and P&L.

Absolutely. Pre-approval shows sellers you're serious and gives you accurate budget numbers. The process takes 2-3 days with complete documentation submitted upfront.

You can negotiate price, bring more down payment to cover the gap, or cancel if you have an appraisal contingency. Low appraisals are rare in San Marino's stable market.

Yes. We close loans for buyers nationwide. Remote notary services and digital document signing make out-of-state purchases straightforward with proper coordination.

Reverse mortgages convert home equity to cash for homeowners 62+. No monthly payments required; the loan is repaid when you sell or pass away.

Brokers access 200+ lenders to find better rates and programs banks don't offer. We match your specific situation to the right lender instead of one-size-fits-all products.

Not typically. Rate locks require a specific property and purchase contract. Get pre-approved first, then lock when you're in contract with defined closing dates.