Question 1

What's the minimum down payment for a San Marino home?

Accepted Answer

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.

Question 2

Do I need a jumbo loan in San Marino?

Accepted Answer

Most likely. The 2026 conforming loan limit is $1,249,125 for Los Angeles County. San Marino properties typically exceed this threshold, requiring jumbo financing.

Question 3

What credit score do jumbo lenders require?

Accepted Answer

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

Question 4

Can I qualify using bank statements instead of tax returns?

Accepted Answer

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

Question 5

How much income documentation do jumbo lenders need?

Accepted Answer

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.

Question 6

What are current jumbo mortgage rates?

Accepted Answer

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.

Question 7

How long does closing take in San Marino?

Accepted Answer

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

Question 8

Do I need reserves for a jumbo loan?

Accepted Answer

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.

Question 9

Can foreign nationals get mortgages in San Marino?

Accepted Answer

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.

Question 10

What's the debt-to-income ratio limit for jumbo loans?

Accepted Answer

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

Question 11

Are interest-only jumbo loans available?

Accepted Answer

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.

Question 12

How does asset depletion financing work?

Accepted Answer

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.

Question 13

What closing costs should I expect on a $2 million purchase?

Accepted Answer

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

Question 14

Can I waive appraisal on a San Marino purchase?

Accepted Answer

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

Question 15

Do jumbo loans allow gift funds for down payment?

Accepted Answer

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

Question 16

What's the maximum loan amount for San Marino properties?

Accepted Answer

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.

Question 17

Should I choose a 15-year or 30-year jumbo loan?

Accepted Answer

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.

Question 18

Are DSCR loans available for San Marino investment properties?

Accepted Answer

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.

Question 19

What's an adjustable-rate mortgage and when does it make sense?

Accepted Answer

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.

Question 20

Can I get a mortgage with an ITIN instead of SSN?

Accepted Answer

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.

Question 21

How does a bridge loan work for buying before selling?

Accepted Answer

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.

Question 22

What's a portfolio ARM loan?

Accepted Answer

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.

Question 23

Do I need earthquake insurance for San Marino mortgages?

Accepted Answer

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

Question 24

Can I use a Home Equity Line of Credit for renovations?

Accepted Answer

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

Question 25

What's the advantage of using profit and loss statements?

Accepted Answer

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.

Question 26

Are VA loans available in San Marino?

Accepted Answer

Yes, but only for veterans buying below the conforming limit. Most San Marino properties exceed $832,750, which requires a VA jumbo loan with down payment.

Question 27

How do construction loans work for building in San Marino?

Accepted Answer

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.

Question 28

What's a hard money loan and when would I use one?

Accepted Answer

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.

Question 29

Can I refinance to remove PMI on a jumbo loan?

Accepted Answer

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

Question 30

How does rate lock work during the loan process?

Accepted Answer

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.

Question 31

What property types qualify for San Marino mortgages?

Accepted Answer

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.

Question 32

Are FHA loans available in San Marino?

Accepted Answer

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.

Question 33

Should I pay points to lower my jumbo rate?

Accepted Answer

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.

Question 34

What documents do I need to start the mortgage process?

Accepted Answer

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.

Question 35

Can I get pre-approved before house hunting in San Marino?

Accepted Answer

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.

Question 36

What happens if the appraisal comes in low?

Accepted Answer

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.

Question 37

Do you work with out-of-state buyers purchasing in San Marino?

Accepted Answer

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

Question 38

How do reverse mortgages work for San Marino seniors?

Accepted Answer

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

Question 39

What's the benefit of using a mortgage broker versus a bank?

Accepted Answer

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.

Question 40

Can I lock a rate before finding a property?

Accepted Answer

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.

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