Temple City Mortgage FAQs: Your Questions Answered by Local Experts

Conventional loans require 620 minimum, but 680+ gets better rates. FHA loans accept 580 if you have clean credit history and stable income.

FHA requires 3.5% down, conventional starts at 3%. Jumbo loans typically need 10-20% depending on loan amount and credit profile.

Many are, yes. The 2024 conforming limit is $766,550 for LA County. Homes above that require jumbo financing with stricter qualification standards.

Conventional and FHA loans close in 21-30 days. Cash-out refinances and jumbo loans often take 30-45 days due to additional underwriting.

No. We offer ITIN loans and Foreign National loans for non-citizens buying in Temple City. Requirements vary by visa status and down payment.

W-2 buyers need two years of tax returns, recent pay stubs, and bank statements. Self-employed borrowers need two years of business and personal returns.

Absolutely. We offer bank statement loans, 1099 loans, and profit-loss statement programs for business owners. You avoid the full tax return scrutiny.

FHA requires lower credit scores and smaller down payments but charges mortgage insurance for life. Conventional loans drop PMI once you hit 20% equity.

ARMs make sense if you plan to sell or refinance within 5-7 years. Initial rates run 0.5-1% lower than fixed, which saves money short-term.

Jumbos require higher credit scores, larger reserves, and stricter income documentation. Rates are competitive but approval standards are tighter across the board.

Expect 2-5% of the purchase price. That includes lender fees, title insurance, escrow, and county recording fees for Los Angeles County.

Yes, but limits apply. Conventional loans allow up to 3% seller credit with 10% down, 6% with 10-25% down. FHA allows up to 6%.

Private mortgage insurance protects lenders when you put down less than 20%. You avoid it by hitting 20% down or using a piggyback second mortgage.

If you're active military, veteran, or eligible spouse, yes. VA loans require no down payment and no PMI, which saves significantly over time.

California offers CalHFA programs with down payment assistance. Community mortgage programs through certain lenders also provide competitive rates for first-timers.

Yes, that's the point. We calculate income from 12-24 months of deposits, not tax returns. Works well for business owners who maximize deductions.

Debt Service Coverage Ratio loans qualify you based on rental income, not personal income. Investors buying Temple City rentals use these to avoid tax return requirements.

Most programs allow debt-to-income ratios up to 43%, some go to 50%. Your monthly debts plus new mortgage payment shouldn't exceed that percentage.

Rates vary by borrower profile and market conditions. Credit score, loan type, and down payment all affect your rate. We shop 200+ lenders for your best option.

Only if you're keeping the loan 5+ years. One point costs 1% of the loan amount and typically lowers your rate by 0.25%. Calculate your breakeven timeline.

Yes. We offer conventional investor loans, DSCR loans, and portfolio loans for rental properties. Expect 15-25% down depending on the program.

Pre-qualification is an estimate based on what you tell us. Pre-approval involves credit checks and document verification, which sellers take seriously.

Lenders divide your monthly debts by gross income. Conventional loans typically cap at 43-50% DTI. Lower ratios qualify for better rates and terms.

Yes, through cash-out refinancing. You can borrow up to 80% of your home's value on conventional loans, 80.5% on FHA loans with sufficient equity.

Portfolio ARMs are held by lenders, not sold to Fannie or Freddie. They work for unique situations like high debt ratios or unusual income documentation.

Not typically, but check FEMA maps for your specific address. Most Temple City properties sit outside flood zones, so flood insurance isn't required.

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

Only on VA and FHA loans, and the seller's lender must approve you. Most conventional loans have due-on-sale clauses that prevent assumption.

Bridge loans cover your down payment when you're buying before selling your current home. They're short-term, higher-rate loans paid off after your sale closes.

HELOCs work like credit cards with variable rates and draw periods. Home equity loans are lump sums with fixed rates and set repayment terms.

These calculate income from your investment accounts, not paychecks. Retirees or high-net-worth buyers with low W-2 income use them to qualify for larger loans.

Depends on the situation. Same industry moves work fine. Career changes require 30+ days of pay stubs and sometimes a longer employment letter from your employer.

Usually means something changed: new debts, lower credit score, or income issues. We review the denial and find alternative programs or address the issue directly.

Yes. DSCR loans, conventional investor loans, and portfolio programs all work for rental properties. DSCR loans qualify purely on the property's rental income.

That's our job. We review your income type, credit profile, and down payment, then compare programs across 200+ lenders to find your best fit and rate.