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West Hollywood Mortgage FAQ
West Hollywood buyers need brokers who understand creative financing. Condos dominate this market, and many borrowers are self-employed creatives.
We work with 200+ lenders to match your income type with the right loan. Whether you're buying a Sunset Strip condo or refinancing, we've seen your scenario before.
These FAQs cover what we hear most from West Hollywood clients. Real questions, real answers from brokers who close deals in this city.
Conventional loans start at 620, but 680+ gets better rates. FHA accepts 580, which helps first-time buyers in this pricey market.
Conventional requires 5% minimum, FHA allows 3.5%. Higher down payments avoid PMI and strengthen offers in competitive buildings.
Yes, they're designed for you. We use 12-24 months of deposits instead of tax returns, which helps creatives with variable income.
FHA accepts lower credit and smaller down payments. Conventional offers better rates above 680 credit and avoids upfront mortgage insurance.
Absolutely. Conventional loans allow 10% down with competitive rates. You'll pay PMI until you hit 20% equity.
Pre-approval takes 1-2 days. Full underwriting runs 21-30 days depending on your documentation and the lender's workload.
W-2 earners need paystubs, tax returns, and bank statements. Self-employed borrowers add profit/loss statements or use alternative docs.
Very common. Many condos exceed conforming limits, so we use Jumbo programs with competitive rates for strong borrowers.
DSCR qualifies you based on rental income, not personal income. Investors buying West Hollywood rentals use these frequently.
Yes, 1099 Loans approve based on your contractor income. We typically need 12-24 months of history with consistent deposits.
Expect 2-5% of purchase price. Includes appraisal, title, escrow, and lender fees—varies by loan type and property value.
On conventional loans, yes. FHA charges mortgage insurance regardless of down payment, both upfront and monthly.
Buyers who want lower initial payments or expect income growth. Popular with entertainment professionals anticipating bigger deals.
Yes, Foreign National Loans don't require US credit or Social Security numbers. Expect 20-30% down and higher rates.
They use your Individual Taxpayer ID instead of a Social Security number. Requirements mirror conventional loans otherwise.
Short-term financing when you're buying before selling. Common in West Hollywood where buyers trade up between condos.
15-year loans have lower rates but higher payments. 30-year mortgages offer flexibility, which most West Hollywood buyers prefer.
ARMs offer lower initial rates that adjust after a fixed period. Good if you plan to sell or refinance within 5-7 years.
Yes, if you're a veteran. VA Loans require no down payment and no PMI, but condo projects must be VA-approved.
They qualify you based on investment accounts, not employment income. We divide assets to calculate monthly qualifying income.
A flexible ARM kept by the lender, not sold to investors. Allows for creative underwriting on non-traditional borrowers.
Your debt-to-income ratio should stay under 43-50% depending on loan type. We calculate total debts divided by gross income.
Yes, but expect 15-25% down and slightly higher rates. DSCR Loans often work better for pure investment plays.
One point costs 1% of loan amount and typically drops your rate 0.25%. Worth it if you keep the loan 5+ years.
Lenders review the HOA's finances and owner-occupancy ratio. Some buildings don't qualify for conventional financing.
Yes. Initial pre-qualification is a soft pull. Hard inquiries happen at application, but multiple mortgage pulls within 45 days count as one.
Locks guarantee your rate for 30-60 days. Lock when rates are favorable and you have a purchase contract.
For self-employed borrowers, yes. We use P&L instead of two years of tax returns, speeding up approval.
These programs offer down payment assistance and flexible terms for first-time or low-income buyers in eligible areas.
It's harder. You'll need equity for conventional refis, but FHA Streamline allows refis even underwater in some cases.
HELOCs work like credit cards secured by your home. Use them for renovations or consolidating higher-interest debt.
Hard Money uses property value, not income. Fast approval but higher rates—ideal for fix-and-flip investors.
Usually yes. Lowering your debt-to-income ratio increases approval odds and may unlock better rates.
Yes. Expect 10-20% down and proof you can afford both mortgages. Lenders scrutinize second home purchases closely.
Jumbo exceeds conforming limits and isn't backed by Fannie or Freddie. Requires stronger credit and larger reserves.
No. USDA only finances rural areas, and West Hollywood doesn't qualify under their geographic requirements.
That's what we do. Share your income type, down payment, and credit—we'll match you with the best program.
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.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
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.