Corte Madera Mortgage FAQ — Local Broker Answers Your Questions

Conventional loans start at 620, but jumbo lenders prefer 700+ for properties over $1.5 million. FHA allows 580 with higher down payments.

Conventional loans require 5% minimum, but jumbo loans typically need 10-20% depending on loan amount. Larger down payments get better rates on high-balance loans.

FHA allows lower credit scores and 3.5% down but charges mortgage insurance for life on most loans. Conventional drops PMI once you hit 20% equity.

Only if your purchase price stays under $806,500 for Marin County high-balance limits. Most properties here exceed that and need jumbo financing.

Two years of tax returns, 60 days of bank statements, recent pay stubs, and W-2s if you're employed. Self-employed borrowers need business returns and profit-loss statements.

Pre-approval takes 24-48 hours with complete documents. Full underwriting typically clears in 3-4 weeks once you're in contract.

Expect 2-4% of purchase price covering lender fees, title insurance, escrow, and county transfer taxes. Marin County adds specific local fees to standard costs.

Yes, but you'll pay PMI on conventional loans or higher interest rates on jumbo loans. 20% down gets you the best terms and avoids mortgage insurance.

High-balance conforming loans go up to $806,500 for 2025. Anything above that requires jumbo financing with different qualification standards.

15-year loans save interest but double your monthly payment. Most Corte Madera buyers choose 30-year loans for cash flow flexibility despite higher total interest.

Lenders want your total monthly debts under 43% of gross income, including the new mortgage. A $1.5 million purchase typically needs $300K+ annual income.

Yes, bank statement loans use 12-24 months of deposits instead of tax returns. This works well for business owners who write off significant expenses.

ARMs start with lower rates than fixed loans, saving thousands monthly on jumbo mortgages. They make sense if you'll sell or refinance within 5-7 years.

Yes, VA loans have no maximum loan limit for qualified veterans. You can finance well above conforming limits with zero down if you have full entitlement.

You pay 0.5-1.5% of the loan amount annually until you reach 20% equity. PMI costs $400-1,200 monthly on a typical jumbo loan here.

Sometimes on conforming loans with strong financials and low loan-to-value ratios. Jumbo loans almost always require full appraisals for properties this expensive.

DSCR loans qualify you based on rental income, not personal income. Investors buying Corte Madera rentals use these when they don't want W-2 income verification.

Only if you'll keep the loan long enough to break even, typically 4-6 years. Most Corte Madera buyers refinance or move before points pay off.

Yes, we offer 1099 loans, bank statement programs, and asset depletion loans that don't require tax returns. Rates run slightly higher than conventional financing.

Pre-qualification is an estimate based on what you tell us. Pre-approval means a lender verified your finances and committed to a specific loan amount.

Lenders cap your total housing payment at 28-43% of gross monthly income. That includes mortgage, taxes, insurance, and HOA dues combined.

Most jumbo lenders require 6-12 months of mortgage payments in reserves after closing. Higher loan amounts need more reserves to get approved.

Conventional loans allow 10% down on second homes, but jumbo lenders often require 20-30%. Interest rates run higher than primary residence loans.

Portfolio ARMs are non-conforming adjustable loans held by individual lenders. They offer flexibility on income documentation and property types that don't fit standard guidelines.

You pay only interest for 5-10 years, then payments jump when principal starts amortizing. These work for buyers expecting income growth or planning to sell soon.

Yes, we have programs for non-U.S. citizens requiring larger down payments and verifiable international income. Rates vary by borrower profile and market conditions.

Get fully underwritten pre-approval before making offers, then use a local lender who closes in-house. We routinely close jumbo loans in 21 days with complete files.

Lock immediately if rates are rising or you're close to closing. Float if rates are falling and you have 45+ days until closing.

Yes, but lenders require gift letters stating the money doesn't need repayment. Jumbo loans typically limit gifts to a percentage of the down payment.

Bridge loans let you buy before selling your current home, using existing equity as down payment. These close fast but carry higher rates for short-term financing.

Lenders divide your monthly debts by gross income to calculate DTI. Conventional loans max out around 50% DTI, but jumbo lenders prefer 43% or lower.

Yes, ITIN loans work for borrowers without Social Security numbers. You'll need solid credit history, larger down payments, and documented income streams.

Hard money loans fund in days based on property value, not your income. Investors use these for fix-and-flip projects or when traditional financing won't work.

Yes, lenders include HOA dues in your debt-to-income calculation. High HOA fees in Corte Madera condos reduce your maximum loan amount significantly.

Yes, request PMI removal once you reach 20% equity through payments or appreciation. You'll need a new appraisal showing sufficient value increase.

These loans qualify you based on liquid assets divided by 360 months, not earned income. Retirees and high-net-worth buyers use these when they lack traditional income.

Marin County property taxes run around 1.2% of assessed value annually. On a $2 million home, that adds roughly $2,000 monthly to your housing payment.

Conventional loans allow 15% down on single-family rentals, but most jumbo lenders require 25-30% for investment properties. DSCR loans offer more flexibility.

You'll need to increase your down payment, renegotiate the price, or cancel the deal. Lenders won't loan more than appraised value regardless of contract price.

Brokers access 200+ lenders while banks offer only their own products. We shop your scenario across multiple wholesale lenders to find the best rate and terms.