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Conventional Loans in Fairfax
Fairfax attracts buyers seeking a blend of small-town character and Bay Area accessibility. Conventional loans offer the financing flexibility many Marin County borrowers need to compete in this distinctive community.
These traditional mortgages appeal to borrowers with solid credit and stable income. They often feature lower costs than government-backed options for well-qualified applicants.
Conventional financing works for primary residences, second homes, and investment properties in Fairfax. This versatility makes them a popular choice throughout Marin County.
Most conventional loans require a credit score of at least 620, though stronger scores unlock better rates. Lenders typically look for debt-to-income ratios below 43% to 50%.
Down payments start at 3% for first-time buyers and 5% for repeat purchasers. Putting down 20% or more eliminates private mortgage insurance requirements.
You'll need to document income, assets, and employment history. Self-employed borrowers should prepare two years of tax returns and business financials.
Banks, credit unions, and mortgage companies all offer conventional loans in Fairfax. Each lender sets their own rate sheets and overlay requirements beyond basic conforming guidelines.
Working with a broker gives you access to multiple lenders simultaneously. This comparison shopping helps identify the best combination of rate, fees, and service for your situation.
Some lenders specialize in Marin County properties and understand local appraisal nuances. This expertise can smooth the underwriting process and prevent surprise complications.
Conventional loans shine for borrowers who can put 10% or more down and maintain strong credit. The ability to waive PMI at 20% down reduces monthly payments significantly compared to other loan types.
Rate locks matter more during volatile markets. Your broker should explain lock periods and extension options before you commit to a specific lender.
Consider total closing costs beyond just the interest rate. A slightly higher rate with lower fees sometimes costs less over your expected ownership period.
FHA loans allow lower credit scores and smaller down payments but require mortgage insurance for the loan's life. Conventional financing lets you cancel PMI once you reach 20% equity.
Jumbo loans handle purchase amounts exceeding conforming limits, which matters in high-cost Marin County. Conventional conforming loans offer better rates when they cover your purchase price.
Adjustable rate mortgages provide lower initial payments than fixed conventional loans. They make sense if you plan to move or refinance within the initial fixed period.
Marin County's mix of older homes and established neighborhoods can affect appraisals. Conventional underwriting carefully reviews property condition and comparable sales data.
Environmental factors like wildfire zones or flood areas may require additional insurance. These costs don't prevent conventional financing but affect your total housing payment.
Local property values influence whether you need conforming or jumbo financing. Your loan officer should clarify which loan type fits your target purchase price before you start shopping.
Most lenders require a minimum 620 credit score for conventional financing. Scores above 740 typically qualify for the best rates. Your specific rate depends on your complete borrower profile.
Yes, putting 20% or more down eliminates private mortgage insurance requirements. You can also request PMI cancellation once you reach 20% equity through payments or appreciation.
Conforming conventional loans max out at current FHFA limits for high-cost areas. Amounts beyond these limits require jumbo financing with different qualification standards.
Conventional financing covers investment properties with higher down payments and rates than owner-occupied homes. Expect to put at least 15-25% down depending on the property type.
Most conventional loans close in 30-45 days with complete documentation. Pre-approval strengthens your offer and helps identify potential issues before you find a property.
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.
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.