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FHA Loans in Mill Valley
Mill Valley sits in one of California's priciest counties. FHA loan limits here hit the maximum for high-cost areas.
Most Mill Valley homes price above FHA's reach. This loan works best for condos, townhomes, or fixer properties.
Marin buyers often skip FHA for jumbo loans. But 3.5% down beats saving 20% for years.
If you're a first-time buyer eyeing Mill Valley, FHA gets you in the door. Just know your property options narrow considerably.
Credit scores start at 580 for 3.5% down. Drop to 500 and you need 10% down instead.
Debt-to-income can stretch to 50% with strong compensating factors. Most lenders cap at 43-45% to stay comfortable.
You need two years of steady employment or income. Gaps require explanation letters that actually make sense.
FHA allows non-occupant co-borrowers. Parents helping kids buy in Mill Valley use this often.
Not all lenders price FHA the same in high-cost counties. Rate spreads vary by half a point between aggressive and conservative shops.
Credit unions in Marin sometimes beat banks on FHA rates. But their underwriting drags compared to wholesale channels.
We shop 200+ wholesale lenders to find who's hungry for FHA business that week. Pricing shifts based on their pipeline volume.
Some lenders hate FHA appraisal requirements for older Mill Valley homes. Others specialize in exactly that.
FHA appraisers in Marin are strict about property condition. Peeling paint kills deals here more than credit scores.
Mill Valley sellers often reject FHA offers. They assume financing will fall apart or appraisals come in low.
Get pre-approved with an appraisal waiver quote ready. Show sellers you have a conventional backup if needed.
The upfront mortgage insurance premium hits harder on high loan amounts. Budget 1.75% of your loan at closing.
Conventional loans need just 3% down now. But PMI costs more monthly unless you hit 20% equity.
VA loans beat FHA on every metric if you're military. Zero down, no monthly mortgage insurance, better rates.
Jumbo loans dominate Mill Valley for a reason. Most single-family homes exceed FHA limits by $500k or more.
FHA works when you have the income but not the assets. Conventional works when your credit and savings are both strong.
Mill Valley's older housing stock triggers FHA repair requirements. Expect renegotiations after appraisal on homes built pre-1980.
Condo approval is the real bottleneck. Many Mill Valley complexes aren't FHA-approved and won't pursue it.
Commute patterns matter for income calculation. San Francisco workers with transit commutes see different DTI treatment.
Marin's property taxes run higher than state average. Your housing ratio calculation feels that squeeze immediately.
Marin County hits the maximum high-cost limit. For 2024, that's $1,089,300 for a single-family home.
Only if the complex has FHA approval. Many here don't, which limits your options significantly.
Some will, most won't in competitive situations. Come in strong with proof of funds and lender reputation.
You pay 1.75% upfront plus 0.55-0.85% annually. Annual rate depends on loan amount and down payment size.
Standard FHA requires the home to be livable. Look into FHA 203k renovation loans for properties needing work.
580 is the floor, but 640+ gets you better rates. Marin's price point makes rate differences matter more.
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.
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.