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Ross Mortgage FAQ
Ross properties command premium prices, which means most buyers here need jumbo financing. We work with 200+ lenders to find programs that fit high-value purchases and complex income profiles.
Self-employed buyers dominate this market. Bank statement loans and profit-and-loss programs often work better than conventional documentation for Ross clients.
The typical Ross buyer needs flexible underwriting. We match borrowers to specialty lenders who understand high net worth situations and non-traditional income.
Any loan over $766,550 is jumbo in Marin County. Most Ross homes require jumbo financing due to property values.
Not always. Jumbo loans can go as low as 10% down with strong credit and reserves. We match your profile to lenders with flexible down payment options.
Jumbo lenders typically want 700+ for competitive rates. Scores above 740 unlock the best pricing on high-balance loans.
Lenders use 12-24 months of business or personal bank deposits instead of tax returns. This works well for Ross buyers who write off significant expenses.
Yes. DSCR loans approve based on rental income, not personal income. Useful for investors who don't want to show tax returns.
Expect 2-3% of purchase price for lender fees, title, escrow, and prepaid items. Higher loan amounts mean higher total costs but similar percentages.
Standard loans close in 21-30 days. Complex income situations or multiple properties can add a week.
Not if you put 20% down. Below that, some lenders charge PMI while others use higher rates instead.
Two years tax returns, two months bank statements, pay stubs if W-2, and asset statements. Self-employed buyers may use alternative documentation.
Yes. These loans verify income through 1099 forms instead of full tax returns. Works for contractors with steady client relationships.
Lenders qualify you based on liquid assets divided by loan term. Good for retirees or high net worth buyers with investment income.
Rates depend on loan type and borrower profile, not location. Jumbo rates are often competitive with conforming loans for qualified buyers.
ARMs make sense if you plan to sell or refinance within 5-7 years. Fixed rates provide stability for long-term ownership.
Yes. Foreign national loans require larger down payments, typically 30-40%, and use foreign credit and income documentation.
An adjustable loan held by the lender instead of sold to investors. More flexible underwriting but typically higher rates than agency ARMs.
Bridge loans let you buy before selling your current home. Expensive short-term financing, but useful in competitive situations.
Only for fix-and-flip investors or buyers who can't wait for traditional approval. Rates run 9-12% with short terms.
Yes, for jumbo purchases. You pay only interest for 5-10 years, then principal and interest. Requires strong income and reserves.
Expect 6-12 months of mortgage payments in liquid assets after closing. Higher loan amounts need more reserves.
Lenders use year-to-date P&L plus one year tax return instead of two years returns. Faster qualification for business owners.
Yes, but rare since most homes exceed FHA loan limits. FHA maxes at $766,550 in Marin County.
Yes if you're military or veteran. VA loans have no loan limit for qualified borrowers with full entitlement.
Conventional loans meet Fannie Mae and Freddie Mac limits. Jumbo loans exceed those limits and have stricter requirements.
No. Ross doesn't qualify as a rural area, and property values exceed USDA limits.
Through tax returns, bank statements, P&L statements, or 1099 forms depending on loan program. Each method has different approval criteria.
Yes. Second home loans need larger down payments and reserves than primary residences. Rates run slightly higher.
A loan for borrowers without Social Security numbers who have Individual Taxpayer ID Numbers. Requires larger down payments.
You lock a rate for 30-60 days while closing. Longer locks cost more but protect against rate increases.
Points lower your rate by paying upfront interest. Makes sense if you'll keep the loan long enough to recoup costs.
Yes. Home equity lines let you borrow against equity as needed. Most lenders go up to 80% combined loan-to-value.
Brokers access hundreds of lenders instead of one bank's products. We shop rates and programs to find your best option.
Rare on primary residence loans. Some investor and portfolio loans include prepayment penalties for 1-3 years.
Lenders average deposits over 12 or 24 months and apply a percentage as qualifying income. No tax returns needed.
You need more down payment to maintain loan-to-value ratio or renegotiate price. Low appraisals are uncommon in Ross.
Yes through renovation loans or construction financing. These loans require detailed project plans and contractor bids.
Not required in California. Title companies handle escrow and ensure clean property transfer without attorney involvement.
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.