San Anselmo Mortgage FAQs: Your Questions Answered by Local Marin County Brokers

Most buyers put down 20% to avoid PMI and strengthen offers in competitive situations. Jumbo loans here often require 20-25% minimum depending on property price and borrower profile.

Likely yes, since most homes exceed the $806,500 conforming limit for Marin County. Jumbo loans require stronger credit and larger reserves but offer competitive rates through wholesale channels.

Full approval takes 21-30 days with complete documentation. We can issue strong pre-approvals in 24-48 hours if you have credit reports, income docs, and asset statements ready.

Jumbo loans typically require 700+ for best rates. Some portfolio lenders accept 660-680 with larger down payments, but expect rate adjustments and stricter debt-to-income limits.

Absolutely. We use bank statement loans, 1099 loans, and profit-loss programs that don't require tax returns. These work well for business owners who write off significant expenses.

Bring 60 days of bank statements, two years W-2s or tax returns, recent pay stubs, and photo ID. Self-employed buyers need 12-24 months business bank statements instead of W-2s.

Sellers often reject FHA offers due to strict appraisal requirements and lower down payments. In competitive markets like this, conventional or jumbo financing wins more often.

Most lenders cap debt-to-income at 43-50% depending on loan type. With $200K household income, expect approval around $1.2-1.4M assuming minimal other debts and strong credit.

Expect 2-4% of purchase price for lender fees, title, escrow, and prepaid items. On a $1.5M home, budget $30K-60K depending on loan type and whether you buy discount points.

Get pre-approved. Pre-qualification is a guess without documentation. Pre-approval means underwriting reviewed your actual financials and you're ready to close fast.

Properties near San Anselmo Creek may fall in FEMA flood zones requiring coverage. Your lender orders a flood cert during underwriting to determine if insurance is mandatory.

Yes, but jumbo lenders often require at least 5-10% from your own funds. Gift donors must provide a letter stating no repayment is expected, plus documentation of the transfer.

Fixed rates never change. ARMs offer lower initial rates that adjust after 5, 7, or 10 years based on market indexes. ARMs work if you'll sell or refinance before adjustment.

Rates vary by borrower profile and market conditions. We shop 200+ wholesale lenders to find pricing other brokers can't access. Small differences compound to thousands over loan life.

Conventional loans allow 3-5% down, but you'll pay PMI until reaching 20% equity. In San Anselmo's price range, most buyers opt for 20% down to avoid PMI and compete better.

Yes, if you have strong income and reserves. Second home loans require 10-20% down and proof you can carry both mortgages comfortably, usually meaning 6-12 months reserves.

Most refinances require full appraisals. Some conventional loans under 80% loan-to-value qualify for appraisal waivers, but jumbo loans almost always need full property valuations.

You either renegotiate price, bring extra cash to close the gap, or walk if you have an appraisal contingency. Low appraisals happen less often in Marin but can delay closing.

Most lenders don't lock without a signed purchase contract. Some offer float-down options that protect you if rates drop, but these typically cost extra and have restrictions.

DSCR loans qualify investors based on rental income instead of personal income. If the property's rent covers the mortgage, you're approved regardless of tax returns or W-2s.

Bridge loans let you buy before selling your current home. You temporarily carry two mortgages, then pay off the bridge loan once your old property closes.

Buying points means prepaying interest to lower your rate. One point costs 1% of loan amount and typically reduces rate by 0.25%. Makes sense if you'll keep the loan 7+ years.

Yes, we offer ITIN loans for foreign nationals and non-residents. These require larger down payments and use alternative credit documentation, but approval is absolutely possible.

PMI is mortgage insurance required when you put less than 20% down. Avoid it by making a larger down payment or using an 80-10-10 piggyback structure that splits financing.

Jumbo lenders typically want 6-12 months of mortgage payments in reserves after closing. Higher loan amounts or rental properties may require 12-24 months depending on the lender.

Depends on the issue. Bankruptcies require 2-4 years of seasoning. Late payments hurt less if explained and followed by 12+ months of perfect payment history.

Conventional loans max at 43-50% DTI depending on compensating factors. Jumbo loans are stricter, usually capping at 43%. Portfolio lenders sometimes go higher with strong credit and assets.

Yes, lenders require proof of coverage before funding. In Marin County, expect higher premiums due to wildfire risk. Shop early because some insurers won't write new policies here.

Some fees are negotiable, others aren't. We use wholesale pricing that cuts out retail markups, so our base costs are already lower than most direct lenders or banks.

Pre-approval reviews your finances to determine buying power. Commitment comes after contract signing and property appraisal, meaning underwriting cleared all conditions and you're approved to close.

Traditional loans use tax returns which often understate self-employed income. Bank statement loans instead use deposits, typically approving higher amounts by focusing on cash flow not write-offs.

Yes, we offer foreign national loans for non-US residents. These require 20-40% down depending on visa status and country of origin, with higher rates than domestic loans.

These loans qualify you based on liquid assets rather than income. Underwriters divide your account balances by 360 to create a monthly income figure for debt-to-income calculations.

ARMs make sense if you'll sell within the fixed period or expect rates to drop. They offer lower initial rates but carry risk after adjustment. Rates vary by borrower profile and market conditions.

No restriction, but selling within two years means paying capital gains tax. Lenders also watch for quick flips as potential fraud, though legitimate sales are fine.

Large down payment, pre-approval from a local lender, quick close timeline, and minimal contingencies. Conventional or jumbo financing beats FHA or VA in seller eyes.

Not on purchases. You can ask sellers to pay costs through credits, but lenders won't finance beyond purchase price plus allowed financed fees. Refinances allow cost roll-in more easily.

Banks sell only their own products at retail rates. Brokers like us access 200+ wholesale lenders to find better pricing and loan programs banks don't offer.

We update you at key milestones without you asking. Underwriting typically takes 2-3 weeks once docs are submitted. Excessive check-ins don't speed things up and distract from actual work.

Lenders verify employment right before funding. Job loss typically kills the deal unless you have massive reserves or alternative income that qualifies you independently.