Question 1

What loan types are available in San Anselmo?

Accepted Answer

We offer 25+ loan programs here — from conventional and jumbo to bank statement and DSCR. Marin buyers have more options than most realize.

Question 2

Do most San Anselmo buyers need a jumbo loan?

Accepted Answer

Yes. Marin County home prices routinely exceed conforming loan limits. Most buyers here land in jumbo territory whether they expect it or not.

Question 3

What is the conforming loan limit in Marin County?

Accepted Answer

Marin County qualifies for high-balance conforming limits as a high-cost area. Anything above that threshold requires jumbo financing.

Question 4

How does a jumbo loan differ from a conventional loan?

Accepted Answer

Jumbo loans exceed conforming limits and carry stricter underwriting — typically 700+ credit and larger reserves. Rates vary by borrower profile and market conditions.

Question 5

Can I use a bank statement loan to buy in San Anselmo?

Accepted Answer

Yes. Self-employed buyers who can't show traditional tax returns can qualify using 12 or 24 months of bank statements. No W-2 required.

Question 6

What credit score do I need to buy in San Anselmo?

Accepted Answer

It depends on the loan type. FHA allows down to 580. Jumbo lenders typically want 700 or higher. Conventional sits around 620 minimum.

Question 7

How much do I need to put down in San Anselmo?

Accepted Answer

FHA requires 3.5% down. Conventional can go as low as 3%. Jumbo loans usually require 10–20% depending on the lender and loan size.

Question 8

Is FHA financing realistic in San Anselmo?

Accepted Answer

It's possible for lower-priced properties, but Marin prices often exceed FHA loan limits. We'll check limits and run the numbers before you assume it won't work.

Question 9

What is a DSCR loan and who uses it here?

Accepted Answer

DSCR stands for Debt Service Coverage Ratio. Investors use it to qualify based on rental income rather than personal income. Popular for Marin rental properties.

Question 10

Can I get a VA loan to buy in San Anselmo?

Accepted Answer

Absolutely. VA loans have no loan limit for eligible veterans with full entitlement. That makes VA a strong option even at Marin price points.

Question 11

What is a bridge loan and when does it make sense?

Accepted Answer

A bridge loan lets you tap your current home's equity to buy before you sell. It's common in San Anselmo when sellers won't accept contingency offers.

Question 12

What is an asset depletion loan?

Accepted Answer

Lenders calculate income by dividing your liquid assets over your loan term. Retired buyers with large portfolios but low W-2 income use this frequently.

Question 13

Are interest-only loans available in San Anselmo?

Accepted Answer

Yes. Interest-only loans lower your monthly payment during the initial period. They work well for high-income buyers who want to preserve cash flow.

Question 14

What is a portfolio ARM loan?

Accepted Answer

Portfolio ARMs are adjustable-rate loans held by the lender, not sold to the secondary market. They often have flexible underwriting for complex borrower profiles.

Question 15

How long does it take to close a mortgage in San Anselmo?

Accepted Answer

Standard purchase loans close in 21–30 days. Jumbo and non-QM loans can take 30–45 days. Get your docs in early — that's what slows most deals.

Question 16

What documents do I need to apply for a mortgage?

Accepted Answer

Expect to provide two years of tax returns, recent pay stubs, two months of bank statements, and a government-issued ID. Self-employed borrowers have different requirements.

Question 17

What are typical closing costs in Marin County?

Accepted Answer

Closing costs generally run 2–3% of the loan amount. In Marin, that's a significant dollar figure given local price points — budget carefully.

Question 18

What is PMI and when do I have to pay it?

Accepted Answer

PMI is private mortgage insurance. It kicks in when you put less than 20% down on a conventional loan. It cancels once you hit 20% equity.

Question 19

Do jumbo loans require PMI?

Accepted Answer

Most jumbo lenders don't charge PMI, but they'll require a larger down payment instead. Some programs allow 10% down without PMI on jumbo loans.

Question 20

What is a HELOC and can I get one in San Anselmo?

Accepted Answer

A HELOC is a home equity line of credit. Marin homeowners with significant equity can access funds for renovations, investments, or other purchases.

Question 21

Can I do a cash-out refinance on a San Anselmo property?

Accepted Answer

Yes. If you have equity, a cash-out refi lets you pull funds while replacing your existing mortgage. Jumbo cash-out programs are available for higher-value homes.

Question 22

What is a construction loan and how does it work?

Accepted Answer

Construction loans fund a build in stages as work is completed. They convert to a permanent mortgage at project completion. Marin has strict permitting — factor that into your timeline.

Question 23

What is a 1099 loan?

Accepted Answer

1099 loans qualify independent contractors and freelancers using their 1099 income instead of tax returns. Common for Marin's large self-employed population.

Question 24

What is a profit and loss loan?

Accepted Answer

Lenders accept a CPA-prepared P&L statement in place of tax returns. This works for business owners who write off significant expenses and show low taxable income.

Question 25

What is an ITIN loan?

Accepted Answer

ITIN loans serve borrowers who have an Individual Taxpayer Identification Number but no Social Security number. Non-citizens can buy property in San Anselmo this way.

Question 26

Are Foreign National loans available in Marin County?

Accepted Answer

Yes. Foreign nationals can purchase property in San Anselmo without U.S. credit history. Down payment requirements are typically higher — often 30% or more.

Question 27

What is a reverse mortgage and who qualifies?

Accepted Answer

Reverse mortgages are for homeowners 62 and older. You access your home equity without monthly payments. Marin's high home values make this especially impactful.

Question 28

Are USDA loans available in San Anselmo?

Accepted Answer

No. USDA loans require rural or suburban eligibility. San Anselmo falls outside USDA's eligible zones. FHA or conventional are better fits here.

Question 29

What debt-to-income ratio do I need to qualify?

Accepted Answer

Most conventional lenders cap DTI at 45%. FHA can stretch to 50% with strong compensating factors. Jumbo lenders are often stricter — 43% is common.

Question 30

How does a mortgage broker differ from a bank?

Accepted Answer

A broker shops your loan across hundreds of lenders. A bank only offers their own programs. In a market like San Anselmo, that access matters.

Question 31

What is an adjustable-rate mortgage (ARM)?

Accepted Answer

An ARM has a fixed rate for an initial period, then adjusts periodically. On a high loan amount, the initial payment savings can be substantial. Rates vary by borrower profile and market conditions.

Question 32

Is a 30-year fixed or an ARM better in San Anselmo?

Accepted Answer

Depends on your timeline. If you plan to move or refinance within 7 years, an ARM's lower initial rate saves real money on a jumbo balance.

Question 33

What is pre-approval and how is it different from pre-qualification?

Accepted Answer

Pre-qualification is a quick estimate. Pre-approval means a lender has reviewed your documents and credit. Sellers in San Anselmo expect a full pre-approval letter.

Question 34

How many bank statements do I need for a bank statement loan?

Accepted Answer

Most bank statement lenders require 12 or 24 months. They average your deposits to calculate qualifying income. Business and personal accounts are handled differently.

Question 35

Can I buy investment property in San Anselmo with a DSCR loan?

Accepted Answer

Yes. If the rental income covers the mortgage payment at a 1.0 or higher DSCR ratio, many lenders will approve it with no personal income verification.

Question 36

What are mortgage points and should I buy them?

Accepted Answer

One point equals 1% of the loan amount paid upfront to lower your rate. On a jumbo loan, buying points can generate significant long-term savings if you hold the loan.

Question 37

How does the appraisal process work in San Anselmo?

Accepted Answer

A licensed appraiser determines the property's market value. In a unique market like Marin, finding strong comps matters — low appraisals can derail deals.

Question 38

Can I lock my rate before I find a home?

Accepted Answer

Some lenders offer float-to-lock or extended lock programs. In a competitive market, locking early can protect you — but extensions cost money if your deal delays.

Question 39

What is an equity appreciation loan?

Accepted Answer

This program lets lenders share in a property's future appreciation in exchange for better loan terms today. It can work for buyers who are equity-rich but cash-light.

Question 40

What is a hard money loan and when would I use one?

Accepted Answer

Hard money loans close fast and skip traditional underwriting. Investors use them for flips or time-sensitive purchases. Rates are high — they're a short-term tool.

San Anselmo Mortgage FAQs — Real Answers From Your Broker