Tiburon Mortgage FAQs: Your Questions Answered by Local Brokers

Jumbo loans typically require 20% down for primary residences. Second homes in Tiburon usually need 25-30% down depending on the lender.

No. Tiburon's median prices exceed the 2024 conforming limit of $766,550 for Marin County. You'll need jumbo financing for most properties here.

Most jumbo lenders require 700 minimum. For the best rates and terms, aim for 740 or higher.

Waterfront homes require specialized appraisals and higher reserves. Lenders typically want 12-18 months of payments in the bank after closing.

Yes. Self-employed buyers often use 12 or 24-month bank statements instead of tax returns. Down payment requirements start at 20%.

You'll need 60 days of bank statements, two years of tax returns, pay stubs, and proof of all asset sources. Jumbo loans require thorough documentation.

Plan for 30-45 days on jumbo loans. Cash-out refinances and complex income situations add another week or two.

Yes. Many jumbo lenders offer 10-year interest-only periods. You'll need strong credit and larger down payments to qualify.

Most lenders cap DTI at 43%. High earners with significant assets can sometimes push to 45% with compensating factors.

No. Second homes require 25-30% down on jumbo loans. Primary residences start at 20% but rarely lower.

Yes. Lenders review HOA financials, reserve funds, and litigation history. Waterfront condo complexes face stricter scrutiny on flood insurance and maintenance.

Expect 2-3% of purchase price. On a $2M home, that's $40,000-$60,000 including title, escrow, appraisal, and lender fees.

Depends on how long you'll keep the loan. One point costs 1% of loan amount and typically drops your rate 0.25%. Break-even is usually 4-6 years.

Yes. Foreign national loans require 30-40% down and use a different approval process. We work with several lenders who specialize in these.

FHA allows 3.5% down but caps at $766,550 in Marin. Conventional goes to the same limit with 5% down but better rates for strong credit.

Most waterfront properties require it. Lenders mandate flood insurance if your home sits in a FEMA-designated flood zone.

Yes. Immediate family can gift funds with a signed letter. Jumbo loans may limit gift funds to 20% of the down payment.

Retirees with investment accounts but no W-2 income qualify by dividing assets by 360 months. You need substantial liquid assets to make this work.

7/1 and 10/1 ARMs often beat fixed rates by 0.5-0.75%. Makes sense if you'll sell or refinance within the fixed period.

Lenders average your last two years of net income from tax returns. Bank statement and P&L loans offer alternatives if your returns show low income.

Yes. ITIN loans require 15-20% down and verified income. Not all lenders offer them, but we have access to several who do.

Our lenders go up to $20M on jumbo loans. Above $5M, expect more documentation and stricter qualification criteria.

Usually yes. Lenders require full appraisals on jumbo refinances. Desktop appraisals rarely work in this price range.

Investment property loans based on rental income, not your personal income. The property's rent must cover 1.0-1.25 times the mortgage payment.

On jumbo loans, no. You'll need 20% down to avoid mortgage insurance. Conforming loans under $766,550 offer PMI removal options.

Bridge loans let you access home equity before your current house sells. Terms run 6-12 months with rates 2-3% above standard mortgages.

Pre-qualification is an estimate. Pre-approval means we've verified your income, assets, and credit. Tiburon sellers only take pre-approved buyers seriously.

Yes, up to $766,550 with no down payment for eligible veterans. Above that limit, you'll cover the difference in cash.

Property taxes run roughly 1.2% annually in Tiburon. On a $2M home, that's $24,000 per year or $2,000 per month in your payment.

Most lenders require a property address. Some offer float-down options if rates drop during your 30-60 day lock period.

Portfolio lenders hold these loans instead of selling them. They offer more flexibility on income documentation and higher loan amounts than standard ARMs.

Yes. Construction loans cover land purchase and building costs. You'll need 20-25% down and detailed builder contracts before approval.

Look at APR, not just rate. Compare closing costs, lock periods, and prepayment penalties. We shop 200+ lenders to find your best fit.

Banks offer one product. Brokers access hundreds of lenders and programs. We match your situation to the best rate and terms available.

Yes. Lenders count 75% of verified rental income from investment properties. You'll need lease agreements and two years of landlord history.