Buena Park Mortgage Broker - Expert Home Financing in Orange County

We offer 25+ loan types including conventional, FHA, VA, USDA, jumbo, and specialty programs. Options include bank statement loans, DSCR loans, and foreign national loans for diverse borrower needs.

You need stable income, acceptable credit, and sufficient down payment. Qualification requirements vary by loan type. Rates vary by borrower profile and market conditions.

Minimum scores vary by loan type. FHA loans may accept scores as low as 580. Conventional loans typically require 620 or higher for best rates.

Down payments range from 0% to 20% depending on loan type. VA and USDA loans offer zero down. Conventional loans typically require 3-20% down.

A conventional loan is not backed by the government. It typically requires good credit and at least 3% down. These loans follow Fannie Mae and Freddie Mac guidelines.

FHA loans are government-insured mortgages with lower down payment requirements. They accept lower credit scores. Borrowers pay mortgage insurance for the loan's life or duration.

VA loans offer zero down payment for eligible veterans and military members. They have no mortgage insurance and competitive rates. Rates vary by borrower profile and market conditions.

USDA loans are for rural areas. Buena Park generally does not qualify as it's an urban Orange County city. Check specific property eligibility with our team.

Jumbo loans exceed conforming loan limits set by Fannie Mae and Freddie Mac. They typically require larger down payments and stronger credit. Rates vary by borrower profile and market conditions.

Closing costs typically range from 2-5% of the loan amount. They include appraisal, title insurance, escrow fees, and lender charges. Some costs vary by lender and loan type.

Yes, several loan programs accept lower credit scores. FHA loans and specialty programs may help. Higher rates or larger down payments may apply.

Bank statement loans are for self-employed borrowers without traditional income documentation. Lenders review 12-24 months of bank statements. These help business owners and 1099 contractors qualify.

DSCR loans are for investment properties based on rental income. Personal income isn't required for qualification. The property's cash flow determines eligibility.

ARMs have rates that change after an initial fixed period. They often start with lower rates than fixed mortgages. Rates adjust based on market indexes plus a margin.

Fixed-rate mortgages maintain the same interest rate for the entire loan term. Monthly principal and interest payments remain constant. Terms typically range from 15 to 30 years.

30-year loans have lower monthly payments but higher total interest. 15-year loans build equity faster with less interest paid. Choose based on your budget and goals.

PMI protects lenders when down payments are below 20% on conventional loans. It adds to monthly payments. You can remove it once you reach 20% equity.

Yes, put down 20% or more on conventional loans. Alternatively, consider piggyback loans or lender-paid mortgage insurance. VA loans never require mortgage insurance.

Bridge loans provide short-term financing between home purchases. They help buyers purchase before selling their current home. Terms typically last 6-12 months with higher rates.

Home equity loans let you borrow against your home's equity. You receive a lump sum with fixed rates. They're ideal for large one-time expenses.

A HELOC is a revolving credit line secured by your home. Draw funds as needed during the draw period. Interest rates are typically variable.

Interest-only loans allow you to pay just interest for an initial period. Principal payments begin after the interest-only period ends. They offer lower initial payments but higher later payments.

Yes, we offer foreign national loans for non-U.S. citizens. These programs have specific documentation requirements. Down payments are typically higher than conventional loans.

ITIN loans are for borrowers without Social Security numbers. You qualify using an Individual Taxpayer Identification Number. These help non-citizens purchase homes legally.

Asset depletion loans qualify you based on liquid assets rather than income. Lenders calculate monthly income by dividing assets by loan term. Ideal for retirees or asset-rich borrowers.

Portfolio ARMs are held by lenders rather than sold to investors. They offer flexible underwriting guidelines. Terms and rates vary by lender's portfolio requirements.

Hard money loans are short-term loans based on property value. They're common for fix-and-flip investors or quick purchases. Rates are higher with shorter terms.

Construction loans finance building a new home. Funds disburse in stages as construction progresses. They typically convert to permanent mortgages upon completion.

Reverse mortgages let homeowners 62+ convert equity to income. No monthly payments are required. The loan is repaid when you sell or move out.

Pre-approval takes 1-3 days with complete documentation. Full underwriting and closing typically take 30-45 days. Timeline varies by loan type and borrower situation.

Bring recent pay stubs, W-2s, tax returns, and bank statements. Also provide ID and employment verification. Self-employed borrowers need additional business documentation.

A rate lock guarantees your interest rate for a specific period. Locks typically last 30-60 days during the closing process. This protects you from rate increases.

Yes, several programs cater to first-time buyers in Buena Park. FHA loans and community mortgages offer low down payments. We help you navigate available assistance programs.

LTV compares your loan amount to the property's value. It's calculated by dividing loan by home price. Lower LTV typically means better rates and terms.

Investor loans typically require larger down payments and higher rates. Qualification criteria are stricter. DSCR and portfolio loans are common options for rental properties.

Yes, 1099 loans are designed for independent contractors. They use 1099 forms instead of W-2s for income verification. These help gig workers and contractors qualify easier.

P&L loans use business profit and loss statements for qualification. Self-employed borrowers provide financial statements instead of tax returns. CPA preparation may strengthen your application.

Rates depend on credit, down payment, and loan type. You can shop lenders for better terms. Rates vary by borrower profile and market conditions.

Local brokers understand Orange County's market and requirements. They offer personalized service and multiple lender options. We provide expertise specific to Buena Park homebuyers.

DTI compares monthly debt payments to gross monthly income. Most loans require DTI below 43-50%. Lower DTI improves qualification chances and rates.