Irvine Mortgage FAQs: Your Complete Guide to Home Financing in Orange County

We offer 25+ loan types including Conventional, FHA, VA, Jumbo, and USDA loans. Specialized options include Bank Statement, DSCR, and Foreign National loans. Rates vary by borrower profile and market conditions.

A conventional loan is not backed by the government. It typically requires good credit and a down payment. These loans often have competitive rates and flexible terms.

FHA loans are government-backed and require lower down payments. They allow credit scores as low as 580 with 3.5% down. Mortgage insurance is required for the loan term.

VA loans serve active military, veterans, and eligible spouses. They offer zero down payment and no mortgage insurance. You must meet service requirements and obtain a Certificate of Eligibility.

Jumbo loans exceed conforming loan limits set by federal agencies. They're common in Irvine due to higher home prices. Expect stricter credit and reserve requirements.

Yes, we offer Bank Statement, 1099, and Profit & Loss loans. These use bank deposits or income statements instead of tax returns. Rates vary by borrower profile and market conditions.

DSCR loans qualify you based on rental income, not personal income. They're ideal for real estate investors buying rental properties. No tax returns or employment verification needed.

Bank Statement loans use 12-24 months of bank deposits to verify income. They're perfect for self-employed borrowers with complex tax returns. Down payments typically start at 10%.

Foreign National loans help non-U.S. citizens purchase Irvine property. No Social Security number or U.S. credit history required. Expect larger down payments, typically 30-40%.

ITIN loans use an Individual Taxpayer Identification Number instead of a Social Security number. They help non-citizens establish homeownership. Credit history and income verification are still required.

ARMs have interest 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.

Bridge loans provide short-term financing between buying and selling homes. They let you purchase before your current home sells. Terms typically last 6-12 months with higher rates.

Fixed rates stay the same for the loan term, providing payment stability. ARMs offer lower initial rates but can adjust higher later. Choose based on how long you'll keep the home.

Minimum scores vary by loan type, from 580 for FHA to 680+ for jumbo loans. Higher scores unlock better rates and terms. Rates vary by borrower profile and market conditions.

Down payments range from 0% for VA loans to 20% or more for jumbo loans. FHA requires just 3.5% down, conventional loans 3-20%. Investment properties typically need 15-25% down.

Mortgage insurance protects lenders if you default on your loan. It's required for conventional loans with less than 20% down. FHA loans require mortgage insurance regardless of down payment.

Closing costs typically run 2-5% of the purchase price. They include appraisal, title, escrow, and lender fees. Some costs can be negotiated with the seller.

Yes, we offer Asset Depletion, Bank Statement, and DSCR loans. These programs verify income through alternative documentation. They're ideal for self-employed or investment property buyers.

Asset Depletion loans qualify you based on your savings and investments. Your assets are divided over the loan term to calculate income. No employment or tax return verification needed.

Interest-only loans let you pay just interest for a set period. Principal payments begin after the interest-only period ends. They offer lower initial payments but higher long-term costs.

A HELOC lets you borrow against your home's equity as needed. It works like a credit card with a revolving credit line. Interest rates are typically variable.

Home Equity Loans provide a lump sum with fixed payments. HELOCs offer revolving credit you can draw from repeatedly. Both use your home as collateral.

Investor loans finance rental and investment properties in Irvine. They typically require larger down payments and reserves. DSCR loans qualify based on property income, not yours.

Yes, you can finance a second home or vacation property. You'll need to qualify for both mortgage payments simultaneously. Down payments typically start at 10% for second homes.

Construction loans finance building a new home in Irvine. Funds are disbursed in stages as construction progresses. They typically convert to permanent mortgages after completion.

Reverse mortgages let homeowners 62+ convert home equity to cash. No monthly payments are required during your lifetime. The loan is repaid when you sell or pass away.

USDA loans offer zero down payment for eligible rural properties. Irvine doesn't typically qualify due to its urban location. Check specific property eligibility with a loan officer.

Pre-approval takes 1-3 days with complete documentation. Full loan approval typically takes 30-45 days to close. Some programs like hard money close faster, within weeks.

Standard docs include pay stubs, tax returns, bank statements, and ID. Self-employed buyers may use bank statements or P&L statements instead. Requirements vary by loan program.

Yes, pre-approval strengthens your offer in competitive Irvine markets. It shows sellers you're a serious, qualified buyer. Pre-approval typically takes 1-3 business days.

DTI compares your monthly debt payments to gross monthly income. Most loans require DTI below 43-50%, though some allow higher. Lower DTI improves approval odds and rates.

Yes, FHA and Community Mortgages serve first-time buyers well. Low down payment options and flexible credit requirements available. Check with local housing authorities for additional assistance programs.

Portfolio ARMs are held by lenders rather than sold to investors. They offer more flexible qualification guidelines. Terms and rates are set by the individual lender.

Hard money loans are short-term, asset-based financing. They're common for fix-and-flip investors and quick purchases. Rates are higher but approval is faster than traditional loans.

Yes, refinancing can lower your rate or change loan terms. You can also cash out equity for other expenses. Rate and term refinances typically require an appraisal.

Credit score, down payment, loan type, and property type all impact rates. Market conditions and loan term also matter. Rates vary by borrower profile and market conditions.

Points let you prepay interest to reduce your rate. Each point costs 1% of the loan amount. They make sense if you'll keep the loan long enough to recoup costs.

Community Mortgages offer flexible down payment and credit requirements. They're designed to help underserved borrowers achieve homeownership. Income limits may apply in certain areas.

1099 loans use your Form 1099 income statements for qualification. They're ideal for contractors and gig workers. Recent 1099 forms replace traditional W-2 documentation.

Equity Appreciation loans involve shared equity with a lender or investor. They may offer lower payments in exchange for future appreciation. Terms and conditions vary significantly by program.