La Habra Mortgage Broker - Orange County Home Loans Made Simple

We offer conventional, FHA, VA, USDA, and jumbo loans in La Habra. Specialized options include bank statement loans, DSCR loans, and ITIN loans for unique situations.

You typically need stable income, acceptable credit, and funds for down payment. Rates vary by borrower profile and market conditions. Specific requirements depend on your chosen loan type.

A conventional loan is not backed by the government. It typically requires good credit and at least 3% down. These loans often have competitive rates for qualified buyers.

FHA loans allow down payments as low as 3.5%. They accept lower credit scores than conventional loans. These loans are popular with first-time homebuyers.

VA loans are for veterans, active military, and eligible spouses. They require no down payment and no mortgage insurance. You must obtain a Certificate of Eligibility.

USDA loans require no down payment for eligible rural properties. They have income limits and property location requirements. Check if your La Habra property qualifies.

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

Bank statement loans use deposits instead of tax returns for income verification. They're ideal for self-employed borrowers. Typically 12 to 24 months of statements are required.

DSCR loans are for investment properties based on rental income. They don't require personal income verification. The property's cash flow determines loan eligibility.

Yes, ITIN loans are available for borrowers without Social Security numbers. You'll need alternative credit documentation and income verification. Down payment requirements vary by lender.

Hard money loans are short-term, asset-based financing. They're secured by property value rather than credit. These are common for fix-and-flip investors.

Bridge loans provide temporary financing between home purchases. They help you buy before selling your current home. Terms are typically six to twelve months.

ARMs have rates that change after an initial fixed period. They often start lower than fixed-rate mortgages. Rates vary by borrower profile and market conditions.

Interest-only loans let you pay just interest for a set period. Principal payments begin later, increasing your monthly payment. These suit borrowers expecting income growth.

Down payments range from 0% to 20% or more. VA and USDA loans offer zero down. Conventional loans can start at 3% for qualified buyers.

Minimum scores vary by loan type, typically 580 to 620. FHA loans accept lower scores than conventional. Higher scores get better rates and terms.

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

Closing costs typically run 2% to 5% of the loan amount. They include appraisal, title, escrow, and lender fees. Ask for a detailed estimate early.

Sellers can contribute toward your closing costs in most cases. Some loan programs allow lender credits. Down payment assistance programs may be available for qualified buyers.

Pre-approval means a lender verified your finances and approved a loan amount. It strengthens your offer in competitive markets. Pre-approval typically lasts 60 to 90 days.

Most mortgages close in 30 to 45 days. Complex loans may take longer. Having organized documentation speeds up the process significantly.

You'll need pay stubs, tax returns, bank statements, and ID. Self-employed borrowers may need additional documentation. Your loan officer will provide a complete list.

Yes, self-employed borrowers have many options including bank statement loans. You may need two years of self-employment history. Alternative documentation programs are available.

These loans use P&L statements prepared by CPAs for income verification. They're designed for self-employed borrowers. Requirements are less stringent than traditional documentation.

Asset depletion loans qualify you based on liquid assets. They divide your assets by the loan term to calculate income. These suit retirees or high-net-worth borrowers.

These loans use 1099 forms to verify income for contract workers. They're ideal for gig economy workers and independent contractors. Documentation requirements are simplified.

Yes, foreign national loans are available for non-U.S. citizens. You'll need a valid visa or passport. Down payment requirements are typically higher.

Reverse mortgages let seniors 62+ borrow against home equity. No monthly payments are required during occupancy. The loan is repaid when you sell or move.

Home equity loans provide lump-sum cash using your home as collateral. They have fixed rates and set repayment terms. You must have sufficient equity.

HELOCs are revolving credit lines secured by your home. You draw funds as needed during the draw period. Rates are typically variable.

Construction loans finance building a new home in La Habra. They typically convert to permanent mortgages after completion. These require detailed building plans and budgets.

Investor loans finance rental or investment properties. They have different qualification requirements than primary residence loans. DSCR loans are a popular investor option.

Fixed rates provide payment stability for the entire term. ARMs offer lower initial rates but can adjust. Your choice depends on how long you plan to stay.

Portfolio ARMs are kept by lenders rather than sold. They offer flexible underwriting for unique situations. Terms and rates vary by lender.

Compare interest rates, APR, closing costs, and loan terms. Look at total costs over time, not just monthly payments. Rates vary by borrower profile and market conditions.

Yes, refinancing can lower your rate or access equity. You'll need sufficient equity and meet current lending standards. Consider closing costs versus potential savings.

DTI compares your monthly debt payments to gross income. Most lenders prefer DTI below 43% to 50%. Lower ratios improve your approval chances and rates.

Pay down debt, save for a larger down payment, and improve credit. Avoid major purchases before closing. Keep employment and finances stable throughout the process.

La Habra offers Orange County location with community charm. The city provides good schools and convenient freeway access. It's attractive for families and commuters alike.

Local brokers understand Orange County real estate markets. We have relationships with area lenders and real estate professionals. Personalized service helps navigate your unique situation.