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Yorba Linda Mortgage FAQ
Yorba Linda offers beautiful homes in Orange County's premier neighborhoods. Our mortgage brokers help you find the right loan for your needs.
We offer over 25 loan programs for every buyer and homeowner. From first-time buyers to seasoned investors, we have solutions that work.
Getting pre-approved is your first step to homeownership. Our team guides you through every part of the mortgage process.
We offer over 25 loan types including Conventional, FHA, VA, Jumbo, and specialty programs. Rates vary by borrower profile and market conditions. Our team helps match you with the best option.
Submit income, asset, and credit documents to your lender. Pre-approval takes 24-48 hours typically. This shows sellers you're a serious buyer.
FHA loans accept scores as low as 580. Conventional loans typically require 620 or higher. Better scores unlock better rates and terms.
Down payments range from 0% to 20% depending on loan type. VA and USDA loans offer zero down. FHA requires just 3.5% down.
Closing costs typically run 2-5% of the loan amount. This includes lender fees, title insurance, and escrow charges. Some costs can be negotiated with sellers.
Conventional loans are not government-backed and follow Fannie Mae or Freddie Mac guidelines. They typically require 3-20% down. These loans work well for buyers with good credit.
FHA loans are government-insured mortgages with lower down payments. They accept lower credit scores than conventional loans. Great option for first-time buyers.
VA loans offer 0% down for eligible veterans and service members. No mortgage insurance is required. This is one of the best programs available.
Jumbo loans exceed conforming loan limits set by Fannie Mae. They typically require larger down payments and stronger credit. Rates vary by borrower profile and market conditions.
USDA loans offer 0% down for eligible rural and suburban properties. Income limits apply based on household size. Check if your Yorba Linda property qualifies.
Bank statement loans use deposits instead of tax returns for income verification. Perfect for self-employed borrowers. Typically require 12-24 months of statements.
DSCR loans qualify based on rental property income, not personal income. Ideal for real estate investors. No tax returns or W2s needed.
Bridge loans provide short-term financing between buying and selling homes. They offer quick funding for competitive situations. Terms typically last 6-12 months.
ARMs start with lower rates that adjust after an initial fixed period. Common terms are 5/1, 7/1, or 10/1. Good for buyers planning to move soon.
HELOCs let you borrow against your home equity as needed. Interest rates are variable and only charged on what you use. Great for ongoing expenses.
Home equity loans provide a lump sum using your home as collateral. Fixed rates and predictable monthly payments. Useful for large one-time expenses.
Reverse mortgages let homeowners 62+ convert equity into cash. No monthly payments required while living in the home. Repayment occurs when you sell or move.
1099 loans use 1099 income statements for self-employed borrowers. Easier documentation than traditional loans. Designed for independent contractors and freelancers.
Asset depletion loans qualify you based on savings and investments. Great for retirees or those with significant assets. Income is calculated from total assets.
ITIN loans serve borrowers without Social Security numbers. You can qualify with an Individual Taxpayer Identification Number. Documentation requirements vary by lender.
Most loans close in 21-30 days from offer acceptance. Cash-out refinances may take slightly longer. Your lender provides timeline updates throughout the process.
Paying points makes sense if you plan to keep the loan long-term. Each point costs 1% of the loan amount. Calculate your break-even point before deciding.
PMI protects lenders when down payments are below 20%. Conventional loan PMI can be removed later. FHA loans have mortgage insurance for the loan term.
Yes, student loans are factored into your debt-to-income ratio. Lenders consider monthly payment amounts in their calculations. Good income and credit still qualify you.
DTI compares monthly debt payments to gross monthly income. Most loans require DTI below 43-50%. Lower ratios improve your chances of approval.
Yes, many programs serve self-employed borrowers. Bank statement and P&L loans simplify the process. Documentation requirements vary by program.
Bring pay stubs, W2s, tax returns, and bank statements. Self-employed borrowers need additional business documentation. Your lender provides a complete checklist upfront.
Yes, most loan programs accept gift funds from family members. Donors must provide a gift letter confirming no repayment expected. Documentation of fund transfer is required.
Rate locks guarantee your interest rate for a specific period. Most locks last 30-60 days. Lock when you're comfortable with the rate offered.
Fixed rates stay the same for the entire loan term. ARMs offer lower initial rates but can adjust later. Choose based on how long you'll keep the home.
LTV compares your loan amount to the property value. Lower LTVs mean larger down payments. Better LTVs often qualify for better terms.
Yes, refinancing can lower your rate or tap into equity. Rate-and-term and cash-out options are available. Rates vary by borrower profile and market conditions.
An appraisal determines your property's market value. Lenders require this to ensure the home is worth the loan amount. Appraisals typically cost $500-800.
Origination fees cover lender processing costs. They typically range from 0.5% to 1% of loan amount. Some lenders offer no-fee options with higher rates.
Yes, we offer investor loans and DSCR programs. Investment properties require larger down payments than primary residences. Rental income can help you qualify.
Title insurance protects against ownership disputes or liens. Both lender and owner policies are available. This is a one-time fee paid at closing.
Property taxes are based on your purchase price. California limits annual increases to 2% under Proposition 13. Taxes are typically paid through escrow accounts.
Contact your lender immediately if you'll miss a payment. Late fees typically apply after 15 days. Multiple missed payments can lead to foreclosure proceedings.
Most mortgages allow early payoff without penalties. Check your loan documents for prepayment clauses. Extra payments reduce interest costs over time.
Escrow accounts hold funds for property taxes and insurance. Your lender pays these bills on your behalf. Monthly mortgage payments include escrow portions.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.