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Loomis Mortgage FAQ
Loomis buyers face unique challenges in Placer County's competitive market. We answer the questions we hear most often from borrowers shopping here.
With access to 200+ lenders, we see what actually gets approved in this price range. These answers reflect that real-world experience.
From rural properties to newer developments, Loomis requires different loan approaches than neighboring cities. Here's what works.
Most conventional loans require 620 minimum, though 680+ gets better rates. FHA accepts 580 with 3.5% down or 500 with 10% down.
Conventional loans allow 3% down for primary homes. Putting 20% down eliminates PMI and strengthens offers in competitive situations.
Some rural areas of Loomis may qualify for USDA financing with zero down. Check specific property addresses against USDA eligibility maps.
Standard purchase loans close in 21-30 days. Cash-out refinances take 30-45 days due to additional underwriting requirements.
Yes, many Loomis homes exceed conforming limits. Jumbo loans typically require 680+ credit and 10-20% down depending on loan amount.
Absolutely. Self-employed buyers use 12 or 24 months of bank statements instead of tax returns to qualify based on deposits.
Bring two years of tax returns, recent pay stubs, two months of bank statements, and photo ID. Self-employed borrowers need business bank statements too.
Placer County base tax rate is around 1.1% of purchase price. Mello-Roos and special assessments vary by specific Loomis neighborhood.
Properties over 10 acres face stricter guidelines. Some lenders won't finance them at all, while others require 20-25% down.
FHA allows lower credit scores and 3.5% down but charges mortgage insurance for life on most loans. Conventional drops PMI at 20% equity.
Yes, conventional investment loans allow 15% down for single-family rentals. DSCR loans focus on rental income instead of personal income.
Expect 2-5% of purchase price for closing costs. This includes lender fees, title insurance, escrow fees, and prepaid property taxes.
Only if you'll keep the loan 5+ years. Each point costs 1% of loan amount and typically reduces rate by 0.25%.
Yes, most loans allow gifted down payments from family. You'll need a signed gift letter stating the funds don't require repayment.
DSCR loans qualify you based on rental income, not W-2 income. They work well for investors with multiple properties or limited tax returns.
Total monthly debts shouldn't exceed 43-50% of gross income for most loans. This includes your future mortgage, car payments, and credit cards.
Yes, ITIN loans allow borrowers without Social Security numbers to qualify. Rates run slightly higher than conventional loans.
Veterans get zero down payment, no PMI, and lower rates. VA loans also have more flexible credit and income requirements than conventional.
15-year loans save interest long-term but cost $600-800 more monthly per $100K borrowed. Choose based on cash flow, not just savings.
Yes, construction loans fund the build then convert to permanent financing. Expect 20% down and detailed builder contracts upfront.
ARMs offer lower initial rates that adjust after 3, 5, 7, or 10 years. They work best if you'll sell or refinance before adjustment.
They review two years of personal and business tax returns, calculating average net income. Bank statement loans offer alternatives using deposits.
Yes, request PMI removal at 20% equity based on original value or current appraised value if home appreciated significantly.
Bridge loans let you buy before selling your current home. They're expensive but solve timing problems in competitive markets.
Yes, HOA dues count as monthly debt in your debt-to-income ratio. High HOA fees reduce your maximum loan amount.
FHA 203k and conventional renovation loans fund both purchase and repairs. They require contractor bids and detailed project plans upfront.
Pre-qualification is an estimate based on what you tell us. Pre-approval involves credit checks and document verification—it carries weight with sellers.
Lenders count 0.5-1% of the balance as monthly payment if loans are deferred. Active payments count at their actual monthly amount.
Yes, HELOC funds can cover down payments on investment properties. You'll need 15-25% down total depending on loan type.
Wait 2-4 years for FHA, 4-7 years for conventional depending on circumstances. Some portfolio lenders consider applications sooner.
Yes, for qualified borrowers with strong credit and income. Interest-only periods typically last 10 years before full amortization begins.
Rate locks guarantee your rate for 30-60 days while your loan processes. Longer locks cost more but protect against rate increases.
Yes, foreign national loans require 30-40% down and don't need US credit history. Rates run 0.5-1% higher than conventional loans.
These loans qualify you using investment accounts divided by 360 months as income. They work well for retirees with assets but limited W-2 income.
Refinancing makes sense if you'll save at least 0.75% in rate and keep the loan long enough to recover closing costs.
W-2 income, rental income, and business income each require different documentation. We calculate stability and consistency across all sources.
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.