Roseville Mortgage FAQs: Your Questions Answered by Local Brokers

FHA loans accept 580 credit scores with 3.5% down. Conventional loans typically need 620 minimum, though better rates start at 680.

You can put as little as 3% down on conventional loans or 3.5% on FHA. Larger down payments reduce your monthly cost and may eliminate PMI at 20%.

Your housing payment should stay under 28% of gross monthly income for conventional loans. Total debt including car and student loans should stay under 43%.

Yes. Bank statement loans use 12-24 months of deposits instead of tax returns. We also offer profit and loss statement loans for business owners.

W-2 buyers need two years of tax returns, recent pay stubs, and two months of bank statements. Self-employed borrowers need 12-24 months of bank statements or P&L documents.

Most conventional and FHA loans close in 21-30 days. Bank statement and DSCR loans may take 30-45 days due to additional underwriting.

Pre-qualification estimates what you might afford based on quick facts. Pre-approval involves full credit and income verification, giving sellers confidence you can close.

FHA accepts lower credit scores and requires less down. Conventional loans have cheaper monthly PMI and allow higher debt ratios if your credit is strong.

Expect 2-5% of the purchase price for lender fees, title, escrow, and prepaid items. On a $600K home, that's $12K-$30K depending on your loan type.

Yes. Sellers can contribute up to 3% on FHA loans and 3-9% on conventional depending on your down payment amount.

PMI protects lenders when you put less than 20% down. Avoid it by putting 20% down or using a piggyback second mortgage structure.

No. Rates are set by lenders nationally and adjusted for credit, loan type, and down payment. Location affects property taxes and insurance, not your rate.

DSCR loans approve you based on rental income from the property, not your personal income. Investors buying Roseville rentals use these frequently.

Yes. DSCR loans require no income verification if the property's rent covers the mortgage payment. We need 15-25% down depending on credit.

Bank statement loans use 12-24 months of business or personal deposits to calculate income. Self-employed borrowers who write off income use these instead of conventional loans.

If you're active military, a veteran, or qualifying spouse, yes. VA loans require no down payment and no PMI regardless of credit score.

Jumbo loans exceed conforming limits of $806,500 in Placer County. Roseville homes priced above that threshold require jumbo financing with stricter qualification standards.

Yes. FHA and conventional loans allow gifted funds from family members. You'll need a gift letter stating the money doesn't require repayment.

ARMs start with lower rates that adjust after 3, 5, 7, or 10 years. They make sense if you plan to sell or refinance before adjustment.

Lenders divide your monthly debts by gross income. Conventional loans allow up to 50% DTI with strong credit; FHA goes slightly higher.

Yes. FHA 203(k) and conventional renovation loans let you finance purchase and repairs in one loan. Hard money works for quick flips.

Conventional investor loans require 15-25% down depending on credit and property count. DSCR loans need similar amounts based on rental income coverage.

You pay only interest for 5-10 years, then principal and interest after. These help investors maximize cash flow or buyers expecting income increases.

Yes. ITIN loans are available for borrowers without Social Security numbers. Expect 15-20% down and slightly higher rates than conventional.

Points let you pay upfront to lower your rate. Each point costs 1% of the loan and typically drops your rate 0.25%. Worth it if you keep the loan 5+ years.

Placer County property taxes run about 1.1% annually. On a $600K home, expect roughly $550 monthly in taxes added to your mortgage payment.

Bridge loans let you buy before selling your current home. They're short-term with higher rates, useful in competitive markets when you can't wait.

Most lenders require 6-12 months of payment history before refinancing. Cash-out refinances typically need 12 months regardless of rate improvement.

Fixed rates never change over 15 or 30 years. Adjustable rates start lower but change after the initial fixed period based on market indexes.

FHA allows higher debt ratios but requires mortgage insurance. VA offers the most purchasing power with no down payment. Conventional balances flexibility and cost.

Denials usually stem from credit, income, or appraisal issues. We review denial reasons and often find alternative loan programs that fit your situation.

Yes. Foreign national loans require 20-30% down and don't need U.S. credit history or Social Security numbers. Rates run slightly higher than conventional.

A home equity line of credit lets you borrow against equity as needed. Useful for renovations or debt consolidation if you have 15-20% equity built up.

HOA dues count toward your debt-to-income ratio. High fees in Roseville communities can reduce how much home you qualify for on any loan type.

Lock if you're comfortable with the rate and closing within 30-45 days. Floating makes sense only if you can close quickly when rates drop.