Moreno Valley Mortgage FAQs - Your Complete Home Loan Guide

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

You need steady income, decent credit, and money for down payment. Each loan type has different requirements. We review your situation to find the best fit.

FHA loans are government-backed mortgages with lower down payments. You can put down as little as 3.5%. They work well for first-time buyers.

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

Conventional loans are not government-backed. They typically require 3-20% down and good credit. They often have competitive rates for qualified buyers.

USDA loans may be available in eligible Moreno Valley areas. They require no down payment for qualifying rural properties. Income limits apply based on household size.

Jumbo loans exceed conforming loan limits set by federal agencies. They finance higher-priced homes in Moreno Valley. Stricter credit and reserve requirements typically apply.

Down payments vary by loan type, from 0% to 20% or more. FHA requires 3.5%, conventional typically 3-5%, VA and USDA allow zero down. Larger down payments reduce monthly costs.

Minimum credit scores vary by loan type. FHA allows scores as low as 580. Conventional loans typically need 620 or higher for best terms.

Bank Statement loans use your bank deposits to verify income. They work great for self-employed borrowers. Typically 12-24 months of statements are required.

Closing costs typically range from 2-5% of the loan amount. They include lender fees, title insurance, appraisal, and escrow charges. We provide detailed estimates upfront.

Yes, VA and USDA loans allow zero down payment for eligible buyers. Some conventional programs offer down payment assistance. Requirements vary by program and location.

Mortgage insurance protects the lender if you default. FHA loans require it regardless of down payment. Conventional loans need it with less than 20% down.

Pre-approval takes 1-3 days with proper documentation. Full approval typically takes 21-45 days from application to closing. Timeline depends on loan type and complexity.

DSCR loans are for investment properties based on rental income. No personal income verification is needed. The property's rent must cover the mortgage payment.

Yes, ITIN loans are available for non-citizens without Social Security numbers. You need valid identification and qualifying income. Down payment requirements may be higher.

Fixed-rate mortgages keep the same interest rate for the entire loan term. Monthly payments remain predictable and stable. Common terms are 15 or 30 years.

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

15-year loans build equity faster with less total interest paid. 30-year loans have lower monthly payments. Your choice depends on budget and financial goals.

Bridge loans provide short-term financing between property purchases. They help when you need to buy before selling. Terms typically last 6-12 months.

Yes, we offer multiple programs for self-employed buyers. Bank Statement, 1099, and Profit & Loss loans are available. These programs use alternative income documentation.

1099 loans are for independent contractors and freelancers. They use your 1099 income forms instead of tax returns. Typically 12-24 months of 1099s are needed.

You need ID, pay stubs, tax returns, and bank statements. Self-employed borrowers may need additional business documentation. We provide a complete checklist for your loan type.

Yes, refinancing can lower your rate or access home equity. Options include rate-and-term or cash-out refinancing. We evaluate if refinancing saves you money.

Cash-out refinancing converts home equity into cash. You get a new larger loan and pocket the difference. Use funds for improvements, debt, or investments.

HELOCs let you borrow against home equity as needed. They work like a credit card with your home as collateral. Interest rates are typically variable.

Interest-only loans require only interest payments for an initial period. Principal payments begin after the interest-only period ends. They lower initial monthly payments significantly.

Hard money loans are short-term, asset-based financing. They fund quickly for investors and fix-and-flip projects. Interest rates are higher than traditional mortgages.

Asset depletion loans qualify you using retirement accounts and investments. Your assets are divided by the loan term for income calculation. Great for retirees with substantial assets.

Yes, Foreign National loans are available for non-U.S. citizens. Valid passport and visa documentation are required. Down payment requirements are typically higher.

Pre-approval is lender verification of your finances and creditworthiness. It shows sellers you're a serious buyer. Pre-approval strengthens your purchase offer.

Property taxes are collected annually based on assessed home value. They're typically included in your monthly mortgage payment through escrow. Rates vary by specific location and districts.

Construction loans finance building a new home from the ground up. Funds are released in stages as construction progresses. They typically convert to permanent mortgages after completion.

Investor loans finance rental properties and investment real estate. They have different qualification requirements than primary residence loans. DSCR loans are popular for investors.

Reverse mortgages let seniors 62+ access home equity without monthly payments. The loan is repaid when you sell or move out. You must maintain the property and pay taxes.

Yes, we offer financing for second homes and vacation properties. Down payment and rate requirements differ from primary residences. You must occupy it part-time.

Discount points are prepaid interest that lowers your mortgage rate. One point equals 1% of the loan amount. They make sense if you plan long-term ownership.

Rental income can help you qualify for a mortgage. Lenders typically count 75% of expected rent as qualifying income. Documentation requirements vary by loan type.

A rate lock guarantees your interest rate for a specified period. It protects you from rate increases during loan processing. Lock periods typically range 30-60 days.

Brokers access multiple lenders and loan programs for better options. We shop rates and terms to find your best deal. Our local expertise serves Riverside County buyers.