Adelanto Mortgage FAQ: Your Complete Home Financing Guide

We offer 25+ loan types including Conventional, FHA, VA, USDA, Jumbo, and specialty programs. Options include Bank Statement Loans, DSCR Loans, and ITIN Loans for unique situations.

Qualification depends on credit score, income, debt-to-income ratio, and down payment. Each loan type has different requirements. We'll help you find the best program for your profile.

Minimum credit scores vary by loan type. FHA loans may accept scores as low as 580. Conventional loans typically require 620 or higher.

Down payments range from 0% to 20% depending on the loan type. VA and USDA loans offer zero down. Conventional loans can start at 3%.

A conventional loan is not backed by the government. It typically requires good credit and at least 3% down. Private mortgage insurance may be required below 20% down.

FHA loans are government-insured mortgages with lower credit requirements. They allow down payments as low as 3.5%. Mortgage insurance is required for the loan term.

Yes, VA loans are available for eligible veterans and active military. They offer zero down payment and no mortgage insurance. Rates vary by borrower profile and market conditions.

USDA loans support rural homebuyers with zero down payment options. Some areas of San Bernardino County may qualify. Income limits apply based on household size.

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

Yes, we offer Bank Statement Loans, 1099 Loans, and Profit & Loss Statement Loans. These programs use alternative income documentation for self-employed borrowers.

Bank Statement Loans use 12-24 months of bank deposits to verify income. They're ideal for self-employed borrowers without traditional tax returns. Higher rates may apply.

DSCR loans are for investment properties based on rental income, not personal income. No tax returns or employment verification required. Perfect for real estate investors.

Yes, Foreign National Loans are available for non-U.S. citizens buying property. Larger down payments are typically required. Valid passport and visa documentation needed.

ITIN Loans serve borrowers without Social Security numbers who have taxpayer IDs. Credit history and income verification are still required. Down payment requirements vary.

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

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

Sometimes you can finance closing costs depending on loan type and property value. This increases your loan amount and monthly payment. Ask about seller concessions too.

PMI protects lenders when you put down less than 20% on conventional loans. It adds to your monthly payment. You can request removal once you reach 20% equity.

Pre-approval takes 1-3 days with proper documentation. Full loan processing averages 30-45 days. Timeline varies based on loan complexity and appraisal scheduling.

Typical documents include pay stubs, tax returns, bank statements, and ID. Self-employed borrowers may need additional business documentation. Requirements vary by loan type.

Yes, options exist for lower credit scores. FHA loans are more flexible with credit challenges. We also offer specialty programs for unique credit situations.

Bridge Loans provide short-term financing between buying and selling homes. They help with down payments before your current home sells. Higher rates apply for short-term use.

Yes, Construction Loans finance building new homes or major renovations. They convert to permanent mortgages after construction completes. Larger down payments are typically required.

Reverse Mortgages let homeowners 62+ convert home equity to cash. No monthly payments required while living there. Loan repaid when you move or pass away.

Yes, Home Equity Lines of Credit use your home equity as revolving credit. You draw funds as needed during the draw period. Interest rates are typically variable.

Home Equity Loans provide lump-sum cash using your home equity. They have fixed rates and set repayment terms. Second lien position behind your primary mortgage.

Investor Loans finance rental properties and investment real estate. Qualification focuses on property cash flow and your experience. Higher down payments than owner-occupied homes.

Interest-Only Loans require only interest payments for an initial period. Principal payments begin after the interest-only term ends. Monthly payments increase significantly after conversion.

Yes, Hard Money Loans provide fast financing based on property value. They're short-term solutions for fix-and-flip projects. Higher rates and fees apply for speed and flexibility.

Asset Depletion Loans qualify you based on savings and investments, not income. Total assets are divided to calculate qualifying income. Ideal for retirees with substantial assets.

Yes, pre-approval shows sellers you're a serious buyer with verified financing. It strengthens your offer in competitive situations. The process takes just a few days.

Pre-qualification is an informal estimate based on stated information. Pre-approval involves document verification and credit checks. Pre-approval carries much more weight with sellers.

Yes, we finance second homes and vacation properties. Different requirements apply than primary residences. Down payments are typically higher for second homes.

Rates depend on credit score, down payment, loan type, and market conditions. Your employment history and debt ratios also factor in. Rates vary by borrower profile and market conditions.

Yes, rate locks protect you from increases during processing. Lock periods typically range from 30 to 60 days. Extended locks may cost extra but provide security.

Community Mortgages offer flexible qualifying standards for specific communities. They may include down payment assistance or reduced requirements. Eligibility depends on location and income.

30-year loans have lower monthly payments but more interest paid overall. 15-year loans build equity faster with higher payments. Consider your budget and financial goals.

Yes, we offer refinancing to lower rates, change terms, or cash out equity. Benefits depend on current rates versus your existing loan. Rates vary by borrower profile and market conditions.

Lenders divide your monthly debts by gross income to assess affordability. Most programs prefer ratios below 43% to 50%. Lower ratios improve your approval chances and rates.

Closing finalizes your home purchase with document signing and fund transfer. You'll review and sign loan documents and pay closing costs. You receive keys after recording completes.