Fontana Mortgage FAQ - Your Complete Guide to Home Financing in San Bernardino County

We offer 25+ loan types including conventional, FHA, VA, USDA, jumbo, and investor loans. Specialized options include bank statement loans, DSCR loans, and ITIN loans. Rates vary by borrower profile and market conditions.

You need stable income, acceptable credit, and funds for down payment and closing costs. Minimum credit scores and down payments vary by loan type.

FHA loans are government-backed mortgages with lower down payment requirements. They allow down payments as low as 3.5% for qualified borrowers. Credit score requirements are often more flexible than conventional loans.

Conventional loans are not government-backed and typically require higher credit scores. Down payments range from 3% to 20% depending on the program. They often have competitive rates for well-qualified borrowers.

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

USDA loans offer zero down payment for eligible rural and suburban properties. Income limits and property location restrictions apply. Check if your Fontana property qualifies for this program.

Yes, we offer jumbo loans for properties exceeding conforming loan limits. These require stronger credit profiles and larger down payments. Rates vary by borrower profile and market conditions.

Bank statement loans use bank deposits to verify income instead of tax returns. They're ideal for self-employed borrowers and business owners. Typically require 12-24 months of bank statements.

DSCR loans qualify investors based on property cash flow, not personal income. The debt service coverage ratio compares rent to mortgage payment. Ideal for real estate investors building portfolios.

Yes, ITIN loans are available for borrowers without a Social Security number. You'll need an Individual Taxpayer Identification Number and meet other qualifying criteria. Down payment and documentation requirements apply.

Bridge loans provide short-term financing between buying a new home and selling your current one. They help you make non-contingent offers and avoid timing issues. Terms typically range from 6-12 months.

ARMs have interest rates that adjust periodically based on market indexes. Initial rates are often lower than fixed-rate mortgages. Rates vary by borrower profile and market conditions.

Fontana offers diverse housing options in San Bernardino County with good freeway access. The city provides family-friendly communities and growing amenities. Multiple loan programs make homeownership accessible.

Down payments vary by loan type, from 0% to 20% or more. FHA loans require as low as 3.5%, while conventional can start at 3%. VA and USDA offer zero-down options for eligible borrowers.

Closing costs typically range from 2% to 5% of the loan amount. They include appraisal, title insurance, escrow fees, and lender charges. Ask for a detailed Loan Estimate within three days of application.

Some loan programs allow financing closing costs into the loan amount. This increases your loan balance and monthly payment. Alternatively, you may negotiate seller concessions to cover costs.

Minimum credit scores vary by loan type, from 500 to 700+. FHA loans may accept scores as low as 580 with 3.5% down. Conventional loans typically require 620 or higher for best terms.

Lenders compare your monthly debts to gross income to assess affordability. Most programs prefer DTI ratios below 43% to 50%. Lower ratios improve approval chances and may secure better rates.

Mortgage insurance protects lenders when down payments are below 20%. FHA loans require both upfront and monthly premiums. Conventional PMI can be removed once you reach 20% equity.

Yes, we offer multiple programs for self-employed buyers including bank statement loans. Options include 1099 loans, profit and loss statement loans, and asset depletion loans. Documentation requirements vary by program.

1099 loans verify income using 1099 forms instead of full tax returns. They're designed for independent contractors and gig workers. Typically require 12-24 months of 1099 documentation.

Asset depletion loans qualify borrowers based on liquid assets rather than income. Your assets are divided over the loan term to calculate qualifying income. Ideal for retirees or those with significant savings.

Yes, we offer investor loans including DSCR, portfolio loans, and conventional investment property financing. Investment properties typically require larger down payments. Multiple financing strategies available for portfolio growth.

Hard money loans are short-term, asset-based financing for investors. They focus on property value rather than borrower credit. Typically used for fix-and-flip projects or time-sensitive purchases.

Yes, foreign national loans are available for non-U.S. citizens purchasing property. Larger down payments and specific documentation are required. No Social Security number needed for qualification.

HELOCs let you borrow against your home equity with a revolving credit line. You draw funds as needed during the draw period. Interest rates are typically variable.

Home equity loans provide lump-sum financing based on your home equity. They feature fixed rates and predictable monthly payments. Use funds for renovations, debt consolidation, or other needs.

Interest-only loans allow you to pay just interest for an initial period. Principal payments begin after the interest-only term ends. They offer lower initial payments but higher payments later.

Yes, reverse mortgages allow homeowners 62+ to convert equity into cash. No monthly mortgage payments required while living in the home. Loan is repaid when you sell, move, or pass away.

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

Most mortgages close within 30-45 days from application to funding. Timeline varies based on loan type, documentation, and property factors. Pre-approval helps speed up the process significantly.

Pre-approval is a lender's conditional commitment based on verified financial information. It strengthens your offer and shows sellers you're a serious buyer. Pre-approval typically lasts 60-90 days.

Fixed rates offer payment stability throughout the loan term. ARMs start with lower rates but adjust periodically. Your choice depends on how long you plan to keep the home.

Yes, refinancing can lower your rate, change terms, or access equity. We offer rate-and-term refinances, cash-out refinances, and streamline options. Rates vary by borrower profile and market conditions.

Typically you need pay stubs, tax returns, bank statements, and employment verification. Self-employed borrowers may need business documentation. Specific requirements vary by loan program selected.

Yes, FHA, conventional, and community mortgage programs serve first-time buyers well. Low down payment options and flexible credit requirements are available. Some programs offer down payment assistance.

Property taxes are typically paid through your monthly mortgage payment via escrow. Your lender collects funds and pays the county on your behalf. Tax rates are set by San Bernardino County.

Escrow accounts hold funds for property taxes and insurance. Your lender collects monthly portions with your mortgage payment. This ensures these important bills are paid on time.

Yes, loans are available for 2-4 unit properties with various programs. You can use rental income to help qualify for the mortgage. Multi-family properties can be owner-occupied or investment properties.

Rate locks guarantee your interest rate for a specified period, typically 30-60 days. This protects you from rate increases during the closing process. Rates vary by borrower profile and market conditions.