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Highland Mortgage FAQ
Highland offers diverse neighborhoods in San Bernardino County. Our mortgage experts help you navigate financing options for your home purchase or refinance.
We provide a wide range of loan programs for every borrower. From first-time buyers to seasoned investors, we have solutions tailored to your needs.
Our team understands Highland's unique market. We guide you through every step of the mortgage process with personalized service.
We offer 25+ loan types including Conventional, FHA, VA, USDA, Jumbo, and specialty programs. Options include Bank Statement Loans, DSCR Loans, and ITIN Loans. Rates vary by borrower profile and market conditions.
Most loans require stable income, adequate credit, and down payment funds. Minimum credit scores vary by loan type. We help match you with the right program for your situation.
A conventional loan is not backed by the government. It typically requires higher credit scores and larger down payments. These loans often offer competitive rates for qualified borrowers.
FHA loans allow down payments as low as 3.5 percent. They accept lower credit scores than conventional loans. They're ideal for first-time buyers in Highland.
VA loans are for military members, veterans, and eligible spouses. They require no down payment and no mortgage insurance. You need a valid Certificate of Eligibility.
USDA loans require no down payment for eligible rural properties. Income limits apply based on household size. Some Highland areas may qualify for this program.
Jumbo loans exceed conforming loan limits set by federal agencies. They're used for higher-priced Highland properties. Expect stricter credit and reserve requirements.
Bank Statement Loans use deposits instead of tax returns for income verification. They're perfect for self-employed borrowers in Highland. Typically require 12-24 months of statements.
DSCR loans qualify based on rental property income, not personal income. The property's cash flow determines eligibility. Ideal for Highland real estate investors.
ITIN loans serve borrowers without Social Security numbers. You'll use your Individual Taxpayer Identification Number instead. These loans help expand homeownership opportunities in Highland.
Yes, Foreign National Loans are available for non-US citizens. Larger down payments are typically required. We guide international buyers through the process.
Closing costs usually range from 2 to 5 percent of the loan amount. They include appraisal, title, escrow, and lender fees. We provide detailed estimates upfront.
Down payments vary by loan type. FHA requires 3.5%, conventional as low as 3%, VA and USDA often zero. Larger down payments reduce monthly costs.
Minimum scores vary by loan program. FHA accepts scores around 580, conventional typically 620 or higher. Lower scores may require larger down payments.
Most loans close in 21 to 45 days. Pre-approval takes 1-3 days with complete documentation. Complex loans may need additional time.
Pre-approval confirms how much you can borrow. Lenders review credit, income, and assets before issuing a letter. It strengthens your offer in Highland's market.
Fixed rates stay the same for the loan term. ARMs start lower but can adjust periodically. Your choice depends on how long you plan to stay. Rates vary by borrower profile and market conditions.
ARMs offer lower initial rates that adjust after a set period. They're good if you plan to move or refinance soon. Consider rate caps and adjustment frequency.
Portfolio ARMs are kept by the lender, not sold. They offer more flexible qualification guidelines. Ideal for unique borrower situations in Highland.
You pay only interest for an initial period, then principal and interest. Monthly payments start lower but increase later. They suit certain investment strategies.
Bridge loans provide short-term financing between property purchases. They help when you need to buy before selling. Terms are typically 6-12 months.
Hard Money Loans are short-term, asset-based financing. They're used for fix-and-flip projects or time-sensitive purchases. Approval is faster but rates are higher.
1099 Loans are for independent contractors receiving 1099 forms. They use alternative income documentation methods. Ideal for gig economy workers in Highland.
These loans qualify you based on asset value, not employment income. Savings and investments are calculated as monthly income. Great for retirees or wealthy individuals.
P&L loans use business profit and loss statements for qualification. They're designed for self-employed Highland borrowers. CPA-prepared statements may strengthen your application.
Home Equity Loans provide lump-sum cash using your home's equity. They have fixed rates and predictable payments. Use funds for renovations, debt, or other needs.
HELOCs are revolving credit lines, not lump sums. You borrow as needed during the draw period. Rates are typically variable.
Reverse Mortgages let homeowners 62+ convert equity to income. No monthly payments are required while living there. The loan is repaid when you sell or move.
Yes, Construction Loans finance building new homes or major renovations. Funds are released in stages as work progresses. They convert to permanent mortgages after completion.
Investor Loans finance rental properties and investment real estate. Qualification considers rental income potential. We offer multiple options for Highland investors.
Mortgage insurance protects lenders if you default. It's required on conventional loans with less than 20% down. FHA loans require both upfront and monthly premiums.
Conventional loan PMI can be removed at 20% equity. FHA insurance remains for the loan life on most loans. Refinancing is another option to eliminate it.
Bring pay stubs, tax returns, bank statements, and ID. Self-employed borrowers need additional business documentation. We provide a complete checklist when you apply.
DTI compares monthly debt payments to gross income. Most programs prefer ratios below 43-50 percent. Lower ratios improve approval odds and rate options.
Yes, we offer multiple investor loan programs. DSCR loans don't require personal income verification. Different down payment rules apply for investment properties.
These loans share future property appreciation with the lender. They may offer lower payments or rates initially. Terms vary by specific program structure.
Community Mortgages help underserved borrowers access homeownership. They may offer flexible guidelines and down payment assistance. Check eligibility for Highland programs.
Rates depend on credit score, down payment, loan type, and market conditions. Your specific profile affects your rate offer. Rates vary by borrower profile and market conditions.
Points are upfront fees that reduce your interest rate. Each point costs 1% of the loan amount. They make sense if you keep the loan long enough.
Brokers access multiple lenders and loan programs. We shop rates and terms to find your best option. Local expertise helps navigate San Bernardino County requirements.
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.