Loading
Ripon Mortgage FAQ
Ripon buyers face unique challenges in San Joaquin County's housing market. We field hundreds of questions from borrowers navigating this agricultural town's mix of older homes and new construction.
SRK CAPITAL shops 200+ wholesale lenders to find rates and programs that fit your situation. This FAQ covers what we see most often from Ripon borrowers.
From self-employed almond farmers needing bank statement loans to first-time buyers stretching for downtown homes, we've seen it all. These answers reflect real deal experience, not generic advice.
FHA loans start at 580, but you'll get better rates at 620+. Conventional loans require 620 minimum for most lenders.
FHA requires 3.5%, conventional allows 3%, VA and USDA offer zero down. Investment properties need 15-25% depending on the property type.
No, Ripon doesn't meet USDA rural eligibility criteria. Consider FHA or conventional loans with low down payment options instead.
Most purchases close in 30-35 days. Refinances often finish in 25 days unless appraisal delays hit.
CalHFA offers down payment assistance statewide. San Joaquin County doesn't run its own program currently.
Two years tax returns, 60 days bank statements, 30 days pay stubs, and ID. Self-employed borrowers need P&Ls and business bank statements.
We use 12-24 months of bank deposits to calculate income instead of tax returns. Works well for farmers and business owners writing off most profits.
Yes, DSCR loans approve based on rental income, not your W-2. You need 20-25% down and the property must cash flow.
FHA allows lower credit scores and 3.5% down but charges permanent mortgage insurance. Conventional drops PMI at 20% equity.
15-year loans save massive interest but double your payment. Most Ripon buyers choose 30-year for flexibility and lower monthly costs.
Yes, if you put down less than 20%. PMI costs 0.3-1.5% annually but cancels automatically at 22% equity.
Expect 2-3% of the loan amount. That includes lender fees, title insurance, escrow, and county recording charges.
Yes, most loan programs allow gifts from family. You'll need a gift letter stating the money doesn't require repayment.
ARMs offer lower initial rates that adjust after 5-7 years. Good if you plan to move soon or expect income growth.
Most lenders cap your total debt at 43-50% of gross income. We recommend staying below 40% to maintain breathing room.
Usually yes, unless you qualify for a Fannie or Freddie streamline refi. Appraisals take 7-14 days in San Joaquin County.
1099 loans let us qualify you using gross 1099 income before deductions. Much easier than traditional self-employed underwriting.
Yes, Foreign National loans work without U.S. credit or work visas. You need 25-30% down and income verification from your home country.
Jumbo loans exceed $806,500 in San Joaquin County. They require stronger credit and larger reserves but offer competitive rates now.
ITIN loans let non-citizens buy homes using tax ID numbers. You need 15-20% down and documented income history.
We shop 200+ lenders instead of offering one bank's rates. You get better pricing and access to specialized programs big banks don't offer.
FHA 203k and Conventional HomeStyle loans include renovation costs in your mortgage. Hard Money works for investors doing major rehabs.
Rate locks protect your rate for 30-60 days during closing. Lock when you're in contract or rates start climbing.
Yes, active military and veterans can use VA loans with zero down. No mortgage insurance and competitive rates make this unbeatable if you qualify.
We divide your savings and investments by 360 months to calculate qualifying income. Good for retirees with assets but minimal W-2 income.
Maybe, if you have a government-backed loan. FHA Streamline and VA IRRRL programs allow underwater refinances without new appraisals.
Home Equity Lines let you borrow against equity as needed. Great for ongoing expenses but rates are higher than primary mortgages.
Most programs don't require reserves on primary homes with 20%+ down. Investment properties and higher-priced homes need 6-12 months reserves.
You can renegotiate price, bring extra cash, or walk away. Low appraisals happen but good brokers spot potential issues early.
One point costs 1% of the loan and drops your rate about 0.25%. Worth it if you keep the loan 5+ years.
Yes, and you should. Pre-approval shows sellers you're serious and locks in underwriting before you make offers.
Pre-qual is a quick estimate. Pre-approval means underwriting reviewed your docs and approved your financing subject to property.
For conventional loans, yes. Bank Statement and 1099 programs bypass tax returns entirely using deposit history instead.
Yes, but you'll hit conventional lending limits after 4-10 properties. Portfolio and DSCR loans let you scale without hitting agency caps.
Bridge loans use your current home's equity for a down payment on the new one. You pay both mortgages temporarily until your old house sells.
Yes, investment property rates run 0.5-1.0% higher. Lenders price for increased default risk on non-owner-occupied properties.
You pay only interest for 5-10 years, then principal kicks in. Works for investors prioritizing cash flow or buyers expecting income jumps.
Yes, Construction Loans fund land purchase and building costs. They convert to permanent mortgages once construction finishes.
Not permanently. FHA allows purchases 2 years after Chapter 7 discharge, conventional waits 4 years with clean credit since.
No, credit bureaus count multiple mortgage inquiries within 45 days as one pull. Shop aggressively without worry.
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.