Brisbane Mortgage Questions Answered - Your Complete Guide to Home Financing in San Mateo County

The typical mortgage approval takes 30-45 days from application to closing. Preapproval can happen within 24-72 hours with complete documentation, giving you a competitive advantage in Brisbane's market.

FHA loans accept scores as low as 580 with 3.5% down. Conventional loans typically require 620 minimum, while jumbo loans often need 700 or higher. Rates vary by borrower profile and market conditions.

Down payment requirements range from 0% for VA loans to 3% for conventional and FHA programs. Jumbo loans typically require 10-20% down depending on the loan amount and property type.

FHA loans allow lower credit scores and smaller down payments but require mortgage insurance for the loan life. Conventional loans offer more flexibility and let you remove PMI at 20% equity.

Yes, jumbo loans are frequently used throughout San Mateo County given property values. These loans exceed conforming limits and typically require stronger credit profiles and larger down payments.

Standard documentation includes two years of tax returns, recent pay stubs, W-2s, bank statements, and identification. Self-employed buyers may need profit and loss statements or business tax returns.

Absolutely. Self-employed buyers can use bank statement loans, profit and loss statement loans, or 1099 loans. These programs verify income through deposits rather than traditional W-2 documentation.

Closing costs typically run 2-5% of the purchase price. They include lender fees, title insurance, escrow charges, appraisal, and prepaid items like property taxes and insurance.

Get preapproved. Prequalification is an estimate based on self-reported information. Preapproval involves document verification and credit review, making your offer more credible to Brisbane sellers.

PMI is private mortgage insurance required on conventional loans with less than 20% down. You can avoid it by putting 20% down, using a piggyback loan, or choosing lender-paid mortgage insurance.

ARMs offer lower initial rates that adjust after a fixed period. A 7/1 ARM stays fixed for seven years, then adjusts annually. They work well if you plan to sell or refinance before adjustment.

DSCR loans qualify based on rental income rather than personal income. Investors purchasing Brisbane rental properties use these loans, which focus on the property's cash flow instead of tax returns.

Yes, eligible veterans and service members can use VA loans with 0% down and no PMI. VA loans are excellent for Brisbane buyers who qualify and offer competitive rates.

Fixed-rate mortgages maintain the same interest rate for the entire loan term. Adjustable rates start lower but can change periodically. Rates vary by borrower profile and market conditions.

Foreign national loans are available for non-US citizens purchasing Brisbane property. These programs typically require larger down payments and verify income from home countries using specialized documentation.

Interest-only loans let you pay just the interest for an initial period, reducing monthly payments. After the interest-only period ends, payments increase to cover principal and interest.

Yes, investor loans are designed for rental properties and second homes. Requirements differ from primary residence loans, often requiring larger down payments and higher credit scores.

Bank statement loans qualify self-employed buyers using 12-24 months of business bank deposits. They're perfect for Brisbane entrepreneurs whose tax returns don't reflect actual income capacity.

Bridge loans provide short-term financing to buy a new Brisbane home before selling your current one. They're typically 6-12 months and let you make non-contingent offers.

Conforming loans meet Fannie Mae and Freddie Mac guidelines and have maximum loan amounts that vary by county. Loans above this limit are jumbo loans with different requirements.

Yes, ITIN loans allow qualified borrowers without Social Security numbers to purchase Brisbane homes. These programs verify income and assets using Individual Taxpayer Identification Numbers.

Preapproval confirms you're qualified to borrow. Clear to close means underwriting has approved your complete file and you're ready for closing, pending final walkthrough and funding.

Paying points makes sense if you plan to keep the loan long enough to recoup the upfront cost through lower payments. Calculate your breakeven point before deciding.

Asset depletion loans qualify borrowers based on liquid assets rather than income. Underwriters divide your assets by the loan term to determine qualifying income, perfect for retirees or investors.

Lenders compare your monthly debt payments to gross income. Most programs prefer 43% or lower, though some allow up to 50% with strong credit and reserves.

Yes, documented rental income from investment properties can boost qualifying income. Lenders typically use 75% of rental income after reviewing lease agreements and tax returns.

Hard money loans are short-term, asset-based loans used for fix-and-flip projects or time-sensitive purchases. They close quickly but carry higher rates than traditional financing.

Flood insurance requirements depend on your property's location. Lenders require it if your home sits in a designated flood zone, regardless of your down payment amount.

Portfolio ARMs are adjustable-rate mortgages held by lenders rather than sold to Fannie Mae or Freddie Mac. They offer more flexible qualifying guidelines for unique borrower situations.

FHA loans may be available two years after Chapter 7 bankruptcy discharge with reestablished credit. Conventional loans typically require four years, though timelines vary by circumstances.

Yes, most loan programs allow gift funds from family members for down payment and closing costs. You'll need a gift letter stating the funds don't require repayment.

Home equity loans provide a lump sum with fixed payments. HELOCs work like credit cards with revolving access to funds and variable rates during the draw period.

30-year mortgages offer lower monthly payments and more flexibility. 15-year loans build equity faster and cost less in total interest, but require higher monthly payments.