Question 1

What's the minimum down payment for a Cupertino home?

Accepted Answer

Conventional loans require 5% down but most Cupertino homes need jumbo financing with 10-20% minimum. First-time buyers sometimes use FHA with 3.5% down on condos under conforming limits.

Question 2

How do lenders verify stock-based compensation for tech workers?

Accepted Answer

We submit vesting schedules and two years of tax returns showing RSU income. Lenders typically count 70% of unvested equity if you have a consistent vesting pattern.

Question 3

Can I qualify for a jumbo loan with a 680 credit score?

Accepted Answer

Most jumbo lenders want 700+ but we have portfolio programs that approve 680 scores with 25% down. Rates run 0.5-0.75% higher than prime tier pricing.

Question 4

What's the jumbo loan limit in Santa Clara County?

Accepted Answer

Conforming limit is $806,500 as of 2026. Anything above that counts as jumbo and requires different underwriting standards.

Question 5

How long does mortgage approval take in Cupertino's competitive market?

Accepted Answer

We issue pre-approvals within 48 hours but full underwriting takes 21-30 days. Cash-heavy markets like this favor buyers who close in 21 days or less.

Question 6

Do I need a larger down payment to compete with cash buyers?

Accepted Answer

Cash still wins but 30%+ down with an appraisal waiver makes financed offers competitive. We structure these through portfolio lenders who approve higher loan-to-values on strong borrowers.

Question 7

What documents do self-employed tech consultants need?

Accepted Answer

Two years of 1099s, personal and business tax returns, plus a CPA letter. Bank statement loans skip tax returns if your write-offs reduce qualifying income too much.

Question 8

Can foreign nationals buy in Cupertino without a green card?

Accepted Answer

Yes. Foreign national programs require 30-40% down and valid visa or passport. Rates run 1-2% higher than conventional loans.

Question 9

What credit score do I need for the best jumbo rates?

Accepted Answer

740+ gets you tier-one pricing. Every 20 points below that costs about 0.25% in rate.

Question 10

Are there first-time buyer programs in Cupertino?

Accepted Answer

CalHFA offers 3-3.5% down payment assistance but income limits cap around $200k. Most Cupertino buyers earn too much to qualify.

Question 11

How much income do I need to afford a $2 million home?

Accepted Answer

Figure $400k minimum annual income with 20% down. Debt-to-income ratios max at 43% on most jumbo loans.

Question 12

What's the difference between FHA and conventional loans?

Accepted Answer

FHA allows 3.5% down but charges mortgage insurance for life on most loans. Conventional drops PMI at 80% loan-to-value and works better for higher credit scores.

Question 13

Can I use a bank statement loan if I own multiple LLCs?

Accepted Answer

Yes. We average 12-24 months of business account deposits and apply a 50% expense factor. Works well for tech contractors with complex business structures.

Question 14

What neighborhoods in Cupertino have homes under $2 million?

Accepted Answer

Condos and townhomes near Stevens Creek or older single-family homes sometimes list under $2M. Detached homes in top school areas run $2.5M+.

Question 15

Do DSCR loans work for Cupertino investment properties?

Accepted Answer

Yes but rental income rarely covers debt service at these prices. You'd need $4,500+ monthly rent to support a $1.5M loan at current rates.

Question 16

How does property tax affect my monthly payment?

Accepted Answer

Santa Clara County runs about 1.1% annually. On a $2M home that's $22k per year or $1,833 monthly added to your mortgage payment.

Question 17

Can I buy a Cupertino home with an ITIN instead of a Social Security number?

Accepted Answer

Yes. ITIN loans require 15-25% down and two years of tax returns filed with your ITIN. Rates match conventional jumbo pricing.

Question 18

What's the typical closing cost on a $2 million purchase?

Accepted Answer

Plan for 1.5-2.5% or $30-50k. That includes lender fees, title, escrow, and prepaid property taxes.

Question 19

Should I pay points to buy down my rate?

Accepted Answer

On jumbo loans each point costs 1% of the loan and drops your rate about 0.25%. Worth it if you're staying 5+ years.

Question 20

How do adjustable rate mortgages work?

Accepted Answer

7/1 and 10/1 ARMs lock your rate for 7 or 10 years then adjust annually. Initial rates run 0.5-1% lower than 30-year fixed.

Question 21

Can I use equity from my current home as a down payment?

Accepted Answer

Yes through a HELOC or bridge loan. We coordinate timing so you're not carrying two mortgages long-term.

Question 22

What's the best loan type for a rental property in Cupertino?

Accepted Answer

DSCR loans don't count your personal income but require 20-25% down. Conventional investment loans cap at 10 financed properties.

Question 23

Do lenders count bonuses and RSUs the same as base salary?

Accepted Answer

They average two years of variable income. If your bonus history is consistent lenders count 100% of the average.

Question 24

How much does PMI cost on a Cupertino home?

Accepted Answer

On jumbo loans with less than 20% down PMI runs 0.5-1% annually. On a $1.5M loan that's $625-1,250 per month.

Question 25

Can I qualify with student loan debt?

Accepted Answer

Yes but lenders count 1% of your balance as a monthly payment even on income-driven plans. $100k in loans adds $1,000 to your debt ratio.

Question 26

What's an asset depletion loan and who needs it?

Accepted Answer

Lenders divide your liquid assets by 360 to create qualifying income. Works for retirees or executives with stock portfolios but low W-2 income.

Question 27

How does a construction loan work for tearing down and rebuilding?

Accepted Answer

You buy the land first then convert to a construction loan with draws as you build. Requires 20-25% down on total project cost.

Question 28

Are there VA loans available in Cupertino?

Accepted Answer

Yes and VA loans require no down payment up to the conforming limit of $806,500. Funding fee runs 2.15% for first-time VA buyers.

Question 29

What happens if the appraisal comes in low?

Accepted Answer

You cover the gap in cash, renegotiate, or walk away if you have an appraisal contingency. We see this more on fixer properties than move-in ready homes.

Question 30

Can I get a portfolio ARM with interest-only payments?

Accepted Answer

Yes on jumbo loans above $1M. Interest-only periods run 5-10 years and require 20-30% down depending on the lender.

Question 31

How do I compare offers from different lenders?

Accepted Answer

Look at the total loan estimate amount on page 3 and compare APR. Closing costs vary more than rates.

Question 32

What's the advantage of working with a mortgage broker instead of a bank?

Accepted Answer

We shop 200+ lenders to find programs banks don't offer. Especially important for non-W-2 income or unique property types.

Cupertino Mortgage Questions Answered by Local Brokers