Question 1

How long does a Mountain View mortgage take to close?

Accepted Answer

We close most purchases in 21-30 days. All-cash competitors push us toward faster timelines when inventory is tight.

Question 2

What credit score do I need to buy in Mountain View?

Accepted Answer

Conventional loans start at 620. Most competitive offers here use 740+ scores for better rates.

Question 3

Can I use stock options as income for my mortgage?

Accepted Answer

Yes, if you have a two-year vesting history. We use equity comp on half the deals we close here.

Question 4

Do I need 20% down to avoid PMI?

Accepted Answer

Not always. Some programs accept 10% down without PMI if you take a slightly higher rate.

Question 5

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

Accepted Answer

Jumbo kicks in above $806,500 as of February 2026. Most Mountain View homes exceed that threshold.

Question 6

Can I buy a rental property with FHA financing?

Accepted Answer

No. FHA requires owner occupancy. Investment properties need conventional or DSCR loans.

Question 7

How do lenders verify 1099 contractor income?

Accepted Answer

They want two years of tax returns and a year-to-date P&L. Bank statement programs skip tax returns entirely.

Question 8

What documents do I need for pre-approval?

Accepted Answer

Paystubs, W-2s, two months of bank statements, and two years of tax returns. Self-employed borrowers need business returns too.

Question 9

Should I buy points to lower my rate?

Accepted Answer

Only if you're staying seven years minimum. Most tech workers move or refi before breaking even.

Question 10

Can foreign nationals get mortgages in Mountain View?

Accepted Answer

Yes. We have lenders who accept visa holders and non-residents with 25-30% down.

Question 11

What's the difference between pre-qualified and pre-approved?

Accepted Answer

Pre-qual is an estimate with no verification. Pre-approval means underwriting reviewed your actual documents.

Question 12

How much are closing costs in Mountain View?

Accepted Answer

Expect 2-3% of the purchase price. On a $2M home, that's $40-60K including lender fees and title.

Question 13

Can I roll closing costs into my loan?

Accepted Answer

Only on refinances. Purchase loans require you to bring closing costs to the table.

Question 14

Do I need reserves to qualify?

Accepted Answer

Jumbo lenders typically want 6-12 months of payments in the bank after closing. Requirements vary by loan size.

Question 15

What's a DSCR loan and who needs one?

Accepted Answer

It qualifies based on rental income, not your W-2. Investors with multiple properties use them to avoid income limits.

Question 16

Can I get a mortgage with an ITIN instead of an SSN?

Accepted Answer

Yes. ITIN loans require 15-20% down and slightly higher rates than conventional.

Question 17

How does debt-to-income ratio affect approval?

Accepted Answer

Most programs cap DTI at 43-50%. Jumbo lenders may go higher if you have strong reserves.

Question 18

What's the benefit of an adjustable rate mortgage?

Accepted Answer

Lower initial rates. Makes sense if you're relocating in 3-5 years or expect income growth.

Question 19

Can I buy a fixer-upper with a mortgage?

Accepted Answer

Standard loans won't fund major repairs. You need a renovation loan or hard money bridge.

Question 20

How do interest-only loans work?

Accepted Answer

You pay just interest for 5-10 years, then switch to full payments. Common for stock-heavy comp structures.

Question 21

What's the advantage of a portfolio ARM?

Accepted Answer

Banks set their own rules. We see approvals on complex income that Fannie Mae would reject.

Question 22

Can I use my 401k for a down payment?

Accepted Answer

You can borrow against it or withdraw with penalties. Most lenders prefer gifted funds from family instead.

Question 23

Do I need an appraisal for a refinance?

Accepted Answer

Usually yes. Some lenders waive it if you have strong equity and good payment history.

Question 24

What's a bridge loan used for?

Accepted Answer

It covers your down payment before your current home sells. Rates are high but terms are short.

Question 25

How does a HELOC differ from a home equity loan?

Accepted Answer

HELOCs work like credit cards with variable rates. Home equity loans give you a lump sum at a fixed rate.

Question 26

Can I get a VA loan in Mountain View?

Accepted Answer

Yes if you're military or a veteran. VA loans require no down payment and skip PMI entirely.

Question 27

What's asset depletion and when is it useful?

Accepted Answer

Lenders divide your assets by 360 months to create income. Helps retirees or those between jobs qualify.

Question 28

How do bank statement loans differ from traditional mortgages?

Accepted Answer

They use 12-24 months of deposits instead of tax returns. Self-employed borrowers who write off income use them.

Question 29

What's the minimum down payment for an investment property?

Accepted Answer

Conventional loans need 15-25% depending on the property count. DSCR programs start at 20%.

Question 30

Can I buy a condo with an FHA loan?

Accepted Answer

Only if the building is FHA-approved. Many Mountain View complexes don't qualify due to investor ratios.

Question 31

What happens if my appraisal comes in low?

Accepted Answer

You cover the gap in cash, renegotiate price, or walk away. Low appraisals kill 10% of our deals.

Question 32

How do rate locks work?

Accepted Answer

We freeze your rate for 30-60 days while you close. Locks cost nothing if rates rise, expire worthless if they drop.

Question 33

What's the difference between FHA and conventional loans?

Accepted Answer

FHA accepts 580 credit and 3.5% down but charges mortgage insurance forever. Conventional drops PMI at 20% equity.

Question 34

Can I get approved with recent job changes?

Accepted Answer

Yes if you stayed in the same field. Career switches need two years of history in the new role.

Question 35

Do lenders care about student loan debt?

Accepted Answer

Absolutely. They count 0.5-1% of your balance as monthly payment even on income-based plans.

Question 36

What's the fastest way to raise my credit score?

Accepted Answer

Pay down credit cards below 30% utilization. Dispute errors and ask for goodwill deletions on late payments.

Question 37

Can I buy a multi-family property as a primary residence?

Accepted Answer

Yes. Live in one unit and rent the others. Lenders count 75% of rental income toward qualification.

Question 38

How does a reverse mortgage work in Mountain View?

Accepted Answer

Homeowners 62+ borrow against equity without monthly payments. Loan comes due when you sell or pass away.

Question 39

What's a construction loan and who needs one?

Accepted Answer

It funds lot purchase and building costs, converting to permanent financing later. Custom builds use them exclusively.

Question 40

Can I deduct mortgage interest on my taxes?

Accepted Answer

Yes on the first $750K of debt. Consult your CPA since SALT caps reduce benefits for high earners here.

Mountain View Mortgage FAQs: Your Questions Answered by Local Brokers