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Etna Mortgage FAQ
Etna's rural character and Siskiyou County location create unique mortgage scenarios most big-bank lenders won't touch. We broker loans across 200+ wholesale lenders who understand properties here.
Remote mountain towns require flexible documentation and lenders comfortable with well water, septic systems, and sparse comps. Standard conforming loans work, but many Etna buyers need specialized programs.
Self-employed ranchers and seasonal workers dominate this market. Bank statement and 1099 loans get more approvals here than traditional W-2 documentation.
USDA loans dominate rural Siskiyou purchases with zero down and flexible credit. Conventional and FHA also work if you find comparable sales within reasonable distance.
Yes, but lenders require septic inspections and well water tests before closing. FHA and VA have stricter well standards than conventional loans.
Appraisers pull comps from wider geographic areas when local sales are sparse. This can delay closings but usually doesn't kill deals if the property is priced reasonably.
Most conventional lenders cap residential loans at 10 acres. Beyond that, you need portfolio lenders or agricultural financing depending on property use.
USDA accepts 640 for streamlined processing. FHA goes to 580 with 10% down, 500 with special approval.
Yes, if you show two years of consistent seasonal work. Bank statement loans work better for irregular income patterns than traditional employment verification.
Bank statement loans use 12-24 months of deposits instead of tax returns. This captures gross revenue before business write-offs tank your qualifying income.
USDA requires zero down for eligible rural properties. Conventional needs 3-5% down, FHA requires 3.5%.
USDA caps household income based on area median and family size. Most of Siskiyou County qualifies, but check current limits before assuming eligibility.
Plan 30-45 days for conventional loans, potentially longer if appraisal comps are difficult. USDA adds 10-15 days for their additional underwriting layer.
FHA 203k and conventional renovation loans work for properties needing repairs. Hard money bridges the gap if the house won't pass initial inspection standards.
Yes, 1099 loans use your contractor income without full tax returns. You need 12-24 months of consistent 1099 documentation from the same income sources.
Expect 2-5% of purchase price covering lender fees, title insurance, escrow, and inspections. Rural appraisals sometimes cost more due to travel distance.
DSCR loans approve based on rental income potential, not your personal finances. Conventional investor loans require 15-25% down depending on property count.
FHA requires it regardless of down payment. Conventional needs PMI under 20% down, which drops once you hit 20% equity through payments or appreciation.
W-2 buyers need pay stubs, tax returns, and bank statements. Self-employed need two years returns or bank statement alternatives showing consistent deposits.
Yes, foreign national loans work for non-residents with larger down payments. ITIN loans serve taxpayers without Social Security numbers at slightly higher rates.
ARMs start with lower rates that adjust after 5, 7, or 10 years based on market indexes. They make sense if you'll sell before adjustment or rates drop.
Each point costs 1% upfront and drops your rate about 0.25%. Break-even usually hits around year five, so only worth it if you're staying longer.
Bank statement loans approve based on deposit history instead of returns. Asset depletion loans qualify you using investment account balances divided by loan term.
Most skip properties with major foundation issues, active slides, or lacking legal access. Manufactured homes need permanent foundations and HUD certification tags.
Lenders require fire coverage, which can be expensive in wildfire zones. Some properties need separate well and septic coverage depending on insurance carrier.
Yes, but rural properties limit lender options compared to urban areas. You need solid equity and provable income regardless of location.
Pre-qualification estimates what you might afford based on stated information. Pre-approval verifies income, credit, and assets through actual underwriter review.
Yes, VA offers zero down for eligible veterans with no PMI requirement. Properties must meet VA's minimum standards for well, septic, and structural condition.
FHA and VA loans are assumable if you qualify through lender approval. Conventional loans rarely allow assumption unless they're very old mortgages.
Portfolio lenders keep loans in-house instead of selling them. They offer flexibility on credit, property type, and documentation but usually charge higher rates.
Rates vary by borrower profile and market conditions. Rural properties sometimes carry 0.125-0.25% premiums, but credit and down payment matter more than location.
Construction loans cover land purchase and building costs, converting to permanent financing when complete. You need detailed plans, builder contracts, and larger down payments.
Most programs cap total monthly debts at 43-50% of gross income. DSCR investor loans ignore your personal DTI and only assess rental income coverage.
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.