Question 1

How long does it take to close a mortgage in Fairfield?

Accepted Answer

Most purchases close in 21–30 days with a complete file. Cash-out refinances and jumbo loans can run 30–45 days.

Question 2

What documents do I need to apply for a mortgage?

Accepted Answer

Bring two years of tax returns, 30 days of pay stubs, and two months of bank statements. Self-employed borrowers need more — ask us first.

Question 3

What credit score do I need to buy a home in Fairfield?

Accepted Answer

FHA allows scores down to 580. Conventional loans typically require 620 or higher. Better scores get better rates — rates vary by borrower profile and market conditions.

Question 4

Is Fairfield a good place to buy right now?

Accepted Answer

Fairfield offers lower entry prices than Marin or the East Bay. It sits between Sacramento and San Francisco, which drives steady demand.

Question 5

Are VA loans available in Fairfield?

Accepted Answer

Yes — and they're one of the best fits here. Travis AFB makes Fairfield one of the most VA-loan-active markets in Solano County.

Question 6

Do VA loans require a down payment in Fairfield?

Accepted Answer

No down payment is required for eligible veterans with full entitlement. You'll still pay a funding fee unless you're exempt due to a service-related disability.

Question 7

Can I use a USDA loan to buy in Fairfield?

Accepted Answer

Parts of Fairfield's outskirts may qualify for USDA rural financing. The core city does not. We can check your specific address against current USDA maps.

Question 8

What's the difference between FHA and conventional loans?

Accepted Answer

FHA requires as little as 3.5% down and accepts lower credit scores. Conventional loans avoid upfront mortgage insurance if you put 20% down.

Question 9

What is PMI and when do I have to pay it?

Accepted Answer

PMI stands for private mortgage insurance. Lenders require it on conventional loans when your down payment is below 20%.

Question 10

How do I get rid of PMI on my Fairfield home loan?

Accepted Answer

Once you reach 20% equity, you can request PMI removal. Lenders must cancel it automatically when you hit 22% equity based on the original purchase price.

Question 11

What are typical closing costs in Solano County?

Accepted Answer

Closing costs usually run 2–3% of the loan amount. That covers lender fees, title, escrow, and prepaid items like property taxes and insurance.

Question 12

Can I roll closing costs into my mortgage?

Accepted Answer

Sometimes. Seller credits can cover closing costs in a purchase. On a refinance, you can often roll costs into the new loan balance.

Question 13

What is a conforming loan limit in Solano County?

Accepted Answer

Conforming loan limits set the maximum for conventional loans backed by Fannie Mae or Freddie Mac. Check current limits for Solano County before assuming your loan amount qualifies.

Question 14

Do I need a jumbo loan to buy in Fairfield?

Accepted Answer

Fairfield prices are generally below Bay Area jumbo thresholds. Many buyers qualify for conforming loans, which carry lower rates and easier approval standards.

Question 15

What is a DSCR loan and who uses it in Fairfield?

Accepted Answer

DSCR stands for Debt Service Coverage Ratio. It's designed for rental property investors — approval is based on rental income, not your personal tax returns.

Question 16

Can a self-employed borrower get a mortgage in Fairfield?

Accepted Answer

Yes. Bank statement loans and P&L loans are built for self-employed buyers. You use 12–24 months of deposits instead of tax returns to qualify.

Question 17

What is a bank statement loan?

Accepted Answer

It's a mortgage that uses your bank deposits to verify income instead of W-2s or tax returns. Lenders typically want 12–24 months of statements.

Question 18

What is a 1099 loan?

Accepted Answer

A 1099 loan qualifies independent contractors using their 1099 forms instead of full tax returns. It's a strong option if your write-offs make taxable income look low.

Question 19

What is an asset depletion loan?

Accepted Answer

Lenders calculate a monthly income figure by dividing your liquid assets over a set term. It works for retirees or buyers with large savings but little active income.

Question 20

What is an ITIN loan?

Accepted Answer

ITIN loans allow non-U.S. citizens without a Social Security number to buy a home using their Individual Taxpayer Identification Number. Credit and income requirements still apply.

Question 21

Are there mortgage options for foreign nationals buying in Fairfield?

Accepted Answer

Yes. Foreign national loans are available through select wholesale lenders. Expect larger down payments and higher rates compared to standard programs.

Question 22

What is a bridge loan and when does it make sense?

Accepted Answer

A bridge loan lets you tap existing home equity to buy a new property before selling. It's short-term — typically 6–12 months — and carries higher rates.

Question 23

What is an adjustable-rate mortgage (ARM)?

Accepted Answer

An ARM starts with a fixed rate for a set period, then adjusts annually. A 5/1 ARM is fixed for five years, then changes each year after that.

Question 24

When does an ARM make sense in Fairfield?

Accepted Answer

ARMs can make sense if you plan to sell or refinance within the fixed period. They typically offer lower starting rates than 30-year fixed loans — rates vary by borrower profile and market conditions.

Question 25

What is an interest-only mortgage?

Accepted Answer

You pay only interest for a set period — typically 5–10 years — then principal kicks in. Monthly payments start lower, but you build no equity during the interest-only phase.

Question 26

What is a reverse mortgage and who qualifies?

Accepted Answer

Reverse mortgages let homeowners 62 and older convert equity into cash without monthly payments. The loan is repaid when the home is sold or the borrower leaves.

Question 27

What is a HELOC and how does it work?

Accepted Answer

A HELOC is a revolving credit line secured by your home's equity. You draw what you need, repay it, and draw again — similar to a credit card.

Question 28

What is a Home Equity Loan?

Accepted Answer

A home equity loan gives you a lump sum at a fixed rate, secured by your equity. Unlike a HELOC, you get all the money upfront with set monthly payments.

Question 29

What is a construction loan?

Accepted Answer

Construction loans fund the building of a new home in stages. Once construction finishes, the loan typically converts to a standard mortgage.

Question 30

Can I build a home in Fairfield with a construction loan?

Accepted Answer

Yes. Fairfield has active residential development in several areas. Construction loans are available, though qualification is stricter than standard purchase loans.

Question 31

What is a portfolio ARM?

Accepted Answer

Portfolio ARMs are adjustable loans lenders keep in-house rather than selling to Fannie or Freddie. They allow more flexible underwriting for complex borrower profiles.

Question 32

What is a community mortgage?

Accepted Answer

Community mortgage programs target low-to-moderate income buyers with reduced down payment requirements. Some pair with city or county assistance programs.

Question 33

Are there down payment assistance programs in Fairfield?

Accepted Answer

California offers several statewide programs like CalHFA that Fairfield buyers can access. Local Solano County programs may also exist — ask us to check current availability.

Question 34

How much do I need for a down payment in Fairfield?

Accepted Answer

FHA requires 3.5% down. Conventional can go as low as 3%. VA and eligible USDA loans require zero down.

Question 35

What is mortgage pre-approval and why does it matter?

Accepted Answer

Pre-approval is a lender's written commitment to loan you up to a set amount based on your verified financials. Sellers in competitive markets often won't consider offers without it.

Question 36

How does being near Travis AFB affect my VA loan eligibility?

Accepted Answer

Location doesn't change eligibility — your service record does. But Travis AFB concentration means Fairfield sellers and agents see VA offers regularly and accept them more confidently.

Question 37

What is an equity appreciation loan?

Accepted Answer

Some lenders offer equity appreciation programs where you receive cash in exchange for a share of your home's future appreciation. These are niche products — terms vary widely.

Question 38

What's a hard money loan and when would I use one in Fairfield?

Accepted Answer

Hard money loans are short-term, asset-based loans from private lenders. They close fast but carry high rates — typically used for fix-and-flip projects or when traditional financing falls through.

Question 39

How does working with a mortgage broker differ from going to a bank?

Accepted Answer

A bank offers only their own products. A broker like SRK CAPITAL shops 200+ wholesale lenders to find the best rate and program for your specific situation.

Question 40

How do mortgage points work?

Accepted Answer

One point equals 1% of the loan amount paid upfront to lower your rate. Whether buying points makes sense depends on how long you plan to keep the loan.

Fairfield, CA Mortgage FAQs — Answered by Real Brokers