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Fairfield Mortgage FAQ
Fairfield buyers face unique challenges. Travis Air Force Base drives demand. Prices shift faster than neighboring Solano cities.
We answer real questions from Fairfield borrowers. These come from actual loan applications. You'll get broker-level insight without the appointment.
Most loans close in 21-30 days. VA loans near Travis AFB often take 25-35 days due to appraisal backlogs.
FHA loans start at 580. Conventional loans need 620 minimum, but 680+ gets better rates.
Yes, active duty qualifies immediately. You need a Certificate of Eligibility from the VA to start.
VA and USDA loans require zero down. FHA needs 3.5%, conventional starts at 3%.
Fairfield typically sits between both. You get more space than Vallejo, less commute time than Vacaville to the Bay.
Yes, we use 12-24 months of business bank statements. No tax returns needed for approval.
Bring two years W-2s, recent paystubs, bank statements, and tax returns. Self-employed borrowers need business documents too.
Expect 2-3% of purchase price. On a $500K home, that's $10K-$15K in fees and prepaid items.
Yes, lender-paid PMI or piggyback loans work. VA loans never charge PMI regardless of down payment.
FHA allows lower credit and smaller down payments. Conventional offers better rates and cheaper monthly insurance above 680 credit.
Most of Fairfield doesn't qualify as rural. Check specific addresses, but USDA works better in outer Solano County.
No, FHA requires owner occupancy. Consider conventional investment loans or DSCR loans for rentals.
DSCR loans approve based on rental income, not your personal income. Investors use these for cash-flowing properties.
ARMs start with lower fixed rates for 5-10 years, then adjust annually. They work if you'll move or refinance soon.
Yes, ITIN loans work for non-citizens with US income. Expect 15-20% down and higher rates than conventional.
Lenders want housing costs under 43% of gross income. That means $6,500+ monthly for most Fairfield homes.
Rarely. Fairfield stays under the $766,550 conforming limit in most cases, so conventional loans work fine.
Yes, immediate family can gift funds. You'll need a gift letter stating it's not a loan.
First-time VA buyers pay 2.15% with zero down. Disabled veterans get the fee waived completely.
Bridge loans let you buy before selling your current home. Rates run higher but give purchase flexibility.
Yes, through a rate-and-term refinance. You must qualify for the full payment solo and have equity.
Asset depletion qualifies you using retirement or investment accounts instead of W-2 income. Retirees use these frequently.
No, but local brokers understand Solano County appraisal issues and Travis AFB loan nuances better.
Budget around $350K-$400K with good credit and minimal debt. That assumes 5% down on conventional financing.
Pre-qualified is an estimate. Pre-approved means underwriting reviewed your documents and verified income and credit.
Yes, 1099 loans use your gross income before expenses. Much easier than traditional underwriting for contractors.
They carry risk if you can't afford the principal payment later. Smart for short-term ownership or high-income borrowers.
You pay less total interest and build equity faster. Monthly payments run 40-50% higher than 30-year terms.
Yes, FHA 203k rolls renovation costs into your mortgage. Good for outdated Fairfield homes needing major updates.
No, rates depend on your borrower profile. Property location affects appraisal and insurance, not interest rates.
Shop multiple lenders and lock when rates drop. We compare 200+ wholesale lenders to find your best fit.
Portfolio ARMs are non-QM loans held by lenders, not sold to Fannie/Freddie. They allow flexible underwriting for complex income.
Yes, foreign national loans require 25-30% down. You don't need US credit history or Social Security number.
Only if you'll keep the loan 5+ years. Each point costs 1% upfront and drops your rate about 0.25%.
Military demand keeps prices stable. Base closures would crash values, but Travis remains strategically critical long-term.
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.