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Suisun City Mortgage FAQ
We've brokered hundreds of Suisun City deals and know what actually gets approved in Solano County. These answers reflect real scenarios—not generic advice.
From downtown condos to waterfront homes near the marina, loan options vary widely. Your financing depends on property type, income structure, and which of our 200+ lenders fits best.
We cover everything from FHA minimums to investment property DSCR loans. If your situation doesn't match a standard W-2 conventional deal, we have specialized programs that work.
FHA loans start at 580, but you'll get better rates at 620 or higher. Conventional loans typically require 620 minimum, though some portfolio lenders go lower.
FHA requires 3.5% down, conventional can go as low as 3% for qualified buyers. VA and USDA loans offer zero down for eligible borrowers.
W-2 borrowers need two years of tax returns, recent pay stubs, and bank statements. Self-employed applicants may use bank statements or 1099s depending on the loan program.
Most conventional and FHA loans close in 21-30 days. Portfolio and bank statement loans may add another week for underwriting review.
Prices here run lower than Fairfield or Vallejo, making it accessible for first-timers. FHA loans work well for buyers targeting starter homes near downtown or Old Town.
Yes, through VA loans if you're military or USDA loans for eligible rural properties. Both programs offer zero down with competitive rates.
FHA allows lower credit scores and just 3.5% down but requires mortgage insurance for life on most loans. Conventional loans drop PMI at 20% equity and suit stronger credit profiles.
Most of Suisun City doesn't qualify as rural under USDA guidelines. Check with us on specific addresses—some outer areas may still be eligible.
Rates vary by borrower profile and market conditions. Your credit score, down payment, and loan type affect your rate more than location.
Bank statement loans use 12-24 months of deposits instead of tax returns. We also offer 1099 and profit-loss statement programs for business owners.
Yes, adding income from a spouse or family member increases your buying power. Both borrowers' credit and debt get factored into approval.
Typical closing costs run 2-5% of the loan amount, covering lender fees, title insurance, escrow, and appraisal. Exact costs depend on purchase price and loan type.
You'll pay PMI with less than 20% down on conventional loans. It drops automatically at 22% equity or when you request cancellation at 20%.
DSCR loans approve investors based on rental income, not personal tax returns. They work well for buyers targeting Suisun City rental properties or multi-unit buildings.
No, FHA requires owner occupancy for at least one year. Investment properties need conventional, DSCR, or portfolio loans instead.
Old Town near the waterfront attracts buyers wanting walkability and marina access. Newer subdivisions east of Highway 12 offer larger homes at lower price points.
Condos need FHA or Fannie Mae approval of their HOA, which some waterfront complexes lack. We check project eligibility before you make an offer.
Lenders want your total housing payment under 43% of gross monthly income. The exact income depends on purchase price, debts, and down payment amount.
Yes, most loan programs allow down payment gifts from family members. You'll need a signed letter stating the funds are a gift, not a loan.
ARMs offer lower initial rates that adjust after a fixed period—typically 5, 7, or 10 years. They suit buyers planning to sell or refinance before the rate adjusts.
Yes, we offer ITIN loans for non-citizen buyers with taxpayer ID numbers. These loans require larger down payments, typically 15-20%.
Jumbo loans exceed conforming limits—currently $806,500 in Solano County. Most Suisun City properties fall below this, so standard conventional loans work fine.
Bridge loans use your current home's equity to fund the new purchase. You repay the bridge loan when your old home sells, usually within 6-12 months.
FHA 203k and conventional HomeStyle loans bundle purchase and rehab costs into one mortgage. They work well for older Suisun City homes needing updates.
VA loans require zero down, have no PMI, and offer competitive rates for military borrowers. Travis Air Force Base proximity makes this a popular option here.
Inspections aren't required but strongly recommended to identify issues before you buy. Lenders do require an appraisal to confirm property value.
Pre-qualification is an estimate based on what you tell us. Pre-approval involves verifying income, assets, and credit—it carries weight with sellers.
Yes, if rates have dropped or your credit improved since closing. We compare costs versus savings to ensure refinancing makes financial sense.
HELOCs let you borrow against your home's equity with a revolving credit line. Interest rates adjust monthly and you only pay interest on what you draw.
Solano County property taxes get escrowed into your monthly payment along with insurance. Current tax rates run around 1.2% of assessed value annually.
Most lenders require a ratified contract before locking. Once you're in contract, we can lock your rate for 30-60 days during closing.
You can renegotiate the price, bring extra cash to cover the gap, or walk away if you have an appraisal contingency. We help you evaluate all options.
Properties near the marsh and marina often sit in flood zones requiring insurance. Your lender will order a flood certification during the loan process.
Yes, each point costs 1% of the loan amount and typically reduces your rate by 0.25%. Points make sense if you plan to keep the loan long-term.
Conventional investment loans require 15-25% down depending on credit and property type. DSCR loans typically start at 20% down for rental properties.
Chapter 7 requires a two-year wait for FHA, four years for conventional. Chapter 13 may qualify after one year with court approval and timely payments.
Yes, you can withdraw from 401k or IRA accounts for a home purchase. First-time buyers get penalty exceptions, but you'll still owe income tax on the withdrawal.
Recent foreclosure, active collections, or undisclosed debts cause problems. We review credit early to address issues before you start house hunting.
Most lenders want two years of employment history in the same field. Job-hopping with income increases typically doesn't hurt, but gaps over 30 days need explanation.
Yes, lenders factor student loans into your debt-to-income ratio. Income-driven repayment plans can lower your calculated monthly obligation for qualification purposes.
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.