Question 1

What credit score do I need to buy in Suisun City?

Accepted Answer

FHA loans start at 580 with 3.5% down. Conventional loans typically require 620 or higher.

Question 2

How much down payment do I need?

Accepted Answer

VA and USDA loans require zero down. FHA needs 3.5% and conventional can go as low as 3%.

Question 3

Does Suisun City qualify for USDA loans?

Accepted Answer

Parts of Solano County qualify for USDA rural financing. We check eligibility maps for your specific address.

Question 4

Can active military or veterans use VA loans here?

Accepted Answer

Yes. VA loans work anywhere in California, including Suisun City. Travis Air Force Base is nearby — VA is common in this area.

Question 5

What is a conforming loan limit in Solano County?

Accepted Answer

Conforming loans follow FHFA limits set for Solano County. Anything above that limit requires a jumbo loan.

Question 6

What documents do I need to apply for a mortgage?

Accepted Answer

Bring two years of tax returns, two months of bank statements, and recent pay stubs. W-2s for the last two years are also required.

Question 7

How long does the mortgage process take?

Accepted Answer

A typical purchase closes in 21 to 30 days after a complete application. Delays usually come from appraisal or title, not the lender.

Question 8

What is the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is a rough estimate based on self-reported info. Pre-approval means a lender verified your income, credit, and assets.

Question 9

Should I get pre-approved before touring homes?

Accepted Answer

Yes. Sellers in Solano County will not take your offer seriously without one. Get pre-approved first.

Question 10

What are closing costs in Suisun City?

Accepted Answer

Closing costs typically run 2% to 5% of the loan amount. That covers lender fees, title, escrow, and prepaid items.

Question 11

Can closing costs be rolled into the loan?

Accepted Answer

Not directly on most purchase loans. But you can ask the seller for concessions or use lender credits to offset costs.

Question 12

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

Accepted Answer

PMI is private mortgage insurance. You pay it on conventional loans when your down payment is under 20%.

Question 13

How do I get rid of PMI?

Accepted Answer

Once your loan balance drops to 80% of the home's value, you can request removal. Lenders must cancel it automatically at 78%.

Question 14

FHA vs. conventional — which is better for Suisun City buyers?

Accepted Answer

FHA works better with lower credit or smaller down payments. Conventional is cheaper long-term if your credit is above 700.

Question 15

What is a bank statement loan?

Accepted Answer

It uses 12 or 24 months of bank deposits to verify income instead of tax returns. Built for self-employed borrowers.

Question 16

I'm self-employed. Can I still get a mortgage in Suisun City?

Accepted Answer

Yes. Bank statement loans, 1099 loans, and P&L loans are all designed for self-employed borrowers. We place these regularly.

Question 17

What is a DSCR loan and who uses it?

Accepted Answer

DSCR stands for Debt Service Coverage Ratio. It qualifies investment property buyers based on rental income, not personal income.

Question 18

Can I buy a rental property in Suisun City with a DSCR loan?

Accepted Answer

Yes. If the property's rent covers the mortgage payment, you likely qualify. No W-2 or tax return required.

Question 19

What is a bridge loan?

Accepted Answer

A bridge loan lets you buy a new home before selling your current one. It's short-term financing, usually 6 to 12 months.

Question 20

What is an adjustable rate mortgage (ARM)?

Accepted Answer

An ARM starts with a fixed rate for a set period, then adjusts. A 5/1 ARM is fixed for 5 years, then adjusts annually.

Question 21

When does an ARM make sense?

Accepted Answer

If you plan to sell or refinance within 5 to 7 years, an ARM can save money. Rates vary by borrower profile and market conditions.

Question 22

What is a jumbo loan in California?

Accepted Answer

A jumbo loan exceeds the conforming loan limit for your county. It requires stronger credit, more reserves, and a larger down payment.

Question 23

What is a hard money loan?

Accepted Answer

Hard money is asset-based lending, usually for investors or fix-and-flip buyers. It closes fast but carries higher rates.

Question 24

Can I use an ITIN instead of a Social Security number?

Accepted Answer

Yes. ITIN loans allow borrowers without SSNs to qualify using an Individual Taxpayer Identification Number.

Question 25

Are there loans for foreign nationals buying in Suisun City?

Accepted Answer

Yes. Foreign national loans are available for non-US residents purchasing property in California. Requirements vary by lender.

Question 26

What is an asset depletion loan?

Accepted Answer

Lenders calculate income by dividing your liquid assets over a set term. It helps retirees or high-net-worth borrowers qualify.

Question 27

What is a reverse mortgage?

Accepted Answer

It lets homeowners 62 and older convert home equity into cash. No monthly payment is required while you live in the home.

Question 28

What is a HELOC?

Accepted Answer

A HELOC is a Home Equity Line of Credit. You draw from it as needed and only pay interest on what you use.

Question 29

What is a home equity loan?

Accepted Answer

A home equity loan gives you a lump sum using your equity as collateral. It has a fixed rate and fixed monthly payment.

Question 30

What is a construction loan?

Accepted Answer

It funds building a new home. You draw funds in stages as construction progresses, then convert to a permanent mortgage.

Question 31

What is a portfolio ARM?

Accepted Answer

A portfolio ARM is held by the lender instead of sold to investors. That means more flexible underwriting for complex borrowers.

Question 32

What is a community mortgage?

Accepted Answer

Community mortgages are designed for low-to-moderate income buyers. They often feature reduced PMI and flexible qualification rules.

Question 33

What is an interest-only loan?

Accepted Answer

You pay only interest for a set period, keeping monthly payments lower. After that period, you begin paying principal too.

Question 34

What is a profit and loss loan?

Accepted Answer

A P&L loan uses a CPA-prepared profit and loss statement to verify income. It works for self-employed borrowers with complex taxes.

Question 35

How many lenders does SRK CAPITAL work with?

Accepted Answer

We have access to 200+ wholesale lenders. That means we shop your file across programs to find the best fit.

Question 36

Why use a mortgage broker instead of a bank?

Accepted Answer

A bank offers its own products only. We compare dozens of lenders side by side and often find better rates or programs.

Question 37

What is a rate lock?

Accepted Answer

A rate lock guarantees your interest rate for a set period, usually 30 to 60 days. It protects you from rate increases during escrow.

Question 38

What are mortgage points?

Accepted Answer

One point equals 1% of the loan amount paid upfront to lower your rate. It makes sense if you plan to stay long-term.

Question 39

What is an appraisal and why does it matter?

Accepted Answer

An appraisal is a licensed estimate of the home's market value. Lenders won't loan more than the appraised value.

Question 40

How does my debt-to-income ratio affect approval?

Accepted Answer

DTI compares your monthly debts to gross income. Most conventional loans cap DTI at 45% to 50%.

Mortgage FAQs for Suisun City Homebuyers