Vacaville Mortgage FAQs: Your Questions Answered by Local Brokers

Most purchase loans close in 25-35 days from offer acceptance. Cash-out refinances often take 30-40 days due to additional documentation requirements.

FHA loans require 580 minimum for 3.5% down. Conventional loans typically need 620, though some borrowers with strong income can qualify at 600.

FHA requires 3.5%, conventional allows 3% for first-time buyers. VA and USDA loans offer zero down for qualified borrowers.

Yes, through 1099 loans or bank statement programs. You'll need 12-24 months of statements showing consistent deposits instead of tax returns.

Most borrowers need two years of tax returns, 30 days of paystubs, and 60 days of bank statements. Self-employed buyers may substitute bank statements for tax returns.

Only in specific zip codes on the city's outskirts. Most of central Vacaville doesn't qualify due to population density limits.

FHA allows lower credit scores and smaller down payments but requires mortgage insurance for the loan's life. Conventional loans drop PMI at 20% equity.

Expect 2-4% of the purchase price. On a $600,000 home, that's $12,000-$24,000 including lender fees, title, escrow, and prepaid items.

Absolutely. Travis Air Force Base proximity makes VA loans common here, with zero down and no PMI for eligible veterans and service members.

DSCR loans approve based on rental income, not your W-2. Investors buying Vacaville rentals use these when they can't show traditional employment income.

No. Lenders review the full picture including income stability and savings. Late payments older than 24 months rarely block approval.

PMI is mortgage insurance required when you put less than 20% down on conventional loans. Avoid it with 20% down or by using a VA/USDA loan.

Yes, through FHA 203k or conventional renovation loans. These programs roll repair costs into your mortgage for properties needing work.

We average 12-24 months of business deposits to calculate qualifying income. This works for self-employed borrowers who write off significant expenses.

Conforming limit is $806,500 for single-family homes in Solano County. Above that, you'll need a jumbo loan with different rate pricing.

Only if you'll keep the loan long enough to recover the cost. Each point costs 1% of the loan amount and typically reduces rates by 0.25%.

Yes. Lenders count 0.5-1% of the balance as monthly payment, or your actual IBR payment if you provide documentation showing the amount.

ARMs offer lower initial rates that adjust after a fixed period. They work well if you'll sell or refinance within 5-7 years.

Your total debt payments including the new mortgage shouldn't exceed 43-50% of gross income. Most lenders use 43% as the cap.

Yes, from immediate family. You'll need a gift letter stating the money doesn't require repayment and proof the donor has the funds.

We shop 200+ lenders to find the best rate and program fit. Banks only offer their own products, limiting your options.

Some loans require 2-6 months of mortgage payments in savings post-closing. Investment properties and jumbo loans typically have reserve requirements.

Yes, if your debt-to-income ratio supports both payments. Lenders count 100% of the new mortgage plus your existing housing payment.

Fast financing for fix-and-flip projects or properties that don't meet conventional standards. Rates run higher but approval happens in days, not weeks.

Bridge loans let you buy a new home before selling your current one. You'll pay both mortgages temporarily until your old home closes.

Yes, through foreign national loan programs. You'll need a valid visa or passport, larger down payment, and U.S. credit history helps but isn't required.

You pay only interest for a set period, lowering monthly payments initially. Principal payments start later, which increases future payment amounts significantly.

They average your net profit from two years of tax returns. Depreciation and one-time write-offs can sometimes be added back to boost qualifying income.

Yes, through cash-out refinancing. You can borrow up to 80% of your home's value, pay off the existing mortgage, and pocket the difference.

Pre-qualification is an estimate based on what you tell us. Pre-approval means we've verified your income, assets, and credit through documentation.

Yes. Lenders include estimated property taxes in your debt-to-income calculation, typically 1.1-1.25% of the purchase price annually in Solano County.

Most lenders require a signed purchase contract before locking. Some offer float-down options if rates drop after you lock.

You can negotiate with the seller, bring extra cash to close the gap, or cancel if you have an appraisal contingency. Low appraisals reduce maximum loan amounts.

CalHFA offers down payment assistance and special loan programs. We connect buyers with programs that stack with FHA or conventional financing for maximum benefit.