Visalia Mortgage FAQs: Your Questions Answered by Local Experts

Most conventional and FHA loans close in 21-30 days. USDA loans take longer at 35-45 days due to extra rural housing approval steps.

FHA loans allow 580 credit scores with 3.5% down. Conventional loans prefer 620+ for competitive rates, though some lenders go lower.

VA loans require zero down for eligible veterans. USDA loans also offer zero down for qualifying properties in Tulare County rural areas.

Many Visalia properties qualify for USDA financing. We check eligibility by address since the program covers rural and suburban zones in Tulare County.

You can put down 3% on a conventional loan here. Rates improve at 5%, 10%, and 20% down due to lower lender risk.

Conventional loans require PMI below 20% down. FHA charges mortgage insurance regardless of down payment, though it drops at 20% equity on conventional.

Bring two years of tax returns, recent pay stubs, two months of bank statements, and photo ID. Self-employed borrowers need additional business documentation.

Yes, Bank Statement Loans work well for Visalia business owners with irregular income. We analyze 12-24 months of deposits instead of tax returns.

DSCR Loans qualify based on rental income instead of personal earnings. They're ideal for Visalia investment properties when you want to avoid income verification.

Expect 2-3% of the purchase price in closing costs. On a $350,000 home, that's $7,000-$10,500 for title, escrow, appraisal, and lender fees.

Yes, sellers can contribute up to 3% on conventional loans with less than 10% down. FHA and VA allow up to 6% seller concessions.

FHA allows lower credit scores and 3.5% down but charges permanent mortgage insurance. Conventional requires 620+ credit but drops PMI at 20% equity.

Yes, ITIN Loans let you qualify without a Social Security number. You'll need employment history, bank statements, and valid ITIN documentation.

FHA 203k loans finance both purchase and renovation costs in one mortgage. They work well for older Visalia homes needing repairs before move-in.

Jumbo Loans exceed conforming limits, currently $806,500 in Tulare County. Most Visalia buyers don't need them, but they're available for higher-priced properties.

ARMs start with a fixed rate for 5, 7, or 10 years, then adjust annually. They make sense if you plan to sell or refinance before adjustment.

Yes, 1099 Loans use your gross income before deductions. This often qualifies you for more than traditional income verification methods.

Asset Depletion Loans qualify you based on savings, investments, or retirement accounts. Lenders divide your assets by 360 months to calculate monthly income.

Yes, Construction Loans cover land purchase and building costs. They convert to permanent financing once construction completes and the home appraises.

Veterans can reuse VA loan benefits after selling or paying off the previous VA loan. You may also have remaining entitlement for a second property.

Bridge Loans let you buy before selling your current home. They're short-term financing until your existing property closes, typically 6-12 months.

Your total monthly debts including the new mortgage can't exceed 43-50% of gross income. A $2,000 mortgage payment needs roughly $4,500+ monthly income.

Yes, Investor Loans finance rental properties with 15-25% down. DSCR Loans qualify based on rental income alone, no personal income verification needed.

HELOCs work like credit cards with variable rates and draw periods. Home Equity Loans provide lump sums with fixed rates and payments.

Yes, Hard Money Loans close fast for fix-and-flip projects or time-sensitive purchases. They charge higher rates but prioritize property value over credit.

You can request PMI removal at 20% equity on conventional loans. It automatically drops at 22% equity even without requesting cancellation.

Interest-Only Loans let you pay just interest for 5-10 years before converting to principal and interest. They lower initial payments but delay equity building.

Rate locks freeze your interest rate for 30-60 days during closing. Lock when you're confident about closing timeline and satisfied with current rates.

Yes, pre-approval takes 24-48 hours and shows sellers you're a serious buyer. It's required before making offers in competitive situations.

You can negotiate price down, bring extra cash to cover the gap, or cancel if you have an appraisal contingency. We'll help evaluate which option works best.

Most of our Visalia clients are first-time buyers. We explain each step and identify programs with lower down payments and flexible credit requirements.

Yes, if it's permanently affixed to land you own. FHA and conventional lenders have specific requirements for manufactured home age and foundation type.

P&L Loans use year-to-date profit statements instead of tax returns. They work for self-employed borrowers who need faster qualification without waiting for tax season.

California caps property tax increases at 2% annually under Prop 13. New purchases reset to 1% of sale price plus local assessments and bonds.

Most loans require 2 years since bankruptcy or foreclosure. Some portfolio lenders go to 12 months with strong compensating factors like high down payment.

Community Mortgages allow flexible underwriting for buyers who don't fit traditional guidelines. They may accept alternative credit or lower down payments in certain cases.

Yes, Reverse Mortgages let homeowners 62+ convert equity to cash without monthly payments. The loan repays when you sell, move, or pass away.

Pre-approvals expire after 60-90 days. We'll update documentation and pull fresh credit if your home search extends beyond the initial approval period.

Yes, FHA and conventional loans finance 2-4 unit properties with owner occupancy. You can live in one unit and rent the others to offset your mortgage.

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