Camarillo Mortgage Loans - Expert Guidance in Ventura County

We offer conventional, FHA, VA, USDA, and jumbo loans. Alternative options include bank statement loans, DSCR loans, and ITIN loans for unique situations.

Most loans require proof of income, acceptable credit, and funds for down payment. Requirements vary by loan type and lender guidelines.

A conventional loan is not backed by the government. It typically requires good credit and at least 3% down payment for qualified buyers.

FHA loans are government-insured mortgages with lower down payment requirements. They allow down payments as low as 3.5% with qualifying credit scores.

VA loans serve military members, veterans, and eligible spouses. They offer zero down payment options and no mortgage insurance requirements.

USDA loans help buyers in eligible rural areas purchase homes with no down payment. Income limits and property location requirements apply.

Jumbo loans finance amounts exceeding conventional loan limits. They typically require strong credit, larger down payments, and more documentation.

Bank statement loans use bank deposits instead of tax returns for income verification. They work well for self-employed borrowers with business write-offs.

DSCR loans qualify based on property cash flow, not personal income. They are designed for real estate investors buying rental properties.

ITIN loans serve borrowers without Social Security numbers who have taxpayer identification numbers. They allow non-citizens to purchase homes.

1099 loans are for independent contractors and freelancers. They use 1099 forms to verify income instead of traditional W-2 documents.

ARMs start with a fixed rate for a set period, then adjust periodically. Initial rates are typically lower than fixed-rate mortgages.

Bridge loans provide short-term financing between property purchases. They help buyers purchase before selling their current home.

Hard money loans are short-term, asset-based loans for quick closings. Investors use them for fix-and-flip projects or time-sensitive purchases.

Down payments vary from 0% to 20% or more depending on loan type. VA and USDA offer zero down, while conventional typically starts at 3%.

Minimum credit scores vary by loan program. FHA accepts scores as low as 580, while conventional loans prefer 620 or higher.

Closing costs typically range from 2% to 5% of the loan amount. They include appraisal, title, escrow, and lender fees.

Yes, self-employed borrowers have multiple options. Bank statement loans, 1099 loans, and profit and loss statement loans are available.

Asset depletion loans qualify borrowers based on liquid assets rather than income. Lenders divide assets by loan term to calculate qualifying income.

Mortgage insurance is required on conventional loans with less than 20% down. FHA loans require mortgage insurance regardless of down payment amount.

Home equity loans let you borrow against your home's equity with fixed rates. You receive funds in a lump sum at closing.

A HELOC provides a revolving credit line secured by your home. You draw funds as needed during the draw period, similar to a credit card.

Investor loans finance rental or investment properties. Requirements differ from primary residence loans, often needing larger down payments.

Yes, foreign national loans serve non-US citizens buying property. They require larger down payments and have specific documentation requirements.

Interest-only loans allow payments of just interest for a set period. Principal payments begin after the interest-only term ends.

Reverse mortgages allow homeowners 62 and older to convert equity into cash. No monthly payments are required while living in the home.

Construction loans finance building a new home from the ground up. They convert to permanent mortgages after construction completes.

Approval timelines vary from a few days to several weeks. It depends on loan type, documentation completeness, and lender workload.

Pre-approval is stronger than pre-qualification for serious buyers. It involves full credit review and documentation verification by the lender.

Yes, second home loans are available with different requirements than primary residences. You'll need to meet occupancy and down payment guidelines.

Conforming loans meet Fannie Mae and Freddie Mac guidelines. They have loan limits and standardized qualification requirements.

Fixed rates offer payment stability for the loan term. ARMs provide lower initial rates but carry adjustment risk. Rates vary by borrower profile and market conditions.

Standard documents include pay stubs, tax returns, bank statements, and employment verification. Alternative loans may accept different documentation types.

Yes, refinancing can lower your rate or access equity. Options include rate-and-term refinances, cash-out refinances, and HELOCs.

Portfolio ARMs are adjustable rate mortgages held by lenders rather than sold. They may offer more flexible underwriting than conventional loans.

Lenders compare monthly debts to gross income. Most programs prefer ratios below 43% to 50%, depending on loan type.

Equity appreciation loans offer lower rates in exchange for a share of future appreciation. The lender participates in your home's value increase.

Community mortgages and government programs help first-time buyers. Options may include down payment assistance and reduced requirements.

Missing payments damages credit and may lead to late fees. Contact your lender immediately to discuss options like forbearance or modification.

Most loans allow early payoff without penalty. Check your loan documents to confirm there are no prepayment penalties.