Ojai Mortgage Loans: Your Guide to Home Financing in Ventura County

We offer 25+ loan programs including Conventional, FHA, VA, USDA, Jumbo, and specialized options. These include Bank Statement Loans, DSCR Loans, and ITIN Loans for unique situations.

Qualification depends on credit score, income, debt-to-income ratio, and down payment. Each loan type has different requirements. We help determine which program fits your profile best.

A Conventional Loan is not backed by the government. It typically requires good credit and at least 3% down. These loans often have competitive rates for qualified borrowers.

FHA Loans are government-insured mortgages with lower down payment requirements. You can qualify with as little as 3.5% down. They're ideal for first-time buyers with limited savings.

VA Loans typically require no down payment for eligible veterans and service members. They also don't require mortgage insurance. VA Loans offer competitive rates and flexible terms.

USDA Loans help buyers in eligible rural areas purchase homes with no down payment. They offer low rates and reduced mortgage insurance. Income limits may apply based on location.

Jumbo Loans exceed conforming loan limits set by federal agencies. They're common in Ojai for higher-priced properties. Rates vary by borrower profile and market conditions.

Bank Statement Loans use bank deposits instead of tax returns to verify income. They're ideal for self-employed borrowers. We typically review 12 to 24 months of statements.

DSCR Loans are for investment properties based on rental income, not personal income. The property's cash flow determines approval. No tax returns or employment verification needed.

Yes, ITIN Loans are available for borrowers without Social Security numbers. You'll need an Individual Taxpayer Identification Number. Down payment and credit requirements apply.

Asset Depletion Loans use your savings and investments to qualify. We calculate monthly income by dividing assets over the loan term. Perfect for retirees with substantial savings.

1099 Loans are designed for independent contractors and freelancers. We use 1099 forms instead of W-2s to verify income. They offer more flexibility for non-traditional employment.

Bridge Loans provide short-term financing between buying and selling properties. They help you purchase before your current home sells. Terms typically last 6 to 12 months.

Yes, Hard Money Loans are asset-based financing for quick purchases or rehabs. They're secured by property value rather than credit. Approval is faster but rates are higher.

Interest-Only Loans let you pay just interest for a set period. Principal payments start later, lowering initial monthly costs. They work well for investors or high-income earners.

ARMs have interest rates that change periodically based on market indexes. Initial rates are often lower than fixed mortgages. Rates vary by borrower profile and market conditions.

Portfolio ARMs are held by lenders rather than sold to investors. They offer more flexible underwriting guidelines. These may benefit borrowers with unique financial situations.

Yes, Profit & Loss Statement Loans accept P&L documents from self-employed borrowers. A CPA may need to prepare your statements. This option simplifies qualification for business owners.

HELOCs let you borrow against your home's equity as needed. You only pay interest on what you use. They work like revolving credit with variable rates.

Home Equity Loans provide a lump sum with fixed rates and payments. HELOCs are revolving credit lines with variable rates. Both use your home as collateral.

Reverse Mortgages let homeowners 62+ convert equity into cash. No monthly payments are required. The loan is repaid when you sell or move.

Yes, Construction Loans finance building new homes or major renovations. Funds are released in stages as work progresses. They typically convert to permanent mortgages afterward.

Foreign National Loans help non-U.S. citizens buy property in Ojai. No U.S. credit history or Social Security number required. Larger down payments are typically necessary.

Investor Loans finance rental properties or investment real estate. Terms differ from primary residence mortgages. We offer options based on rental income or personal finances.

Conforming Loans meet guidelines set by Fannie Mae and Freddie Mac. They have loan limits that vary by county. These typically offer the most competitive rates.

Closing costs typically range from 2% to 5% of the loan amount. They include appraisal, title insurance, origination fees, and escrow charges. We provide detailed estimates upfront.

Down payment requirements vary by loan type from 0% to 20% or more. VA and USDA loans may require nothing down. Conventional loans often start at 3%.

Minimum credit scores vary by loan type and lender. FHA loans may accept scores as low as 580. Conventional loans typically require 620 or higher for best terms.

Approval timelines range from a few days to several weeks. It depends on loan type and documentation completeness. We work to expedite your application efficiently.

Debt-to-income ratio compares monthly debt payments to gross monthly income. Most lenders prefer ratios below 43% to 50%. Lower ratios improve your approval chances and rates.

Yes, pre-approval shows sellers you're a serious buyer with verified financing. It strengthens your offer in competitive markets. We can pre-approve you before you start shopping.

Typical documents include pay stubs, tax returns, bank statements, and ID. Self-employed borrowers may need additional business documentation. Requirements vary by loan type and situation.

Rates depend on market conditions, your credit profile, and loan terms. We shop multiple lenders for competitive options. Rates vary by borrower profile and market conditions.

PMI protects lenders when down payments are below 20% on conventional loans. It adds to your monthly payment until you reach 20% equity. FHA loans have similar mortgage insurance.

Yes, refinancing can lower your rate, change terms, or access equity. We evaluate whether refinancing makes financial sense for your situation. Options include rate-and-term or cash-out refinances.

Points are upfront fees paid to lower your interest rate. One point equals 1% of the loan amount. Buying points makes sense if you plan to keep the loan long-term.

Yes, all lenders require homeowners insurance to protect their investment. Ojai properties may need additional fire or wildfire coverage. Insurance is included in your monthly payment via escrow.

Escrow accounts hold funds for property taxes and insurance. Your lender collects monthly amounts and pays bills when due. This ensures critical payments are never missed.

Most mortgages allow early payoff without penalties. Some loans have prepayment penalties for a limited period. We disclose any penalties before you close on your loan.

Fixed rates stay constant for the loan term, providing payment stability. ARMs offer lower initial rates but can adjust later. Choose based on how long you'll keep the home.