San Buenaventura Mortgage FAQ - Your Complete Home Loan Guide for Ventura County

We offer 25+ loan programs including Conventional, FHA, VA, USDA, and Jumbo loans. Specialty options include Bank Statement, DSCR, and ITIN loans. Rates vary by borrower profile and market conditions.

You need stable income, acceptable credit, and funds for down payment and closing costs. Debt-to-income ratio typically should be below 50%. Requirements vary by loan type.

A conventional loan is not backed by the government. It typically requires 3-20% down and a credit score of 620 or higher. These loans offer competitive rates for qualified buyers.

FHA loans require as little as 3.5% down with a 580 credit score. They allow higher debt-to-income ratios than conventional loans. Mortgage insurance is required for the loan term.

VA loans are for active military, veterans, and eligible spouses. They require no down payment and no mortgage insurance. A Certificate of Eligibility is needed.

USDA loans offer no down payment for eligible rural properties. Borrowers must meet income limits based on household size. Some San Buenaventura areas may qualify.

Jumbo loans exceed conforming loan limits set by federal agencies. They typically require larger down payments and stronger credit. These finance higher-priced properties in Ventura County.

Bank Statement loans use bank deposits instead of tax returns for income verification. They're ideal for self-employed borrowers. Typically 12-24 months of statements are required.

DSCR loans qualify investors based on property rental income, not personal income. The property's cash flow determines eligibility. No tax returns or pay stubs needed.

ITIN loans are for borrowers without a Social Security number. An Individual Taxpayer Identification Number is used instead. Down payment requirements are typically higher.

Down payments range from 0% to 20% depending on loan type. VA and USDA offer zero down. Conventional loans start at 3% for qualified buyers.

Minimum credit scores vary by loan type. FHA allows 580, conventional typically requires 620. Higher scores get better rates and terms.

Mortgage insurance protects lenders if you default on your loan. It's required for conventional loans under 20% down and all FHA loans. VA uses a funding fee instead.

Closing costs typically range from 2-5% of the loan amount. They include lender fees, title insurance, escrow, and prepaid items. Some costs are negotiable with sellers.

Down payment assistance programs may be available for qualified buyers. Local and state programs offer grants or low-interest loans. We can help identify options for you.

ARMs have interest rates that change after an initial fixed period. They often start with lower rates than fixed mortgages. Rates vary by borrower profile and market conditions.

Fixed-rate mortgages maintain the same interest rate for the entire loan term. Monthly principal and interest payments never change. Terms typically range from 15 to 30 years.

Bridge loans provide short-term financing between buying and selling homes. They let you purchase before your current home sells. Interest rates are typically higher than traditional mortgages.

Construction loans finance building a new home from the ground up. Funds are disbursed in stages as construction progresses. They often convert to permanent mortgages after completion.

A HELOC lets you borrow against your home's equity as needed. It works like a credit card with a revolving credit line. Interest rates are typically variable.

Home equity loans provide a lump sum using your home's equity as collateral. They have fixed rates and fixed monthly payments. Also called second mortgages.

Reverse mortgages let homeowners 62+ convert home equity into cash. No monthly payments are required while living in the home. Loan is repaid when you move or pass away.

Interest-only loans require only interest payments for an initial period. Principal payments begin after the interest-only period ends. Monthly payments increase significantly after the transition.

1099 loans are designed for independent contractors and freelancers. Income is verified using 1099 forms instead of W-2s. They offer flexibility for non-traditional income earners.

Asset Depletion loans qualify borrowers based on liquid assets rather than income. Retirement accounts and investments can be used for qualification. Ideal for retirees or high-net-worth individuals.

P&L loans use year-to-date profit and loss statements for income verification. They're designed for self-employed borrowers. A CPA letter may be required.

Foreign National loans help non-U.S. citizens purchase property in America. No Social Security number or U.S. credit history required. Larger down payments are typically needed.

Hard money loans are short-term loans secured by real estate. They're based on property value, not creditworthiness. Often used by investors for fix-and-flip projects.

Pre-approval is stronger than pre-qualification and shows sellers you're serious. It involves full credit and income verification. Pre-qualification is just an estimate based on self-reported information.

The typical mortgage process takes 30-45 days from application to closing. Timeline varies based on loan type and documentation completeness. Cash buyers can close much faster.

You'll need pay stubs, tax returns, bank statements, and ID. Self-employed borrowers may need additional documentation. We provide a complete checklist when you apply.

Yes, options exist for borrowers with challenged credit. FHA loans accept scores as low as 580. Alternative programs may accept lower scores with compensating factors.

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

Discount points let you buy down your interest rate at closing. Each point costs 1% of the loan amount. It makes sense if you plan to keep the loan long-term.

An appraisal determines your home's market value for the lender. A licensed appraiser inspects the property and compares recent sales. Lenders require this to protect their investment.

At closing, you sign final documents and pay closing costs. You receive keys once everything is recorded. The process typically takes one to two hours.

Yes, refinancing can lower your rate or change loan terms. You can also access equity through cash-out refinancing. Rates vary by borrower profile and market conditions.

PMI is required on conventional loans with less than 20% down. It protects the lender if you default. You can request removal once you reach 20% equity.

Yes, many programs offer special benefits for first-time buyers. These include lower down payments and reduced fees. We can help identify programs you qualify for.

Rates are influenced by economic factors, credit score, and loan type. Down payment size and property type also affect rates. Rates vary by borrower profile and market conditions.