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Simi Valley Mortgage FAQ
Finding the right mortgage in Simi Valley starts with understanding your options. We connect Ventura County homebuyers with financing solutions tailored to their needs.
From conventional loans to specialized programs for self-employed borrowers, we offer diverse lending products. Our team guides you through every step of the mortgage process.
Whether you're buying your first home or investing in property, we provide expert advice. Get answers to common mortgage questions below.
We offer 25+ loan types including conventional, FHA, VA, USDA, and jumbo loans. Specialized options include bank statement loans, DSCR loans, and ITIN loans for various borrower situations.
Down payments vary by loan type. FHA loans require as little as 3.5% down, conventional loans start at 3%, and VA loans offer zero down for eligible veterans.
Minimum scores vary by program. FHA loans accept scores as low as 580, while conventional loans typically require 620 or higher for best terms.
A conventional loan is not backed by the government. It typically requires higher credit scores but offers competitive rates and flexible terms for qualified borrowers.
FHA loans are government-insured mortgages with lower down payment requirements. They're ideal for first-time buyers or those with moderate credit scores.
VA loans are available to eligible veterans and service members. They offer zero down payment, no mortgage insurance, and competitive rates.
USDA loans help buyers in eligible rural areas purchase homes with zero down payment. Some areas near Simi Valley may qualify for this program.
Jumbo loans exceed conventional loan limits set by federal agencies. They're common in Ventura County for higher-priced properties and require strong credit.
Yes, we offer bank statement loans, 1099 loans, and profit and loss statement loans. These programs use alternative income documentation for self-employed individuals.
Bank statement loans use your bank deposits to verify income instead of tax returns. They're perfect for self-employed borrowers with complex tax situations.
DSCR loans are for investment properties and qualify based on rental income, not personal income. The property's cash flow determines loan approval.
Yes, ITIN loans are available for borrowers without Social Security numbers. These loans help non-citizens achieve homeownership in Simi Valley.
Bridge loans provide short-term financing when buying a new home before selling your current one. They help bridge the gap between purchase and sale.
Closing costs include lender fees, title insurance, appraisal, and other charges. They typically range from 2% to 5% of the loan amount.
Sometimes, depending on the loan type and property value. You may also negotiate seller concessions to help cover closing costs.
Mortgage insurance protects lenders if you default on your loan. It's required on conventional loans with less than 20% down and all FHA loans.
Put down at least 20% on a conventional loan. Alternatively, consider piggyback loans or lender-paid mortgage insurance options.
ARMs have interest rates that change periodically based on market conditions. They often start with lower rates than fixed-rate mortgages.
Fixed rates provide payment stability over the loan term. ARMs offer lower initial rates but carry risk of future increases. Rates vary by borrower profile and market conditions.
Portfolio ARMs are kept by the lender rather than sold. They offer flexible terms and can accommodate unique borrower situations.
Interest-only loans let you pay just interest for a set period. This lowers initial payments but doesn't build equity during that time.
Yes, we offer investor loans and DSCR loans specifically for rental properties. These programs have different qualification criteria than owner-occupied loans.
A HELOC lets you borrow against your home's equity as needed. It works like a credit card with your home as collateral.
Home equity loans provide a lump sum using your home equity as collateral. They have fixed rates and predictable monthly payments.
Asset depletion loans qualify you based on assets rather than income. They're ideal for retirees or those with substantial savings.
Reverse mortgages let homeowners 62 and older convert home equity into cash. No monthly payments are required during the loan term.
Construction loans provide funds to build a new home. They typically convert to permanent mortgages once construction is complete.
Hard money loans are short-term, asset-based loans for real estate investors. They fund quickly but have higher rates than traditional mortgages.
Foreign national loans help non-US citizens purchase property in Simi Valley. They have specialized documentation requirements and terms.
Most loans close in 21 to 45 days. Timeline depends on loan type, documentation completeness, and underwriting requirements.
Typical documents include pay stubs, tax returns, bank statements, and ID. Self-employed borrowers may need additional business documentation.
Yes, pre-approval is highly recommended. It shows sellers you're serious and helps you understand your budget before shopping.
DTI compares your monthly debt payments to gross income. Most lenders prefer DTI below 43%, though some programs allow higher ratios.
Yes, several programs work with lower credit scores. FHA loans and specialized portfolio loans offer options for credit-challenged borrowers.
Simi Valley offers family-friendly neighborhoods and proximity to Los Angeles. Ventura County provides diverse housing options for various budgets.
Yes, FHA loans, community mortgages, and conventional low down payment programs serve first-time buyers. Many offer reduced down payments and flexible terms.
Rates vary by borrower profile and market conditions. Contact us for personalized rate quotes based on your credit, down payment, and loan type.
Yes, refinancing can lower your rate or change loan terms. We offer cash-out refinancing and rate-and-term refinancing options.
Look for experience, loan variety, and local market knowledge. We offer diverse programs and personalized service for Ventura County borrowers.
Late payments hurt your credit and may incur fees. Contact your lender immediately if you're struggling to explore hardship options.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.