Wheatland Mortgage FAQs: Your Complete Guide to Home Financing in Yuba County

Most mortgage closings take 30-45 days from application to closing. The timeline depends on loan type, appraisal scheduling, and how quickly you provide required documents.

FHA loans require minimum 580 credit scores with 3.5% down. Conventional loans typically need 620 or higher. Some specialized programs accept lower scores.

Down payments range from 0% (VA, USDA) to 3% (FHA, some conventional). Many buyers put down 5-20% depending on loan type and financial situation.

Bring recent pay stubs, W-2s, tax returns (2 years), bank statements (2 months), photo ID, and employment verification. Self-employed borrowers need additional business documentation.

Yes, Wheatland qualifies for USDA loans in eligible areas. These loans offer 0% down payment for qualifying rural and suburban properties with income limits applied.

Closing costs typically range 2-5% of the purchase price. This includes lender fees, title insurance, appraisal, escrow, and recording fees.

Absolutely. We offer Bank Statement Loans, 1099 Loans, and Profit & Loss Statement programs designed specifically for self-employed borrowers and contractors.

Pre-qualification estimates what you might afford based on basic information. Pre-approval verifies your finances and gives sellers confidence you can secure financing.

FHA loans require mortgage insurance regardless of down payment. Conventional loans need PMI with less than 20% down. VA loans charge a funding fee instead.

DSCR loans qualify investors based on rental income potential, not personal income. Perfect for building rental portfolios in Wheatland without traditional employment verification.

Yes, we offer multiple investor loan programs including DSCR, conventional investment loans, and portfolio products. Each has different down payment and qualification requirements.

ARMs have interest rates that adjust after an initial fixed period. They often start with lower rates than fixed mortgages but can change based on market conditions.

FHA works well with lower credit scores and smaller down payments. Conventional offers better terms with strong credit and 10-20% down, plus removable mortgage insurance.

Property taxes are typically included in your monthly payment through an escrow account. Yuba County tax rates vary by area and assessment value.

Most loan programs accept gift funds from family members. You'll need a gift letter stating the money doesn't require repayment.

A rate lock guarantees your interest rate for a specific period, usually 30-60 days. Lock when rates are favorable and you're ready to close soon.

Veterans, active military, and eligible spouses qualify for VA loans with 0% down payment. You'll need a Certificate of Eligibility from the VA.

Jumbo loans exceed conforming loan limits set by Fannie Mae and Freddie Mac. They typically require higher credit scores and larger down payments.

Yes, ITIN loans allow non-citizen residents to purchase homes using Individual Taxpayer Identification Numbers. Documentation requirements differ from traditional mortgages.

Interest-only loans let you pay just interest for a set period, reducing initial payments. Principal payments begin after the interest-only period ends.

Bridge loans provide short-term financing to buy a new home before selling your current one. They're ideal when you need to act quickly on opportunities.

Asset depletion loans qualify borrowers using investment accounts and assets rather than employment income. Great for retirees with substantial savings but limited income.

Possible, but waiting periods apply. FHA requires 2 years after discharge, conventional needs 4 years. Some alternative programs have shorter waiting periods.

LTV compares your loan amount to property value. Lower LTV means more equity and often better rates. 80% LTV equals 20% down payment.

Most loans require professional appraisals to verify property value. The appraisal protects both you and the lender from overpaying.

Principal, interest, property taxes, and homeowners insurance (PITI). Some payments include HOA fees, mortgage insurance, or other escrow items.

Yes, sellers can contribute toward your closing costs. Limits vary by loan type, typically ranging from 3-9% of purchase price.

DTI compares monthly debt payments to gross income. Most loans prefer 43-50% DTI, though requirements vary by program and compensating factors.

Yes, several programs offer down payment assistance and favorable terms for first-time buyers. FHA, conventional 3% down, and local assistance programs are available.

You can negotiate price reduction, pay the difference in cash, challenge the appraisal, or cancel the purchase. Your options depend on contract contingencies.

Absolutely. Refinancing can lower your rate, change loan terms, or access equity. We offer conventional, FHA, VA, and cash-out refinance options.

Hard money loans are short-term, asset-based financing for investment properties. They fund quickly with less documentation but carry higher rates than traditional mortgages.

Waiting periods range from 3-7 years depending on loan type and circumstances. FHA requires 3 years, conventional typically needs 7 years post-foreclosure.

Late payments, collections, bankruptcies, and high credit utilization impact approval. Some issues matter more than others depending on timing and loan program.

Yes, our Foreign National Loan program helps international buyers purchase California property. Requirements include larger down payments and specific documentation.

Points are upfront fees to reduce your interest rate. Each point costs 1% of loan amount. Buy points if you plan to keep the loan long-term.

Lenders require insurance to protect their investment. Your premium is typically included in monthly payments through escrow. Shop around for competitive rates.

You'll sign final documents, pay closing costs, and receive property keys. The process typically takes 1-2 hours at a title company or attorney's office.

Conventional loan PMI cancels automatically at 22% equity or upon request at 20%. FHA mortgage insurance remains for the loan term with less than 10% down.

We offer 25+ loan programs, local expertise, and personalized service throughout Yuba County. Our team finds solutions for unique financial situations and borrower needs.