Mortgage FAQ: California Home Loan Questions, Answered

Save Financial is a mortgage broker, not a bank. We shop many wholesale lenders on your behalf to find the best rate and the right program, rather than offering just one bank's products. NMLS #377740, DRE #01875766.

We have two California offices: Newport Beach (4000 MacArthur Blvd, Suite 600 — 949-379-5320) serving Orange County, and Marina del Rey (13763 Fiji Way, Suite EU2 — 310-759-4757) serving Westside Los Angeles.

We serve all of California for home loans, with offices in Orange County and Los Angeles. For business-purpose investor loans like DSCR and hard money, we arrange financing in California and 39 more states.

Yes. A rate quote and consultation are free with no obligation, and we start with no SSN and no hard credit pull.

Yes. We offer Farsi (Persian) mortgage services from our Marina del Rey office and Spanish-speaking support for California's diverse communities, including ITIN borrowers.

FHA loans start at a 580 credit score, conventional loans around 620, and non-QM programs go down to roughly 500. Higher scores unlock better rates. Recent on-time payments often matter more than an old low score.

Yes. FHA allows scores as low as 580 (sometimes 500 with more down), and non-QM programs go to about 500. A larger down payment can offset a low score, and recent payment history carries a lot of weight.

Possibly. FHA allows a 500 score with 10% down, and some non-QM lenders go to around 500. You'll need a larger down payment and clean recent payment history. We match low-score borrowers to the most flexible lender.

Most lenders want your back-end DTI — all monthly debts plus the mortgage — under about 43%, though some FHA and non-QM programs allow up to 50%. Under 36% is considered strong.

It depends on the loan: VA and USDA allow 0% down, FHA 3.5%, conventional as low as 3%, jumbo typically 10–20%, and investor DSCR loans about 20–25%. We help you find the lowest option you qualify for.

No. You can buy with as little as 0% (VA/USDA), 3% (conventional), or 3.5% (FHA). Putting 20% down avoids PMI, but it isn't required. Many California buyers put down far less.

PMI (private mortgage insurance) is charged on conventional loans with less than 20% down, and it drops off automatically at 20% equity. You avoid it by putting 20% down or using an 80-10-10 piggyback loan.

A DSCR loan is an investment-property mortgage that qualifies on the rental's cash flow instead of your personal income — no tax returns or W-2s. You can close in an LLC and finance an unlimited number of properties.

A bank statement loan lets self-employed borrowers qualify using 12–24 months of bank deposits instead of tax returns. It's ideal when business write-offs make your taxable income look low. Typically 10–20% down.

A non-QM (non-qualified mortgage) loan verifies income with alternative documentation — bank statements, assets, rental income, or 1099s — for self-employed borrowers and investors. It's not sub-prime; lenders still verify ability to repay.

A jumbo loan is any mortgage above the conforming limit — $1,275,000 (already honored early by most lenders; official FHFA 2027 figures due late November) in high-cost California counties for 2027. Most Newport Beach and coastal LA homes need jumbo financing. We offer jumbo up to $30M.

An FHA loan is a government-backed mortgage with a 3.5% minimum down payment and credit scores from 580. It's popular with first-time and lower-credit buyers, but it carries mortgage insurance (MIP).

A VA loan is a $0-down mortgage with no monthly mortgage insurance for eligible veterans, active-duty members, and surviving spouses. The only VA-specific cost is a one-time funding fee, often financed.

An ITIN home loan lets you buy a home using an Individual Taxpayer Identification Number instead of a Social Security number. It's a non-QM program for foreign nationals, DACA recipients, and ITIN filers, typically 15–20% down.

A hard money loan is fast, short-term, asset-based financing for real estate investors, approved on the property and deal rather than your income. It's used for fix-and-flips and bridge purchases and can close in days.

A reverse mortgage lets California homeowners 62 and older convert home equity into tax-free cash with no monthly mortgage payment. You keep the title and never owe more than the home's value.

A HELOC (home equity line of credit) is a revolving credit line secured by your home's equity, with a variable rate. You draw funds as needed — for renovations, debt payoff, or investing — without touching your first mortgage.

Yes. Self-employed borrowers can qualify six ways: conventional with income add-backs, bank statement, P&L, 1099, asset-based, or DSCR loans. We run your add-backs and shop every option to qualify you for the most.

Yes. Bank statement, DSCR, 1099, asset-based, and P&L loans all qualify you without tax returns — using deposits, rental income, 1099s, or assets instead. These non-QM options are built for self-employed borrowers and investors.

Two years is standard for conventional loans, but many non-QM programs allow just one year with a strong file. If you're newly self-employed, a bank statement or P&L loan is usually the best path.

Yes. DSCR loans qualify on the property's rent with no income check, and we also offer conventional and non-QM investor loans. You can close in an LLC with no limit on financed properties.

For consumer home loans, we arrange financing in California. For business-purpose investor loans — DSCR, hard money, and fix-and-flip — we arrange financing in California and 39 more states nationwide.

Often the same day. You can start with no SSN and no hard credit pull, and a pre-approval letter typically stays valid for 60–90 days. It makes your offer far more competitive.

A soft credit check to start does not affect your score. A full pre-approval involves a hard pull, which has a small, temporary impact. Rate-shopping within a short window counts as a single inquiry.

Most purchase loans close in 30–45 days; non-QM loans like bank statement and DSCR in about 3–4 weeks; and hard money in as little as 5–10 days. A clean file keeps it on the faster end.

It depends on the program: conventional needs tax returns and pay stubs; bank statement loans need 12–24 months of statements; DSCR needs the lease or rent; and all need ID and credit authorization.

Broker compensation is either lender-paid (built into the rate) or borrower-paid, and it's fully disclosed on your Loan Estimate. Because we shop many lenders wholesale, borrowers often pay less overall than at a retail bank.

Often, yes. Brokers access wholesale pricing from many lenders and shop them against each other, while a bank offers only its own retail rate.