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 lend 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. We also back our pricing with a $500 lower-rate guarantee.

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 — $1,249,125 in high-cost California counties for 2026. 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 lend in California. For business-purpose investor loans — DSCR, hard money, and fix-and-flip — we lend 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. We back it with a $500 lower-rate guarantee.