Question 1

Can I get a mortgage without a Social Security number?

Accepted Answer

Yes. ITIN loans and foreign national programs allow you to purchase property in the U.S. without an SSN. Documentation requirements vary, but we have multiple investor options for these scenarios.

Question 2

What documents do ITIN borrowers need?

Accepted Answer

Typically you'll need your ITIN letter, valid passport, proof of income (tax returns or bank statements), and a down payment of 15–25%. Requirements vary by lender — I'll match you with the right one.

Question 3

What's the minimum down payment for an ITIN loan?

Accepted Answer

Typically 15–25% depending on the program, credit profile, and property type. Investment properties and condos may require more.

Question 4

Can I get an ITIN loan with limited credit history?

Accepted Answer

Yes. We work with investors who accept alternative tradelines — utility bills, rent payment history, international credit reports — for borrowers without traditional U.S. credit.

Question 5

Are ITIN loan rates much higher?

Accepted Answer

Typically 1–3% above standard conventional rates. Still very competitive considering the flexibility on documentation and citizenship requirements.

Question 6

Can I refinance an ITIN loan later?

Accepted Answer

Yes — and many ITIN borrowers do, often into a conventional loan once they've built U.S. credit history. Or simply rate-and-term refi within the ITIN space when rates drop.

Question 7

Can I buy an investment property with an ITIN loan?

Accepted Answer

Yes. Investment property and rental purchases are common with ITIN programs, often combined with DSCR underwriting.

Question 8

What documents do I need from my home country?

Accepted Answer

Typically a valid passport, foreign tax returns or income documentation, and international bank statements. Requirements vary by lender.

Question 9

How do bank statement loans work?

Accepted Answer

Instead of tax returns, we look at 12–24 months of your personal or business bank statements to calculate income. Designed for self-employed borrowers, freelancers, and business owners whose tax returns don't tell the full story.

Question 10

What credit score do I need for a bank statement loan?

Accepted Answer

Most bank statement programs require a 620+ credit score, though some go lower. Higher scores unlock better rates and terms. Down payments typically start at 10%.

Question 11

How many months of bank statements do I need?

Accepted Answer

Most programs use 12 or 24 months. 24 months gives a more complete picture and often unlocks better rates and higher loan amounts.

Question 12

Personal vs business bank statements — which is better?

Accepted Answer

Depends on your situation. Personal statements typically count 100% of deposits as income; business statements use 50% (or your CPA-stated expense ratio). We'll model both.

Question 13

Can I qualify with 1099 income only?

Accepted Answer

Yes. 1099-only programs use 1–2 years of 1099s to calculate income — no tax returns or bank statements required. Great for contractors and gig workers.

Question 14

What's the minimum down payment on a bank statement loan?

Accepted Answer

Typically 10% for primary, 15–25% for investment properties. Higher down payment unlocks better rates.

Question 15

Can I do a cash-out refinance with bank statements?

Accepted Answer

Yes — bank statement cash-out refinances are available up to 80% LTV in most cases.

Question 16

Are bank statement loan rates much higher?

Accepted Answer

Typically 0.75–1.5% above full-doc loans. The flexibility usually outweighs the rate premium, especially for borrowers who can't qualify any other way.

Question 17

Do bank statement loans require reserves?

Accepted Answer

Yes — typically 3–6 months of mortgage payments in liquid reserves, more for investment properties or larger loans.

Question 18

What is a DSCR loan and who is it for?

Accepted Answer

DSCR loans qualify you based on the rental income the property generates — not your personal W-2 or tax returns. Ideal for real estate investors building a portfolio.

Question 19

Can I finance an investment property without using my personal income?

Accepted Answer

That's exactly what DSCR loans are for. We qualify the property based on the rent it generates. If the numbers work on the property, you're in. Great for scaling a portfolio.

Question 20

How is DSCR calculated?

Accepted Answer

DSCR = monthly rent ÷ monthly PITI (principal, interest, taxes, insurance). A DSCR of 1.0 means rent equals mortgage payment. Most programs want 1.0–1.25, though some allow below 1.0 with higher down payment.

Question 21

Can I close in an LLC?

Accepted Answer

Yes — DSCR loans are designed for it. Closing in an LLC is common and helps with liability protection and tax planning.

Question 22

Do I need a tenant in place to qualify?

Accepted Answer

No. We use the appraiser's market rent estimate (Form 1007) for vacant properties. If you have a lease in place, we'll typically use the lower of actual or market rent.

Question 23

Can I use Airbnb / short-term rental income?

Accepted Answer

Yes. We have DSCR programs that accept 12 months of short-term rental history (or AirDNA market estimates for new properties).

Question 24

How many DSCR loans can I have?

Accepted Answer

Unlimited. Unlike conventional loans which cap at 10 financed properties, DSCR has no portfolio limit. Perfect for scaling.

Question 25

What credit score do I need for DSCR?

Accepted Answer

Most DSCR programs want 660+, with the best rates at 720+. Some programs go to 620 at higher rates and down payments.

Question 26

Are DSCR rates higher than conventional investment rates?

Accepted Answer

Typically 0.75–1.5% higher. The trade-off is no personal income docs, no DTI calculation, and unlimited properties.

Question 27

How is a custom construction loan different from a regular mortgage?

Accepted Answer

Construction loans fund the build in stages (draws) as work progresses. You pay interest-only during construction. When the home is complete, the loan converts to a permanent mortgage — one closing.

Question 28

Can I be the general contractor on my construction loan?

Accepted Answer

Most lenders require a licensed, approved general contractor. Owner-builder programs exist but are limited and require significant construction experience.

Question 29

How are draws disbursed during construction?

Accepted Answer

Funds are released in stages tied to completion milestones — foundation, framing, drywall, finish, etc. The lender inspects work before each draw.

Question 30

Can I make changes to the build mid-project?

Accepted Answer

Yes, but change orders need lender approval and may require additional appraisal. Plan carefully up front to avoid delays.

Question 31

What happens if the build runs long?

Accepted Answer

Most construction loans allow 1–2 extensions of 3–6 months each. Beyond that, you may need to refinance or convert early.

Question 32

Do I need a separate construction-to-permanent loan?

Accepted Answer

We strongly recommend a one-time-close construction-to-perm loan — single closing, single set of fees, locked permanent rate. Two-time-close is available but more expensive.

Question 33

How much down payment do I need to build?

Accepted Answer

Typically 20% of the total project cost (land + build), though some programs go to 10% with strong credit. Land equity can count toward the down payment.

Question 34

What is a bridge loan?

Accepted Answer

A bridge loan is short-term financing that lets you buy a new home before selling your current one. It 'bridges' the gap so you don't miss out on the right property.

Question 35

What's the difference between a HELOC and a second mortgage?

Accepted Answer

A HELOC is a revolving line of credit you can draw from as needed — like a credit card secured by your home. A second mortgage (home equity loan) gives you a lump sum with fixed payments. Both tap your equity without refinancing your first mortgage.

Question 36

How much can I borrow with a HELOC?

Accepted Answer

Typically up to 80–85% of your home's value, minus your existing first mortgage. Strong credit and equity unlock the highest limits.

Question 37

Are HELOC rates fixed or variable?

Accepted Answer

Most HELOCs have variable rates tied to the prime rate. Some lenders offer fixed-rate conversion options for portions you've drawn.

Question 38

How fast can I get a bridge loan?

Accepted Answer

Bridge loans can close in as little as 1–2 weeks since they're short-term and asset-based. Critical when you need to move on a new home before yours sells.

Question 39

What's the typical bridge loan term?

Accepted Answer

6–12 months. Designed to give you time to sell your current home, then payoff comes from sale proceeds.

Question 40

Are HELOCs tax-deductible?

Accepted Answer

If used for substantial home improvements, the interest is typically deductible. Used for other purposes (debt consolidation, etc.), it's generally not. Consult your CPA.

Question 41

Can I get a HELOC on an investment property?

Accepted Answer

Yes — though fewer lenders offer them, and rates are higher than primary-residence HELOCs. We have investor-friendly options.

Question 42

What's the difference between a bridge loan and a HELOC for buying my next home?

Accepted Answer

HELOC is cheaper but slower and harder to qualify for once you've made an offer. Bridge loans are faster and built for buy-before-you-sell scenarios but cost more.

Question 43

What down payment assistance programs are available in Washington?

Accepted Answer

Washington offers several programs including the WSHFC Home Advantage (up to 4% for any buyer) and House Key (for first-time buyers and veterans). Many cities and counties have additional programs that can stack on top.

Question 44

Do I have to pay back down payment assistance?

Accepted Answer

It depends on the program. Some are grants (free money), some are deferred loans (repaid when you sell or refinance), and some are forgivable after a set period. I'll walk you through what's available for your situation.

Question 45

Do I qualify for Washington down payment assistance?

Accepted Answer

Most WSHFC programs require income within county limits, a 620+ credit score, completion of a homebuyer education class, and use of an approved first mortgage. Many middle-income buyers qualify.

Question 46

Can I combine DPA with FHA, VA, or conventional?

Accepted Answer

Yes — Washington DPA programs pair with all major loan types. The right combination depends on your credit, down payment, and goals.

Question 47

How much assistance can I get?

Accepted Answer

Home Advantage offers up to 4% of the loan amount. House Key offers up to $10,000 (more for veterans and targeted areas). Some city programs add another $20,000+.

Question 48

Are DPA payments due monthly?

Accepted Answer

Most Washington DPA is structured as a deferred second mortgage — no monthly payment, repaid when you sell, refinance, or pay off the first mortgage.

Question 49

Do I have to be a first-time buyer?

Accepted Answer

Home Advantage has no first-time buyer requirement. House Key generally does (with exceptions for veterans and targeted census tracts).

Question 50

Is the homebuyer education class required?

Accepted Answer

Yes — for almost all WSHFC programs. It's a 5-hour class (online or in person), and it's actually genuinely useful. I'll point you to approved providers.

Question 51

Do you finance manufactured homes?

Accepted Answer

Yes. We offer financing for manufactured homes on permanent foundations as well as homes in manufactured home communities. Conventional, FHA, and VA options may be available depending on the property.

Question 52

What are the requirements for a manufactured home loan?

Accepted Answer

The home typically needs to be on a permanent foundation, have a HUD certification label, and be classified as real property (not personal property). I'll help you determine what programs your specific home qualifies for.

Question 53

What's the difference between a manufactured and modular home?

Accepted Answer

Both are factory-built, but modular homes are built to local building codes and treated like site-built homes for financing. Manufactured homes are built to HUD code and have specific financing requirements.

Question 54

Can I finance a manufactured home in a community (park)?

Accepted Answer

Yes — through chattel loans (personal property) or specialty manufactured-home programs. Rates are higher than real-property loans, but options exist.

Question 55

Does FHA finance manufactured homes?

Accepted Answer

Yes — FHA Title II loans work for manufactured homes on permanent foundations classified as real property. FHA Title I loans cover personal property manufactured homes.

Question 56

What credit score do I need for a manufactured home loan?

Accepted Answer

Typically 620+ for real-property programs, higher for chattel. Some specialty programs go lower with bigger down payments.

Question 57

Can I get a VA loan for a manufactured home?

Accepted Answer

Yes — VA finances manufactured homes on permanent foundations classified as real property. The home must meet specific HUD and VA requirements.

Question 58

How much down payment is required?

Accepted Answer

For real-property manufactured homes: as low as 3.5% with FHA, 5% conventional, or $0 with VA. Chattel loans typically require 10–20%.

Question 59

What is a reverse mortgage and how does it work in Washington?

Accepted Answer

A reverse mortgage is a loan for homeowners 62 and older that converts part of your home equity into cash — with no required monthly mortgage payment. The loan is repaid when you sell the home, move out permanently, or pass away. As a Seattle reverse mortgage broker, I shop multiple reverse mortgage lenders (including Liberty Reverse Mortgage and other top investors) to find the best fit for Washington homeowners.

Question 60

Am I eligible for a reverse mortgage in Seattle or anywhere in Washington?

Accepted Answer

To qualify for a reverse mortgage in Washington you generally need to be 62+, own your home outright (or have significant equity), live in the home as your primary residence, and complete HUD-approved counseling. Most Seattle reverse mortgage borrowers use the FHA-insured HECM (Home Equity Conversion Mortgage) program.

Question 61

What's the difference between a reverse mortgage broker and a reverse mortgage lender?

Accepted Answer

A reverse mortgage lender (like Liberty Reverse Mortgage, Finance of America, or Mutual of Omaha) funds one product. A reverse mortgage broker — that's me — shops 30+ investors to compare rates, fees, and loan limits. For most Washington borrowers, working with a mortgage broker in Seattle gets you a better deal than calling a single reverse mortgage lender direct.

Question 62

How much can I borrow with a reverse mortgage in Washington?

Accepted Answer

Your reverse mortgage proceeds depend on your age (older = more), your home's appraised value, current interest rates, and the HECM lending limit (currently $1,209,750 for 2024). Higher-value Seattle, Bellevue, and Eastside homes may benefit from a proprietary 'jumbo' reverse mortgage that goes well above the HECM limit.

Question 63

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes — you remain on title and continue to own your home. The reverse mortgage is simply a lien, like any other mortgage. You're still responsible for property taxes, homeowners insurance, and basic maintenance.

Question 64

Can a reverse mortgage be used as a divorce mortgage solution in Washington?

Accepted Answer

Yes — and it's one of the most overlooked options. As a divorce mortgage advisor in Washington, I've helped many couples 62+ use a reverse mortgage to buy out a spouse's equity without creating a new monthly payment. It can let one spouse stay in the family home while the other receives their share of the equity in cash.

Specialty & Non-QM Loans

Foreign National / ITIN

No Tax Returns / Bank Statement

DSCR (Debt Service Coverage Ratio)

Custom Construction

HELOC / Bridge / 2nd Mortgage

Down Payment Assistance

Manufactured Homes

Reverse Mortgage

Not sure which fits?