Mortgage Questions Answered
27 Topics Across 13 Loan Programs

Advanced Funding Solutions is a California-licensed mortgage brokerage (NMLS #1277693) founded by Leo Teplitsky in 2014. As a brokerage, AFS reviews each borrower scenario, identifies which wholesale lender channels may be appropriate, and submits the file to the lender selected for funding. Underwriting and funding are performed by the wholesale lender; AFS does not underwrite or fund loans directly.

California, home base in Calabasas. NMLS #1277693. License verifiable on the NMLS Consumer Access portal.

Since 2014. Licensed mortgage broker in California, NMLS #1277693.

23679 Calabasas Road, Suite 252, Calabasas, CA 91302. By appointment, Mon–Fri 9:00 AM – 6:00 PM PT.

A non-QM mortgage where qualifying income is calculated from 12 to 24 months of personal or business bank statements rather than tax returns. Designed for self-employed borrowers, 1099 contractors, and small business owners whose tax returns understate cash flow due to legitimate business write-offs. Loan amounts, FICO requirements, LTV, and pricing are set by the funding lender and vary by program and investor channel.

A business-purpose investment-property loan that qualifies on the property's rental cash flow rather than the borrower's personal income. The Debt Service Coverage Ratio (DSCR) is gross monthly rent divided by the full PITI mortgage payment. DSCR ratio thresholds, FICO, LTV, and pricing are set by the funding lender and vary by investor channel; some programs accept short-term-rental (Airbnb/VRBO) income at full calc. No personal tax returns, W-2s, or employment verification are required for the DSCR calculation itself.

Short-term, asset-based financing for non-owner-occupied investment property, where approval is driven primarily by the property's value rather than personal income documentation. Commonly used for fix-and-flip projects and time-sensitive acquisitions. Pricing, LTV, points, and closing timelines are set by the funding lender and disclosed in writing during the formal application process. Closing timelines vary by lender, program, appraisal, title, escrow, and borrower documentation.

Any mortgage above the conforming loan limit set annually by the Federal Housing Finance Agency. Jumbo programs are commonly used in high-cost California markets including Calabasas, Malibu, Beverly Hills, and Bel Air. Loan amount caps, FICO requirements, LTV, reserves, and pricing are set by the funding lender and vary by program, occupancy, and investor channel.

Yes. FHA program parameters (down payment, FICO, MIP, county loan limits) are set by HUD/FHA. VA program parameters (entitlement, funding fee, occupancy) are set by the U.S. Department of Veterans Affairs and are available to eligible active-duty service members, veterans, and qualifying surviving spouses. Both programs are offered alongside conventional and non-QM channels so the same consultation can compare the available structures.

A non-QM mortgage for borrowers without a Social Security Number who pay U.S. taxes through an IRS-issued Individual Taxpayer Identification Number (ITIN). Documentation, down payment, FICO requirements, and program eligibility are set by the funding lender and vary by investor channel. ITIN programs are commonly used for primary residence, second home, and investment property purchases.

A non-QM mortgage where qualifying income is calculated from your liquid assets, savings, brokerage, retirement, not from a paystub. Formula: 70% of liquid assets divided by the loan term in months equals monthly qualifying income. Designed for retirees and high-net-worth borrowers with low documented income.

Both are second mortgages secured by home equity. A HELOC (Home Equity Line of Credit) is a variable-rate revolving line drawn from as needed, similar to a credit card secured by the home. A home equity loan (HELOAN) is a fixed-rate lump-sum loan with a set repayment schedule. Combined loan-to-value (CLTV) limits, FICO requirements, and pricing are set by the funding lender and vary by occupancy and program.

An FHA-insured Home Equity Conversion Mortgage (HECM) for homeowners 62+ that converts home equity into tax-free cash flow with no required monthly mortgage payment. The loan is repaid when the home is sold or the borrower no longer occupies it as a primary residence. Available as lump sum, line of credit, or monthly draws.

FICO requirements are set by the funding lender and vary by program, LTV, occupancy, property type, and investor channel. Government-backed programs follow HUD/FHA and VA guidelines. For hard money, credit is secondary to the property's value because the loan is asset-based. Specific minimums for your scenario are reviewed during the initial consultation and disclosed in writing during the formal application process.

Down payment requirements vary by program. VA-eligible borrowers may qualify with no down payment subject to entitlement; FHA down payment minimums are set by HUD/FHA. Conventional, jumbo, bank statement, DSCR, and hard money down payment requirements are set by the funding lender and vary by FICO, LTV, occupancy, and property type. A reverse mortgage (HECM) does not require a monthly mortgage payment and uses existing home equity rather than a borrower down payment.

Yes. Bank Statement (12–24 months of bank statements), DSCR (rental income only), Asset Depletion (brokerage and retirement accounts), ITIN (no SSN required), 1099 (single-source contractor income). We run all calculations in parallel and pick the largest qualifying number.

The initial consultation does not require document upload. Documentation collected during a formal application typically includes identification, two months of bank statements, recent pay stubs (W-2 borrowers), two years of tax returns or 12 to 24 months of bank statements (self-employed borrowers), and the purchase contract for buyers. The full document checklist is at /documents-needed-for-mortgage-loan/.

No. The initial consultation at Advanced Funding Solutions does not begin a formal application or credit inquiry. A formal credit pull occurs only after you authorize a written application.

Closing timelines vary by lender, program, appraisal, title, escrow, and borrower documentation. Hard money and DSCR programs are generally the fastest because they require less personal-income documentation; government-backed programs (FHA, VA) and reverse mortgages (HECM, which require HUD counseling at the front end) generally take longer. Estimated timelines provided during the application process are not guaranteed.

Five steps: (1) Initial consultation reviews the scenario, no formal application or credit inquiry. (2) Submit a written application at https://1277693.my1003app.com/register. (3) Documentation collection. (4) Appraisal and underwriting performed by the funding lender. (5) Closing and funding. Rates, points, and closing costs are disclosed in writing during the formal application process; figures discussed before a complete application are illustrative only.

No. Signings can be done with a mobile notary at home, office, or another agreed location, and e-signing is available on most loan documents. Final disbursement to the seller and any cash-to-close is wired by the title or escrow agent once final loan documents are signed and the loan has funded.

Refinances skip the purchase-contract step but otherwise follow the same path: application, documentation, appraisal, underwriting, closing, and funding. Rate-and-term refinances, cash-out refinances, and VA IRRRL streamline refinances all follow lender-specific timelines that are not guaranteed and depend on appraisal, title, escrow, and borrower documentation.

Origination, points, and third-party closing costs (appraisal, title, escrow, recording) are disclosed in writing during the formal application process by the funding lender. Costs vary by program, LTV, occupancy, property type, loan amount, and investor channel. Any figures discussed before a complete application are illustrative only and are not a quote, rate lock, or commitment to lend.

Pricing is set by the funding lender at the time of application, but loan structure can be tailored: rate-versus-points trade-offs, lender credits to offset closing costs, ARM versus fixed, interest-only options, and prepayment penalty selection on DSCR and hard money all change the overall cost profile. A brokerage can compare multiple wholesale lender price points side by side so the trade-offs are visible.

No. The initial scenario review and program-fit consultation are free. There is no obligation to proceed to a formal application.

California, home base in Calabasas with focus on the LA luxury market: Calabasas, Malibu, Beverly Hills, Bel Air, Westlake Village, Thousand Oaks, Woodland Hills, Sherman Oaks, Studio City, the broader West Valley and Conejo Valley, plus Ventura County and Orange County markets.

This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in New York will be accepted through this site or the toll-free phone number.