Mortgage Lender in Palm Springs, CA
From iconic mid-century modern estates to downtown condos along Palm Canyon Drive, Choice One Mortgage has served Palm Springs homebuyers and property investors since 1995 — with local expertise rooted just 20 minutes away in La Quinta.
- Free Loan Analysis
- No Obligation
- 30+ Years Experience
Palm Springs is unlike any other city in the Coachella Valley. A world-renowned resort destination celebrated for its mid-century modern architecture, vibrant arts scene, and one of the most welcoming communities in California, Palm Springs attracts a uniquely diverse mix of buyers — from Los Angeles professionals seeking a two-hour-drive weekend retreat to retirees drawn by the warm climate and cultural richness, to investors capitalizing on the city’s thriving short-term vacation rental market.
Whether you are purchasing a meticulously restored Alexander home in Vista Las Palmas, financing a vacation rental property in the Movie Colony, or refinancing a condo near the Palm Springs Art Museum, Bill Lewis and the team at Choice One Mortgage deliver the personalized service and competitive rates that national lenders simply cannot offer. Our office is located at 78015 Main Street, Suite 201, La Quinta, CA 92253 — call (310) 614-5920 for a free, no-obligation loan analysis.
Talk to a Local Mortgage Expert
Free Loan Analysis • No Obligation • 30+ Years Experience
Prefer email? Send us a messageThe Palm Springs Housing Market
Palm Springs offers one of the widest real estate price ranges in the desert, from condos and townhomes starting in the low $300,000s to historic celebrity estates commanding $5 million or more. This extraordinary range means nearly every type of mortgage product comes into play — from FHA loans for first-time buyers to jumbo financing for luxury properties to DSCR investment loans for vacation rental entrepreneurs.
What truly sets Palm Springs apart is the role of architecture and history in property values. The city is recognized as the mid-century modern capital of the world, and annual events like Modernism Week draw tens of thousands of visitors who come to tour the iconic homes designed by Donald Wexler, Albert Frey, Richard Neutra, and William Krisel. These architecturally significant homes can present unique appraisal challenges — unconventional floor plans, butterfly roofs, and historical designations require an appraiser who understands that these features add value rather than detract from it.
The vacation rental economy is another defining feature of Palm Springs real estate. The city permits short-term rentals in designated zones, and well-managed properties can generate substantial income. This has created strong demand for DSCR (Debt Service Coverage Ratio) loans, which qualify investors based on the property’s rental income rather than the borrower’s personal W-2 earnings. As a mortgage broker with access to dozens of wholesale lenders, we connect investors with the best DSCR loan terms available.
Palm Springs Neighborhoods We Serve
Old Las Palmas
The most exclusive address in Palm Springs, where Hollywood legends once lived behind hedged walls and gated drives. Homes here regularly exceed $3 million, and jumbo loan programs are standard. We work with lenders experienced in appraising estate-scale desert properties with celebrity provenance.
Movie Colony & Vista Las Palmas
Two of the most desirable historic neighborhoods in Palm Springs, known for mid-century modern architecture and proximity to downtown. Prices range from $800K to $3M+. These homes frequently require appraisers who understand the value that architectural significance brings to a property.
Deepwell Estates & Twin Palms
Classic mid-century neighborhoods popular with both owner-occupants and vacation rental investors. Homes typically range from $600K to $1.5M. DSCR loans are common for buyers purchasing investment properties in these sought-after rental zones.
The Mesa & Little Tuscany
The Mesa is a creative enclave south of downtown, attracting artists and young professionals with a bohemian character and relatively accessible prices starting in the $400Ks. Little Tuscany, perched above downtown, offers hillside homes with sweeping valley views from $700K to $2M+.
Tahquitz River Estates & Racquet Club Estates
Family-friendly neighborhoods with tree-lined streets and well-maintained mid-century homes. Prices generally range from $500K to $1.2M, making them ideal for conventional financing within the conforming loan limit or just above it.
Desert Highland & North Palm Springs
More affordable areas offering entry points for first-time buyers, with single-family homes from the mid-$300Ks to $600K. FHA and conventional low-down-payment loans are popular choices, putting homeownership within reach for families and individuals building their financial future.
Home Loan Programs Available in Palm Springs
As a mortgage broker, Choice One Mortgage shops dozens of wholesale lenders to find the best rate and terms for your situation. Here are the loan programs most commonly used by Palm Springs buyers and homeowners:
Buying or Refinancing a Home
Conventional Loans
Flexible financing with as little as 3% down, mortgage insurance you can drop, and terms built around your goals.
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FHA Loans
Buy with as little as 3.5% down and flexible credit guidelines. A proven path to homeownership for first-time and repeat buyers.
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VA Loans
Zero down, no monthly mortgage insurance, and competitive rates. A benefit you earned through your service.
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Jumbo Loans
Financing for homes priced above the conforming loan limits, with the flexibility and personal service high-value purchases deserve.
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Bridge Loans
Use the equity in your current home to buy your next one now, without a contingent offer or moving twice.
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Self-Employed Mortgages
Business owners, freelancers, and 1099 earners deserve a mortgage that fits how they actually get paid.
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Bank Statement Loans
Qualify with your real cash flow, not the income left after write-offs. No tax returns required.
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Asset Depletion Loans
Turn your savings, investments, and retirement accounts into qualifying income, with no paycheck or tax returns required.
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DSCR Loans
Qualify based on the property's rental income, not your personal income. Grow your portfolio without tax returns.
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Fix and Flip Loans
Fast, short-term financing for the purchase and the renovation, so you can win the deal and finish the project.
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Hard Money Loans
Asset-based financing for investors who need to close fast, based on the property's value instead of your paperwork.
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Why Choose a Local Coachella Valley Mortgage Broker?
Palm Springs real estate is not like the rest of California. Between mid-century modern appraisal nuances, vacation rental investment underwriting, and the unique mix of second home and primary residence buyers, you need a mortgage professional who understands this market from the inside — not a call center loan officer reading from a script in another state.
Here is what working with Choice One Mortgage means for your Palm Springs purchase or refinance:
- Desert market expertise — We know which appraisers understand mid-century architecture, which lenders are comfortable with vacation rental income, and which neighborhoods are appreciating fastest.
- Direct access to Bill Lewis — You will have the cell phone number of a licensed mortgage professional with over 30 years of experience. No voicemail trees, no being transferred between departments.
- Broker advantage — Unlike banks that offer only their own products, we shop dozens of wholesale lenders to find the best rate and program for your exact situation. This is especially valuable for non-traditional borrowers and investment property buyers.
- Faster closings — Our relationships with local title companies and desert-experienced appraisers allow us to close faster than national lenders, often in 25 to 35 days from accepted offer.
Frequently Asked Questions About Palm Springs Mortgages
Can I finance a Palm Springs vacation rental with a DSCR loan?
Yes, and DSCR loans are one of the most popular financing tools for Palm Springs short-term rental investors. A DSCR loan qualifies you based on the property’s rental income rather than your personal W-2 or tax return income. The lender calculates whether the projected rental revenue covers the mortgage payment (typically requiring a 1.0 to 1.25 DSCR ratio). Palm Springs’ strong vacation rental market often produces favorable DSCR ratios. Call us at (310) 614-5920 to discuss your investment scenario.
What is the conforming loan limit in Palm Springs?
The conforming loan limit for Riverside County, which includes Palm Springs, is adjusted each year. See our county loan limits page for the current figure. Properties priced above this amount require a jumbo loan. Given that many desirable Palm Springs neighborhoods have median prices above this threshold, we originate a significant number of jumbo loans and work with lenders who specialize in the desert luxury market.
Do mid-century modern homes create appraisal problems?
They can if the appraiser does not understand the market. Butterfly roofs, open floor plans, glass walls, and historical designations are features that add significant value in Palm Springs but may confuse an appraiser unfamiliar with the area. We work with appraisers who specialize in the Coachella Valley and understand that a Donald Wexler steel house or a William Krisel butterfly-roof home commands a premium, not a discount. This local expertise helps ensure your appraisal accurately reflects market value.
What is the difference between a second home loan and an investment property loan?
A second home loan is for a property you personally use as a vacation or weekend home — not one you rent out full-time. Second home loans typically require 10% down and offer rates close to primary residence pricing. An investment property loan is for a property you intend to rent, and typically requires 15 to 25% down with slightly higher rates. If you plan to use a Palm Springs property as both a personal retreat and a part-time rental, the classification depends on your usage pattern. We help you determine which category fits and find the best financing accordingly.
How quickly can Choice One Mortgage close on a Palm Springs home purchase?
Our typical closing timeline is 25 to 35 days from accepted offer, compared to the national average of around 45 days. We achieve this through established relationships with desert-area appraisers and local title companies who know Palm Springs property requirements. For buyers in competitive situations, getting pre-approved before making an offer is the most effective way to strengthen your position and accelerate the process.
Serving All of the Coachella Valley
While our office is based in nearby La Quinta, we proudly serve homebuyers, homeowners, and real estate investors throughout the Coachella Valley and all of Southern California. Click below to learn about mortgage options in nearby communities:
Choice One Mortgage Company, Inc. | NMLS 233784 | CA DRE 01238593
Bill Lewis | NMLS 284797 | 78015 Main Street, Suite 201, La Quinta, CA 92253 | (310) 614-5920
Equal Housing Lender. Subject to credit and property approval. This is not a commitment to lend.