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.
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.
Free Loan Analysis • No Obligation • 30+ Years Experience
The 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 $766,550 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:
DSCR Investment Property Loans
Palm Springs is one of the strongest vacation rental markets in Southern California, and DSCR loans are the go-to financing tool for investors. These loans qualify based on the property’s projected rental income rather than the borrower’s personal income, making them ideal for buyers adding to an existing rental portfolio or purchasing their first short-term rental. We work with DSCR lenders who understand the Palm Springs STR market and can underwrite based on realistic AirDNA or comparable rental data.
Jumbo Loans
For properties in Old Las Palmas, Movie Colony, Vista Las Palmas, and other premium neighborhoods where prices routinely exceed the $766,550 conforming limit, our jumbo programs offer competitive rates with as little as 10% down. We have lender relationships that specialize in architecturally unique desert properties and can navigate the appraisal complexities that come with mid-century modern estates.
Conventional Loans
The most popular option for Palm Springs buyers with good credit and at least 3% down. The 2026 conforming loan limit for Riverside County is $766,550, which covers a large portion of the Palm Springs market including homes in Tahquitz River Estates, Racquet Club Estates, Desert Highland, and many condos throughout the city. Buyers putting 20% down avoid private mortgage insurance entirely.
Second Home / Vacation Home Financing
Many Palm Springs buyers are Los Angeles or San Francisco residents purchasing a weekend getaway home — just a two-hour drive from LA. Second home loans typically require 10% down and offer rates close to primary residence pricing. We help vacation home buyers understand the occupancy rules and tax implications that distinguish second home loans from investment property financing.
FHA Loans
For first-time buyers in Palm Springs’ more affordable neighborhoods like Desert Highland and North Palm Springs, FHA loans require just 3.5% down with flexible credit requirements. On a $400,000 home, that is a down payment of just $14,000 — making homeownership in a world-class resort city far more accessible than many buyers realize.
Non-QM Loans
Palm Springs draws self-employed entrepreneurs, creative professionals, retirees with substantial assets, and real estate investors who may not fit the traditional W-2 income mold. Our non-QM programs include bank statement loans (qualifying on 12 to 24 months of deposits), asset depletion programs for retirees, and DSCR investor loans. These programs reflect how Palm Springs buyers actually earn and manage money.
Refinancing
Whether you want to lower your rate, shorten your term, cash out equity from an appreciated Palm Springs property, or consolidate a vacation rental portfolio, we help homeowners evaluate their options. Use our Refinance Scenario Builder to compare scenarios side by side.
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.
No cost • No obligation • Response within 24 hours
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 for 2026?
The 2026 conforming loan limit for Riverside County, which includes Palm Springs, is $766,550 for a single-family home. 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.