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Purchase Loans

Which loan best for you?
It is always best to consult with a mortgage professional, but here’s a broad overview of the main types of mortgages.

CONVENTIONAL

[tabs style=”1″] [tab title=”Conforming”] Also known as an Agency Loan. These loans are underwritten to “conform” to lending guidelines published by Fannie Mae (FNMA) and Freddie Mac (FHLMC). It is the most common, “standard” mortgage loan. This is important to you because it gives you access to the lowest fixed rates. If you can qualify for a conforming loan, you will have a lot of loan options at the lowest cost.
[/tab] [tab title=”Conforming High Balance”] A Conforming High Balance loan also conforms to lending guidelines published by Fannie Mae (FNMA) and Freddie Mac (FHLMC). However it is used for loans that exceed the maximum conforming mortgage loan limit. The loan balance threshold varies by county. In Los Angeles and Orange Counties, the conforming loan limit is $417,000. Loan amounts between 417,000 and 625,500 that conform to these guidelines are considered Conforming High Balance loans.

Programs and Features:

  • Loan Amount greater than 417,000 and less than 625,500
  • Available for detached 1 to 4 unit dwellings, eligible condos and PUD’s

… mortgage 101… [/tab] [tab title=”Homepath”] The HomePath loan is a special FannieMae loan that can be used to purchase a home with very special terms.

Only homes that are owned by FannieMae are eligible for this programs. These homes typically went through the foreclosure process and FannieMae seized ownership of the property when the borrower defaulted on the loan. These homes have typically been remodeled.

The key selling point of these types of loans is :

  • Eligible only for homes owned and designated by Fannie Mae as Homepath eligible
  • Low down payment (less than 20%) with NO mortgage insurance
[/tab] [tab title=”Jumbo”] The loan amount for these loans exceed 625,500 and they typically do not conform to Fannie Mae and Freddie Mac guidelines. The interest rates are higher, the down payment requirements are typically higher and the underwriting criteria are more restrictive.
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xFHA loans

[tabs style=”1″] [tab title=”FHA”] An FHA loan is a great option if you have limited funds for down payment – or – if you’ve had some credit challenges in the past. The Standard FHA loan is officially known as an FHA 203(b) loan. If this same, standard FHA loan is used to finance a townhouse or condo it is called an FHA 234(c) loan.

Federal Housing Administration (FHA)

The Federal Housing Administration is a division of the U.S. Department of Housing and Urban Development, commonly referred to as HUD. FHA loans were created to provide affordable mortgages to the average homebuyer. The federal government insures FHA loans, or guarantees participating lending institutions against loss from default on qualifying loans.

Programs and Features:

  • Fixed Rate Loans, Temporary Buy-Downs and ARMS
  • Available for detached 1 to 4 unit dwellings, eligible condos and PUD’s
  • Properties must meet HUD guidelines and be inspected by HUD-approved appraisers
  • Subject to loan limits set by HUD (see HUD website for loan limits)
  • Mortgage insurance of one-half of 1% due annually and paid monthly
  • One time mortgage insurance fee of 2% to 2.25% charged on detached dwellings and PUD’s, which may be financed
  • Non-occupant co-borrowers allowed
  • No reserve requirements at closing
  • 100% of down payment and closing costs may be a “gift”
  • Fully assumable by a qualified borrower
  • Seller may contribute a maximum of 6% of the lower of the sales price or the appraised value

… more info… [/tab] [tab title=”203(k) Rehab”] VA loans are a great mortgage option for our nations military veterans.  VA loans are a great mortgage option for our nations military veterans.  VA loans are a great mortgage option for our nations military veterans.  VA loans are a great mortgage option for our nations military veterans.  VA loans are a great mortgage option for our nations military veterans.  [/tab] [tab title=”203(k) Streamline Rehab”] Do you want to lower your payment or access the equity in your home ? – or – Maybe you’re not sure if refinancing makes sense for you or not ? Do you want to know what to expect for costs and fees? more info…[/tab] [/tabs]

 

VA loans

[tabs style=”1″] [tab title=”ZERO down payment”]

Veterans Administration (VA)

Veterans Administration loans were created to help veterans finance the purchase of their homes with favorable loan terms. For the purpose of the VA program, “veteran” includes active duty service personnel and certain categories of spouses. Like FHA loans, the federal government insures VA loans, or guarantees VA approved lending institutions against loss from default on qualifying loans.

Programs and Features:

  • Fixed Rate Loans and Temporary Buy-downs
  • Available for detached 1-unit dwellings, eligible condos and PUD’s
  • Properties must meet VA guidelines and be inspected by VA-approved appraisers
  • Subject to loan limit set by VA, currently $240,000
  • One time mortgage insurance fee of 2% is typically charged, which may be financed if the total loan amount does not exceed $240,000
  • No prepayment penalty
  • No reserve requirements at closing
  • No down payment required
  • Out-of-pocket expenses may be gifted, typically from relatives
  • Only eligible veterans and their spouses occupying the subject property may be co-borrowers or co-signers
  • Seller may contribute a maximum of 6% of the lower of the sales price or the appraised value
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xSPECIAL PROGRAMS

[tabs style=”1″] [tab title=”Tab 1-Other”] A conventional loan, as the name suggests is the most common type of mortgage.

This is the place. First, you’ll want to take a few steps through the process to see what’s in store … more info… [/tab] [tab title=”Tab 2-Other”]An FHA loan is a great option if you have limited funds for down payment – or – if you’ve had some credit challenges in the past.

Federal Housing Administration (FHA)

The Federal Housing Administration is a division of the U.S. Department of Housing and Urban Development, commonly referred to as HUD. FHA loans were created to provide affordable mortgages to the average homebuyer. The federal government insures FHA loans, or guarantees participating lending institutions against loss from default on qualifying loans.

 

Programs and Features:

  • Fixed Rate Loans, Temporary Buy-Downs and ARMS
  • Available for detached 1 to 4 unit dwellings, eligible condos and PUD’s
  • Properties must meet HUD guidelines and be inspected by HUD-approved appraisers
  • Subject to loan limits set by HUD (see HUD website for loan limits)
  • Mortgage insurance of one-half of 1% due annually and paid monthly
  • One time mortgage insurance fee of 2% to 2.25% charged on detached dwellings and PUD’s, which may be financed
  • Non-occupant co-borrowers allowed
  • No reserve requirements at closing
  • 100% of down payment and closing costs may be a “gift”
  • Fully assumable by a qualified borrower
  • Seller may contribute a maximum of 6% of the lower of the sales price or the appraised value

… more info… [/tab] [tab title=”Tab 3-Other”] VA loans are a great mortgage option for our nations military veterans.  VA loans are a great mortgage option for our nations military veterans.  VA loans are a great mortgage option for our nations military veterans.  VA loans are a great mortgage option for our nations military veterans.  VA loans are a great mortgage option for our nations military veterans.  [/tab] [tab title=”Tab 4-Other”] Do you want to lower your payment or access the equity in your home ? – or – Maybe you’re not sure if refinancing makes sense for you or not ? Do you want to know what to expect for costs and fees? more info…

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