LOAN TYPES

CONVENTIONAL LOANS

Conventional loans are the most common used mortgage. They usually have the best rates for buyers will good credit and can be used for purchasing primary, second, and investment properties ( 1 - 4 units ).  Conventional loans are either fixed rate loan or adjustable rate loan. The terms of the loans ranges from 10 years to 30 years. The maximum loan amount is $679,650 for a single family home.  The maximum loan amount can increase if property is a multi-unit property. We have No Point No Fee program available for these loans. Call me to see if you qualify.

FHA LOANS

If downpayment funds are limited and can not put at least 10% down on a home, FHA loans allows you to put down minimum of 3.5% downpayment.  FHA loans can be a fixed rate loan or an adjustable rate loan.  In addition, borrowers with credit scores lower than 620 score can be eligible for FHA loans.

JUMBO LOANS

Any loan amount for single homes above $679,650 is considered as a jumbo loan. There are many types of jumbo loans you can obtain such as 30 year fixed rate loan to a 10/1 adjustuble rate loan.

VA LOANS

The VA loan is a $0 down payment mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). In addition, there is NO premium mortgage insurance or PMI payments required if downpayment is less than 20%.

NO INCOME DOCUMENTATION LOANS

All the loans mentioned above requires full credit and income documentation to qualify for loan approval.  When these documentation is not available, then the option of using No Income Documentation Loans can be considered. Call me for more information on these loans to see if it can help you to obtain financing.