7 Most Popular Programs

The 7 Most Popular Loan Programs and Who They’re Perfect For

1.
FHA 30 Year Fixed

This loan program offers first time home buyers a chance to purchase with a down payment of only 3.5% of the purchase price. Interest rates tend to be lower for this program than for other conventional financing however the mortgage insurance is mandatory for 11 years with FHA. For cash out refinances FHA allows up to 85% loan to value as the max limit whereas conforming and Jumbo loans typically max at 80% loan to value.

2.
30 Year Fixed Conventional

The minimum down payment for this program is 5% and is preferred over FHA when financing condominiums. With FHA the condo will also need to be approved by FHA and this is not always the case. The mortgage insurance time period is also less restrictive than FHA and can be removed when your loan to value reaches 80%. For cash out refinances 80% loan to value is the generally the max limit.

3.
Conforming 15 Year Fixed

If you have the advantage of cutting your loan term in half and qualify with the higher mortgage payment of a 15 year fixed mortgage compared with a 30 year fixed mortgage consider this loan. You not only cut the life of your loan by half you also cut down the interest rate. You can compare the savings using our loan calculator in the tools section.

4.
Jumbo Loan 30 Year Fixed

If your loan amount is over $679,650 than your loan is considered a Jumbo loan. It is perfect for home buyers with 20% down payment and for homeowners who wish to refinance and are below 80% loan to value.

5.
VA Loan 30 Year Fixed

This loan program is perfect for veterans who qualify and have their certificate of eligibility. Not only are the interest rates low there is no mortgage insurance required! Loan amount limits vary by county and for most counties in the San Francisco Bay Area the max loan limit is $679,650. In the San Francisco Bay Area if purchasing a million dollar home the buyer only needs $80,087.50 for a down payment and in general the buyer would be required to pay 25% of the difference between county loan limit and purchase price.

6.
Stated Income 5 Year Fixed/Balloon

This loan program requires no income documentation and is perfect for buyers with gaps in employment or imperfect credit but have a large down payment. This program is also great for buyers who are buying properties that are in bad condition and cannot get traditional financing. This loan is good for short term use and balloons in 5 years.

7.
Adjustable Rate Mortgages

For short term financing adjustable rate mortgages maybe better than a 30 year fixed mortgage in that the interest rate and monthly payment is lower. These programs are perfect for investors flipping real estate or for home buyers who may need an initial lower payment to help qualify for a home purchase.

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