1) FHA - Federal Housing Adminstration (First Time Homebuyers):

 

FHA loans are made by FHA-approved lenders for single family and multi-family (one-to-four units) home.  FHA mortgages require a 3.5 percent down payment and upfront risk-based mortgage insurance premium, MIP for the life of the loan.  For more information, contact us.

 

Source: U.S. Department of Housing and Urban Housing

 

2) Conventional Loans

 

Loan is based on Fannie Mae and Freddie Mac guidelines which includes borrower credit scores, income requirements and a downpayment between 5 percent and 20 percent down.  Interest rates are either fixed or adjustable with a term of 15 or 30 years. For more information, contact us.

 

source: Fannie Mae

 

3) VA - U.S. Department of Veterans of Affairs

 

This type applies to consumers who served stints in the U.S military or who are on active duty.  The VA Home Loan is adminsitered by the U.S. Department of Veterans Affaris for purchase of a primary residence with no money down as long as the purchase price doesn't exceed the appraised value of the property and the seller is willing to pay closing costs. Qualification include income, credit scores, and good faith depoist.  Service eligibilty and entitlement guidelines varies and it's best to check with the VA before applying for a loan.  For more information, contact us.

 

source:  Cal Vet Department

 

4) Hard Money Loans

 

Hard-money lenders look at the value of the property.  Loans will range from 50 to 70 percent loan to value.  These loans have different terms than a standard mortgage backed by the federal government, Fannie Mae or Freddie Mac. For more information, contact us.

 

5) Refiancing

 

Borrowers whose credit score has improved or the change in the market conditions may qualify for a lower interest rate which means lower payments. To qualify, contact one of our agents to assist you.

 

source: Federal Reserve Board

 

6) Private & Other Loans

 

For information on loans not mention above, please contact Mike G at (818) 968-5382 or scroll to the bottomo of the page to send Mike G an email.

 

Source: FORBES.com article