HOME LOANS
FHA HOME LOAN
FHA home loan is a government insured loan that is designed for first-time home buyers. Click on button below to get more details.
CONVENTIONAL LOAN
Conventional loans are better suited for borrowers with good-to-excellent credit scores. Click for more details.
DOWN PAYMENT ASSISTANCE
CalHFA is a down payments assistance program by California Housing Finance Agency. The down payment assistance programs is designed to help first-time home buyers with funds toward the down payment and closing fees. The assistance is a a 2nd loan (mortgage) on the property, but is considered a silent mortgage, where no monthly payments are required. However, the 2nd loan (mortgage) is NOt forgivable and does not go away after a period of time. 2nd mortgage is due upon these triggering events: sale, transfer, or refinance.
REQUIREMENTS
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680 FICO minimum
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Debt-to-income less than 45%
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No bankruptcies in past 2 years
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Income cannot exceed county limits
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2-year verifiable work history
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US citizen or permanent resident
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Single family unit only permitted
PROS
- Zero to low out-of-pocket cash required
- The subornidate loan is a silent 2nd mortgage, no payments required unless property is sold, transferred or refinanced.
CONS
- Debt-to-income cannot exceed 45%
- 2nd loan is not forgivable and carries an interest rate.
JUMBO LOAN
A jumbo home loan finances home purchases that does not conform to the loan limites set by Fannie Mae, Freddie Mac, or FHA.
REQUIREMENTS
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As low as 680
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Debt-to-income less than 43%
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No bankruptcies in past 4 years
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2-year verifiable work history
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US citizen or permanent resident
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Loan amount up to $3 million
PROS
- Up to 3 million loan amount
- No mortgage insurance
CONS
- Requires higher qualifying standard, such as lower debt-to-income, reserves, and excellent FICO
BANK STATEMENT LOAN
This program is designed for borrowers who are self-employed and would benefit from alternative loan qualification methods. Bank statements (personal and/or business) are used as an alternative to tax returns to document a self-employed borrower’s income.
REQUIREMENTS
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As low as 680 FICO
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10% down payment minimum
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Debt-to-income up to 50%
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No bankruptcies in past 2 years
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6 months PITI cash reserves (principle, interest, taxes, insurance)
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Verifiable self-employment (i.e. CPA letter or licensing bureau)
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US citizen or permanent resident
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12 consecutive months’ bank statements (business or personal allowed)
PROS
- Bank deposits are used to determine borrower’s income
CONS
- Bank statement loan is a higher risk loan and carries a higher interest rate