Loan Types
CONVENTIONAL LOAN
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Between 5-20% down
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Debt to income up to 50%
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Stricter qualifications than FHA
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Private Mortgage Insurance when above 80% Loan-To-Value
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Loan Limit of $660,100 in Santa Barbara County; $548,250 in Kern County; $701,500 in San Luis Obispo County; $739,450 in Monterey & Ventura Counties.
FHA LOAN
Helping More Homebuyers Qualify
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If you’d love to buy a home but lack credit history, a down payment, or are unable to cover closing costs, an FHA loan may be the solution. FHA financing was developed to provide homebuyers with an alternative to conventional financing and include attractive and flexible guidelines.
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Only 3.5% down
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Debt to income up to 55%
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Easier qualifications
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Mortgage Insurance Required, Upfront & Monthly
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No cost streamline refinance now available
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100% gift funds – the entire 3.5% down payment can be a gift from parents, relatives or an employer
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The seller is allowed to pay up to 6% of the purchase price to help cover closing costs and settlement fees
VA LOAN
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No down payment
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No private mortgage insurance
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Relaxed credit requirements
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VA funding fee can be financed into the loan
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No prepayment penalty
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Low rates comparable to conventional products
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Low closing costs
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Assumable VA morgages
USDA - RURAL LOAN
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No down payment required
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Competitive fixed interest rates
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Flexible credit guidelines
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Mortgage insurance required, upfront & monthly
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No maximum purchase limit
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Home must be located in rural eligible area
Construction Loan
The purpose of a construction loan is to fund the costs associated with the construction or renovation of a building and to fund the interest on the loan during the construction period.
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Upon completion of construction, permanent financing will be secured to retire the construction loan. Generally, any of our standard long term mortgages may be used to pay off the construction loan.
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Construction Loan Basics:
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Loan-to-value: Up to 80%
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Construction term: generally 6-12 months
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Loan To Construction Cost: Up to 80%
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Interest-only payments during construction period
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Construction to perm with a one-time close available when requirements are met
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General Contractor or equivalent experience is typically required
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Construction draws are typically issued monthly after property inspection
INVESTMENT LOAN
The purpose of an Investment Property Mortgage is to finance a property that will be used as an income producing rental property.
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Term: up to 30 years, fixed or variable rates available
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Loan-to-value: up to 80% LTV
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Qualification: full documentation. 75% of rents may be used towards qualifying income if borrower has owned investment property and income has been claimed on 1040 tax returns for the past two tax years
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Property types: 1-4 unit single family dwellings
You may be surprised with how easy it is to purchase an investment property as guidelines have become more flexible.
JUMBO LOANS
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15% down
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debt to income up to 45%
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Strict qualifications
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For loan amounts higher than conventional loans ($548,250 for most counties, but larger loans are available in high cost counties).