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Mortgage Types

Conventional

A conventional mortgage loan is one that’s not backed  or insured by the federal government.  Conventional loans offer more flexibility than government loans.

Loan size: For a conforming conventional loan, your loan must fall within the loan limits set by Fannie Mae and Freddie Mac. The loan limit changes annually. In 2020, the limit was $510,400. In 2021, it’s $548,250 for a Single Family Home. Higher-priced areas, like those in the San Francisco Bay Area, have conventional limits of up to $822,375 due to higher home values.

 

 FHA Loan

A Federal Housing Administration (FHA) loan is a mortgage that is insured and issued by an FHA-approved lender. FHA Loans  require a lower minimum down payment and lower credit scores.

You can borrow up to 96.5% of the value of a home.  You’ll need a credit score of at least 580 to qualify. With FHA loans, your down payment can come from savings, a financial gift from a family member, or a grant.

FHA loan limits vary by county and are adjusted annually based on home values

VA Loan

The single-largest benefit of the VA loan is that qualified Veterans can purchase without a down payment.

VA loans Affordability by a VA lender is a mix between your current monthly household income and your qualifying debt. This is true for all Mortgages.

The VA does not limit income for qualifying VA loan borrowers.

One of the unique benefits of a VA loan is something called entitlement. It’s an amount you’re entitled to use toward buying a house with a VA loan

 

 

Jumbo Loan

A Jumbo loan is a conventional (not government-insured) mortgage loan that exceeds the conforming size limit for sale to Fannie Mae and Freddie Mac. Any loan that exceeds $822,375 is considered a jumbo loan.

Jumbo loans with 5% to10% down payment are  available throughout California. These new low down payment jumbo programs allow CA homeowners to take a mortgage loan that exceeds the conforming loan limits.

The underwriting guidelines are strictly followed