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Reverse Mortgages: What is a Reverse Mortgage? A Reverse Mortgage is a loan against your home that you do not need to make principle and interest payments on for as long as you live in your home. It can help turn the equity in your home into cash, or a monthly income, without having to make monthly principle and interest payments; and it can help you better manage your financial future. Rather than making a monthly mortgage payment, you actually may be able to receive funds from your lender based on the loan terms that you select. Perhaps best of all, a Reverse Mortgage can allow you to still live in your home throughout the entire term of the loan. Please note that having a reverse mortgage does not eliminate your responsibility to continue to make your property tax payments, your homeowners insurance payments, Homeowner's Association fees, Mello-Roos payments, etc. if applicable. Please contact me for more information. Independent 3rd party counseling will be required as part of the Reverse Mortgage Process.
Conventional Loans: These loans are for purchase or refinances. A conventional loan is a loan up to the current conventional loan limit set by the government. Currently it is either $417,000.00 or up to $766,550.00 depending upon some factors which I can detail out for you. Conventional loans are offered at a better rate than a jumbo loan which you will see described below.
Jumbo Loans: These loans too are for purchases or refinances. Jumbo loans are loans that exceed the conventional loan amounts currently starting at $766,551 and up depending upon some factors which I can detail out for you. Basically due to the fact that a jumbo loan is more of an investor driven loan they are at a higher cost than a conventional loan.
FHA Loans: An FHA loan is a government insured loan and will allow a lot of latitude in the prequalification process that a conventional loan or a jumbo loan will not allow. They are used for purchases and refinances as well. The benefit of an FHA loan is that they will allow for minimal down payment of 3.5% or less if combined with another program, they do not require reserves left over in your account after close of escrow, they allow for a non-occupant co-borrower to assist you in qualifying for a home, all of the 3.5% down payment and all of the closing costs can be a gift, seller contributions are allowed up to a maximum of 6% of the purchase price, you only need to be 3 years away from a bankruptcy instead of 4 years, and a lot of other great assets. These are great first time home buyer loans. Not all lenders are approved for FHA loans and may not offer them to you as an option. We have been FHA approved for over 12 years. FHA guidelines can be read at the following site: http://www.hud.gov/buying/index.cfm
VA Loans & CalVet Loans: A Veterans Administration Loan is a loan made possible by the federal government for military personal which are currently active duty or not. It provides for a possibility of 100% financing with what is called a VA No No, or no down payment, no closing costs. VA No No's do require the seller to pay for all the costs associated with the loan. If you are a veteran and you have money to put down then a VA loan may not be the best way for you to go. Discuss this with me and I will explain why. A CalVet loan is also for Veterans and offers a somewhat better rate but the way that title is held is very different than any other type of loan. Please discuss this with me further as well.
Construction Loans: I offer a variety of construction loans from stand alone construction loans where at the end of the construction project you will need another loan called your take out loan or permanent financing to pay off the construction loan to all in one loans that automatically roll into your permanent financing when your construction is completed. On most construction loans you will be required to come in with a minimum of 20% of your total construction costs from your own money or equity you may already have in the land. The loans are typically paid out in 10 draws payable at certain phases of the construction process. Contact me for additional information on Construction Loans.
Land Loans: Land loans are used to purchase bare land in preparation to eventually build a home on the land. They are short term loans from one to two years which allows you time to have your plans drawn up and be ready to submit for a construction loan which will pay off the land loan. I also have access to longer term financing on bare loan from 10 years to 25 years if the land is currently used for agricultural purposes or the intent is to eventually use it for agricultural purposes.
Pers Loans: Pers loans are loans that are available to the State of California employees. It allows for 95% financing with a 90% first and a 5% second borrowed against your vested interest in your retirement.
STRS Loans: State Teachers Retirement Fund is available for teachers in California and can be a valuable asset in obtaining high loan to value loans.
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