INTEREST RATES HAVE NEVER BEEN LOWER!
We work with the leading lenders in the industry to provide a variety of loan programs to meet your needs:
Government (FHA and VA)
USDA Loans - 100% financing. No down.* Restrictions apply, see this USDA Loan PDF
HomePath Fannie Mae Bank Owned Homes available to both owner occupiers( only 5% down! ) and investors (only 10% down!!!!) Investors, you gotta call me on these! This is a deal!
These home are also eligible for HomePath Renovation Mortgage!
HomePath is a Fannie Mae home purchase program designed to make purchasing a Fannie Mae owned home easy. Some of the benefits of HomePath financing are:
No Appraisal!
Low down payment and flexible mortgage terms
You may qualify even if your credit is less than perfect
Available on both primary residence and investment purchases
Down payment (at least 3 percent) can be funded by your own saving; a gift; a grant; or a loan from a nonprofit organization, state or local government or even your employer
No mortgage insurance
Also eligible for HomePath Renovation Mortgages
Call me today for more information on how you can find and finance a HomePath home! There are some great Fannie Mae owned homes for sale!
New Jumbo Conforming
Conforming
Jumbo
First Time Homebuyer Programs, including Nehemia and CalHFA
REHAB LOANS
The FHA’s 203(k) rehabilitation program provides loans for covering renovation costs as well as the purchase price of the primary residence. Investors are not eligible for this program. Additionally, similar to traditional FHA loan programs, the rehab program allows for a down payment of as little as 3.5 percent.
A common misperception about the program is that the house needs to be unlivable. Realistically, the property just needs to be outdated, according to a lender familiar with the program. The property “just has to appraise below market value and then at market value with the repairs.”
Improvements deemed “luxury” are ineligible; however, the program has a wide range of definitions for “repairs” and “modernization.” Covered repairs include items such as a new roof or heating system, as well as decorative changes, like replacing vinyl with ceramic tile on the kitchen floor or painting the interior.
In addition to putting down at least 3.5 percent of the current value of the property, buyers also must use a HUD-approved lender, appraiser, and a contractor approved by the lender for the repairs.
Borrowers considering the FHA rehab loan program should be aware that loan rates typically run around a percentage point higher than conventional loans, and come in 15- to 30-year terms, either fixed or adjustable. Additional paperwork for inspection, appraisal, title updating, and the like can increase closing costs by $1,000 or more higher than the average.
For additional information about the FHA 203(k) rehabilitation program, please contact me.
Fixed Rate and Adjustable Loans
Construction Loans
Lot/Land loans
Mobile home and modular home loans
Commercial Loans
Do I have a loan owned by FNMA? Check here.
DOWN PAYMENT MARKET* GENERAL AVERAGES
0% down - VA with 620 FICO score
$100 down – HUD Homes with FHA loans
3% - Conventional Homepath.com (Fannie Mae owned) (owner occupied. 660 FICO score needed)
3.5% - FHA (owner occupied.FICO 620 score needed)
5% - Conventional owner occupied with mortgage insurance (720 score minimum)
10% - Conventional Vacation Home (660 score for Homepath (Fannie Mae owned), 720 score for other homes)
15% - Conventional Investment Home purchases (Homepath (Fannie Mae owned) with 660 score)
20% to 25% - Conventional Investment Purchases (HomePath (Fannie Mae owned) investment loans 15% down with NO MI)
Reverse Mortgage Loans - Did you know you can buy a house (using the equity in your home) that you can rent out to get income from and keep your own home! You make no payments until you die or sell your existing home! Your rental home will provide income (if you think dealing with renters is a hassle - use a property management service) . Here is a Reverse Mortgage Calculator to estimate with.
Please contact me after you have checked out our “What can I afford” calculators to determine what your options are in home buying power.
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