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NMLS: 253889 - DRE: 01450808
Conventional
Conventional
A conventional loan is a mortgage that is not guaranteed or insured by any goverment agency.
- Typically require a minimum of 5% down
- Have fixed or adjustable rate options
- Popular conventional loan terms are 15 and 30-year
- Tend to involve less paperwork than government loans
- If you can make a down payment of 20% or more on a conventional loan, you won’t have to carry mortgage insurance
FHA
FHA
A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA).
- Manageable down payments
- Low closing costs
- Does not have specific credit score requirements (If the credit scores are low, it is up to the borrower to demonstrate his/her ability and willingness to pay the loan back)
- Perfect for first buyers
- Allows the borrower to get the funds necessary to close from several sources like personal savings, gifts, grants, loans from retirement accounts and seller contributions.
FHA loan for Fixed-up: allows you to buy a home, fix it up, and include all the costs in one loan. Or, refinance what you owe and add the cost of repairs - all in one loan.
FHA loan for seniors: if you are 62 or older, live in your home, and own it or have a low loan balance, you can convert a portion of your equity into cash with a FHA Reverse Mortgage.
FHA loan for energy improvements: You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.
FHA loan for mobile homes and factory-built housing: There are two loan products – one for those who own the land that the home is on and another for mobile homes that are - or will be - located in mobile home parks.
VA
VA
A mortgage loan in the United states guaranteed by the United States Department for: American veterans, Military members currently serving in the U.S. military, Reservists and select surviving spouses (provided they do not remarry), and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction.
- Is guaranteed for no money down up to $417,000
- No monthly Home Owner’s Insurance is required
- Many VA Mortgage Loans are assumable
- It is easier to qualify than a conventional loan
- Can be refinanced
The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.
You will need:
You will need:
- Social Security numbers for both you and any co-borrowers
- Copies of checking and savings accounts statements for the past two months
- Evidence of any other assets such as bonds, stocks, or money saved in retirement programs (i.e. 401k or 403b program)
- Recent paycheck stubs
- W-2 withholding forms, or income tax returns for the past two years to verify your income and proof of employment
- The name and address of someone who can verify your employment
- Residence history for the past two years
- Sales contract for the purchase of a new home
- Homeowner's association information with contact information if property is a condo or part of a homeowner's association
If you need help with your Loan Process, call me, I will make it simple and safe! (909) 645-3205
If you need help with your Loan Process, call me, I will make it simple and safe! (909) 645-3205
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