There are many different types of loans for homes.

When you are buying a home for the first time there is a lot of information out there. When you are ready, or have questions, speak with someone who is experienced in the industry and has the resources to answer all your questions. We can help you sort through the information to recommend the program that will work best for you.

Conventional Fixed Mortgage

These loans conform to guidelines established by Fannie Mae and Freddie Mac. These two government-sponsored enterprises (GSEs) buy mortgages from lenders and sell them to investors. Their purpose is to make mortgages more widely available.

Usually, a conventional mortgage is a 30-year fixed rate loan.  That means it has a fixed interest rate for the 30-year term of the mortgage.  Conventional mortgages have a variety of Down Payment requirements.  There are programs that are 3%, 5%, 10% and 20% down.  If a borrower has less than 20% down payment, there is usually a requirement for the borrower to pay a monthly Private Mortgage Insurance payment.  (PMI). However, there are options to eliminate Mortgage Insurance. 

Conventional loans can be combined with certain special Down Payment Assistance programs and First Time Home Buyer programs. For more information on Conventional loan programs and PMI, call or text Mortgage Consultant Jim Langdon at 916-717-5626. NMLS #228920

*Disclosures: You can see examples of different loans and their rate structures here.

FHA Mortgage

An FHA loan is a mortgage insured by the Federal Housing Administration. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.  Minimum down payment requires 3.5% of the purchase price and can be combined with certain Special Down Payment Assistance programs and First Time Home Buyer programs.

Less rigorous lending standards and low down-payment requirements make FHA loans popular with mortgage borrowers.

For more information about FHA Loans call or text Mortgage Consultant Jim Langdon at 916-717-5626. NMLS #228920

VA Mortgage

The VA Loan is a mortgage loan issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). The program was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment or excellent credit.  The benefits of this type of loan include -0- down payment needed, no Private Mortgage insurance, lower interest rates and easier qualifying standards.  There are loan limits and certain fees required such as the VA funding fee which varies from 2.15% for first time users to 3.3 % for subsequent use.  These fees can be financed under most circumstances. 

Please call or text Mortgage Consultant Jim Langdon for more information on VA loans 916-717-5626. NMLS #228920

Jumbo Mortgage:

A jumbo mortgage is a loan amount that is above Fannie Mae conforming loan limits. A jumbo loan will typically come with more demanding requirements than a smaller, conforming mortgage.  In some cases, there are creative ways to stay within the conforming loan limits, even when buying a home is the Jumbo price range. 

For more information about Jumbo Loans, call or text Mortgage Consultant Jim Langdon at 916-717-5626. NMLS #228920

First Time Home Buyer Programs and Down Payment Assistance

Download the 2019 Government and Conventional Income Limits

*Diclosures: You can see examples of different loans and their rate structures here.

MCC (Mortgage Credit Certificate)

This First Time Home Buyer program can reduce federal income tax liability creating additional net spendable income.  Funds on this program are limited and not guaranteed.  However, we have successfully used this program for years. You can visit their website directly, or download the income limit forms to review.

Download the MCC 2019 Income Limits

MyHome Down Payment Assistance Program

Need help with a Down Payment to buy a home?  This program is a deferred-payment 2nd mortgage used to assist with down payment and/or closing costs. It is offered through California Housing (Calhfa) approved lenders. This type of financing is offered with CALHFA first mortgage liens for Conventional and FHA loans. Limitations to income or credit scores may be required.

ZIP (Zero Interest Program)

This is also offered through California Housing (Calhfa) approved lenders, but is primarily used to pay for closing costs.  This is a deferred-payment second or third mortgage.

For more information on Down Payment Assistance, call or text Mortgage Consultant Jim Langdon at 916-717-5626. NMLS #228920

GSFA Platinum

You do not need to be a First Time Home Buyer to use this program.

This program offers up to a 5% grant for down payment assistance and/or closing costs.  Certain income restrictions apply.

Home Renovation Programs

FHA 203K

The FHA 203(k) Renovation Program is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. The purpose of this program is to restore and preserve some of the nation’s housing supply of single-family, owner-occupied properties that are at least one year old. This program provides financing not only for the purchase or refinance of a property but also for the rehabilitation or improvement of the property.

Fannie Mae HomeStyle®

The Dream Home Renovation HomeStyle® Program is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. This is a single-close loan that enables borrowers to purchase a home that needs repairs, or refinance the mortgage on their existing home and include the necessary funds for renovation. The loan amount is based on the “as-completed” value rather than the “present” value.

The Home Buyers Assistance Renovation Division has been developed to support Borrowers with the 203k and HomeStyle® Mortgage renovation loan process.  The mission of the Renovation Department is to offer professional assistance from product selection, contractor approval, and guidance through closing.  Let our Home Renovation team assist you purchase and renovate your next home. 

Call or email a counselor to see how you can get qualified for program eligibility and the loan that meets your needs.

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