FHA LOANS are government insured 96.5% loans with a minimum of 3.5% downpayment. FHA limits vary by county. One advantage of the FHA loan is their credit standards make it easier for people with "blemished" credit or no credit to get their loan approved. The program also allows the buyer to have the seller pay their closing costs and in some cases much of their down payment. All down payment can also come from a documented source such as a close friend or relative. FHA loans, which are assumable by a qualified buyer, offer both fixed and adjustable rate mortgages. These loans are only for owner occupied properties.
VA LOANS offer a fixed rate mortgage quaranteed by the Veteran's Administration. Credit requirements are similar to the FHA loan but borrowers must be an honorably dischared veteran with a DD214. VA loans require no downpayment and even allow the seller to pay up to 6% in closing costs and funds to pay down the buyer's debt to qualify. VA loans are only for owner occupied properties.
CONFORMING LOANSare loan amounts of $729,750 or less. Traditional lenders make these loans and usually sell them to the secondary markets Fannie Mae or Freddie Mac. With loans to 90% of the purchase price you can put down as little as 10% of your own funds. These loans are available to the clients with good credit. Loans of $417,000 and less received preferred rates.
Bill Varney is a Broker licensed by the California Department of Real Estate license 01208311
NRMLS 344109
If You Have Any Questions Please Email Or Call Bill @ (562) 936-9082
bvloans@mail.com
Bill Varney, Mortgage Broker
JUMBO LOANS are loans from $729,751 and up. They are traditionally at slightly higher interest rates.
Information on this page is for educational purposes only. Specific questions for real property transactions and credit items should be directed to your attorney, tax preparer and C.P.A.. Copyright 2011, reprint by permission only
