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There are many loan programs available today. The loan landscape is continuously changing with new products to help you purchase or refinance your home. Following are the most common ones, but we offer many more. If there is a particular program you've heard of please don't hesitate to ask. Pam is available to answer your questions at 760-550-1143 or peskue@GoNovamac.com
This loan type is often associated with requiring a 20% down payment, but much smaller down payments as low as 3% down are allowed. It is called a conventional loan because it is not insured or guaranteed by a government entity like FHA or VA.
This is a loan that is insured by the Federal Housing Administration with guidelines that assist moderate to low income families and those with credit challenges in the qualifying process. FHA guidelines allow for a minimum down payment as low as 3.5% of the purchase price. The time frames for derogatory credit issues like foreclosures and bankruptcies are significantly less than conventional loans. FHA does not lend the money, but provides the lender coverage for some loss in the event the loan is foreclosed.
The Department of Veterans Affairs provides lenders with a guarantee on loans made to qualified veterans. 100% financing is available to most veterans, but the veterans must still be able to pay for and qualify for the loan amount. For more detailed information check out the VA Website.
A loan which is larger than the maximum loan limit set by Fannie Mae (FNMA-Federal National Mortgage Association) and Freddie Mac (FHMLC-Federal Home Loan Mortgage Corporation), typically more than $484,350 but in some areas higher than $726,525. High end and luxury homes often require this financing.
The USDA Rural Guarantee loan provides 100% financing in eligible rural areas on primary residences to borrowers who meet income eligibility requirements. There are many areas in Southern California that qualify like parts of Fallbrook, Valley Center, and Temecula. To see if a property in your area qualifies for this financing, check this USDA site.
Down Payment Assistance Programs
Alternative Documentation Loans
We are still working on this page. There is some great information here, but if you need any further information please reach out to Pam at 760-550-1143 or peskue@GoNovamac.com
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