Loan Programs
Mortgage loan programs are different types of loans offered by banks and lenders to help people buy homes.
Choosing the right program can make buying a home more manageable.
Conventional
If you have good credit history and stable finances this program could help you get the lowest rate for you, based on your financial circumstances.
Fixed Rate
If you want predictability and tend to hold property long term, this program protects against rising interest rates after locking, making long term budgeting easier.
FHA
If you have decent credit and low to moderate income, this program allows for a small down payment (as low as 3.5%) and is flexible in its qualifying requirements.
USDA
If you live in an eligible area, the US Department of Agriculture supports a variety of programs to help low to moderate income families achieve homeownership through possibilities of no down payment and 100% financing.
VA
If you are an eligible veteran, in active military duty, or a surviving spouse this program often offers the best loan terms, providing no down payment, no mortgage insurance, lower interest rates/fees, easier qualifications, convenient refinancing options. Funding fee waivers may apply if you are receiving VA Disability payments.
Reverse Mortgage
If you are a senior citizen (62+) and hoping to convert your home's value into tax-free cash without selling or moving, this program allows you to borrow against the equity of your home without requiring income or credit checks.
Jumbo
If you are looking to finance luxury properties in highly competitive local real estate markets, this program provides loan amounts up to $3,000,000 and alternative means of purchasing high value properties, without a significant upfront down payment.
Refinance
If you want to tap into your home's equity, this program offers the possibility of lower interest rates, shortened loan term, lower monthly payments. It allows you to align you mortgage structure with your financial goals by switching from an Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage, or vice versa.
HELOC
If you want to borrow cash from your home equity and have a stable income, this program allows you to borrow up to 85 of your home's value. Different from exchanging your mortgage as with refinancing, this program adds a new loan that allows you to borrow as needed.
Conforming
This program applies to conventional loans but with the possibility of a low down payment, if you meet the bank funding criteria set by FNMA and FHLMC.
DPA
If you are a first time buyer with low to moderate income, decent credit and plan to live in your property for several years, this program is designed to assist with your down payment and closing costs by providing low interest and forgivable loans.
Cindy Regan, All Rights Reserved
Cindy Regan - Originating Branch Manager - NMLS #264375
The Lending Authority Team - Hancock Mortgage -Powered by City First Mortgage Services LLC - NMLS #3117
Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. The Lending Authority Team powered by City First Mortgage Services is not an agency of the Federal Government, and is not acting on behalf or at the direction of HUD/FHA.
Cindy Regan, All Rights Reserved
Cindy Regan - Originating Branch Manager - NMLS #264375
The Lending Authority Team - Hancock Mortgage -Powered by City First Mortgage Services LLC - NMLS #3117
Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. The Lending Authority Team powered by City First Mortgage Services is not an agency of the Federal Government, and is not acting on behalf or at the direction of HUD/FHA.