LOAN PROGRAMS

The loan approval is a critical step in your process to purchase a home.  We strongly advise that you have a loan approval in hand as you begin your search for your new home so that you are easily and quickly able to submit your offer when you finally find the ideal property. We can help you with this process.  Below are just a few of the loan programs available to you.


FHA -  The Federal Housing Administration is a branch of the U.S. Department of Housing and Urban Development.  They have been helping homeowners since 1934.  The FHA insures the loan so the lender can more easily make the loan for you.  It is ideal for first time homebuyers or anyone needing to get into a home with very low down payment.

  • Max Loan Amount:  $625,500
  • Minimum Down Payment:  3.5%

VA - The Veterans Administration helps veterans purchase homes by guaranteeing a portion of the loan amount for the lender. The Veteran's VA eligibility is utilized to help determine the maximum loan they qualify for.

  • Max Loan Amount:  $687,500
  • Minimum Down Payment:  0%

Conventional Conforming - Conventional loans do not have the government backing that the FHA or VA loan programs have. They are bought and sold by lenders on the secondary market and usually require private mortgage insurance on any loans with less than 20% down.

  • Max Loan Amount: $417,000
  • Minimum Down Payment:  3%

Super Conforming - Similar to conventional conforming, these loans do not have government insurance and therefore usually require private mortgage insurance on loans with less than 20% down payment.  Conventional conforming as well as super conforming are often eligible to be sold to FNMA and FHLMC, government sponsored entities, and are more easily bought and sold among lenders.

  • Max Loan Amount: $625,000
  • Minimum Down Payment:  20%
  • Minimum Down Payment with concurrent 2nd Trust Deed:  10%

Jumbo - These loan programs are so named because they are not typically eligible for sale to the government sponsored entities.  These loans are originated and traded among private lenders or other institutional entities.  Private mortgage insurance is often required on loans with less than 20% down payment.

  • Maximum Loan Amount:  $2,000,000
  • Minimum Down Payment:  20%
  • For loan amounts less than $750,000, minimum Down Payment with concurrent 2nd Trust Deed:  10%


Please note:  Terms and qualifications for the above programs change often.  Please contact us to help you with your particular application and approval process.  



Contact Us


MENDEZ REAL ESTATE
California Real Estate Broker , SFR/BPOR
Award Winning
5 Star Zillow Agent Team *****

danny@mendezre.com
anna@mendezre.com
949-929-0606
949-212-2246
Copyright © 2014 Mendez Real Estate. All Rights Reserved.
Connect with us on 
CA BRE 01981462-BRE 01922384-BRE 00754413