Loan Programs & Options
In today's lending market there are many options to choose from. Sometimes the differences in these programs can be subtle but significant. As a boutique mortgage banker in Ventura County, we offer a variety of loan programs to fit your needs. One type of loan that many people are seeking is FHA mortgages. This type of mortgage offers you advantages that are especially important to those looking to buy their first home. If you are looking for a FHA loan in Westlake Village, we have the options available to you. Our loan programs also include options for a reverse mortgage. This page provides an overview of many of the different programs First Rate Financial Group offers to California homebuyers.
Contact us to find out what programs are currently available, or for any other related questions.
|Click here to contact us for information on other less common programs.|
Conforming Loans - Loans that meet the Fannie Mae/Freddie Mac Loan Amount guidelines for 1 to 4 Units dwellings.
|Single Family||$417,000||4 Family||$801,950|
|2 Family||$533,850||High Cost Area||$625,500|
|3 Family||$645,300||* (Los Angeles Area)|
Jumbo Loans - Offers 30- and 15-year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation. Cash out and No cash out refinance are allowable. Single family detached, Condos, PUDs and single-family second homes can be financed with no prepayment penalty.
FHA Mortgage - Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little as 3% down payment and they can even finance "allowable" closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. If you are trying to purchase your home on a tight budget, a FHA loan in Westlake Village might be a good solution for you. Contact us so that we can determine if this is an option for you.
203K FHA Mortgage - These FHA mortgages are the same as FHA above but with the ability to finance home improvements that are needed. One mortgage is given based on the value plus improvements up to 115% of the future value. These improvements must be over $5000 and can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They cannot be to add a swimming pool etc. If you are looking for a FHA loan in Westlake village for a fixer-upper that requires a minimum of $5000 in structural repairs, this loan may be the solution you are searching for. As your mortgage banker in Ventura County, we will provide you with the guidelines and help you start the process for one of these FHA mortgages if is a good option for you. If not, we can help to determine which of our loan programs would be best for your needs.
VA Mortgage - Backed by the Veterans Administration and the federal government it is similar to FHA mortgages except that you have to be a qualified Veteran or military person. If you are a veteran or military person who is looking for a FHA loan in Westlake Village, this type of mortgage can provide you with the features you want in a mortgage including low down payment and financing of closing costs.
Reverse Mortgage - A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that builds up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage. A reverse mortgage isn't the right choice for everyone but it can be a convenient way to enjoy the equity that is built up in your home for the right candidates. Contact us as your mortgage banker in Ventura County and we will help you decide if a reverse mortgage is the right option for your needs.
High Debt Ratio Loans - Borrowers having the ratio of their monthly bills to their monthly income higher than 50% is considered a high debt ratio. Loan programs are available for these borrowers, allowing them to finance the purchase of a home or property.
Flex 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680. As your mortgage banker in Ventura County, we can work to get qualified applicants the loan that offers greater flexibility than a regular FHA loan in Westlake village.
Interest Only - Shorter term adjustable rate mortgage where borrower is not required to make payment on the principal.
Investor Loans - Used to finance 1-4 family properties that will be for investment.
2nd Mortgage Loans - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
DU Refi PlusTM - Part of the Making Home Affordable program the government recently introduced to improve the housing market. Homeowners can obtain refinancing through DU Refi PlusTM even if they have lower credit scores and less income documentation. In some cases, the DU Refi will waive the requirement for an appraisal.
FHLMC Open Access - The Freddie Mac Relief Refinance MortgageSM is the business implementation of the federal Home Affordable Refinance program (HARP), which provides broad market availability with two options that help borrowers who are making timely mortgage payments but have been unable to refinance due to declining property values. As your mortgage banker in Ventura County, we can get you the affordable refinancing that you thought wasn't an option for you!
USDA Loan - A USDA (United States Department of Agriculture) Guaranteed Loan is a government-insured 100% purchase loan. These loans are only offered in rural areas and serviced by direct lenders that meet federal guidelines.