Conventional financing (non-government insured) offer a variety of options depending on your situation and needs. Below is a brief list of some of the programs available.
Conforming loans with 30,20, and 15 year fixed rate term
• This terms refers to loans of $417,000 or less
•These loans are amortized for the set term
High balance conforming and jumbo products with loan amount up to $10 million and down payments as low as 20%
• Down Payment requirements will be based on credit score and loan amount tier
• High balance loans refers to loan with balances of $417,001 up to the set limit based by county. For San Diego County, this limit is currently $580,750
. These loans will often offer rates that are slightly higher than a conforming loan but lower than a jumbo loan amount
• Jumbo (non-conforming) refers to loan amounts exceeding the set county limits
Interest Only and Hybrid Arms
•This term refers to loans that are fixed for a set period of time before becoming adjustable rate loans that will adjust every 12 months.
•Terms available are 3/1, 5/1, 7/1 and 10/1.
First Time Home Buyer programs
• These programs are geared specifically for those who have not own real estate in the previous 3 years
• Down payments as low as 3% are possible based on credit scores and other qualifying factors
•These programs are often paired with Down Payment Assistance programs to maximize the purchasing power of the buyer
Pledged Asset Programs
• Rather than liquidating your investment accounts, this option allows you to leave the funds in your account and pledge them as collateral for the loan
• The funds will still be working for your while avoiding paying possible capital gains had they been liquidated
Asset Utilization Program
• Short on income but have plenty of assets? This is the program for you!
• Your assets are used as income. By using an amortization schedule based on your age, a monthly figure will be calculated and applied as income on your application.
• The assets do not need to be liquidated or used on a monthly basis
Jumbo buster first and second combo’s
• A combination of a first and second mortgage is used to keep your first mortgage within conforming or High Balance limits to allow for the lowest rate possible
Lot and construction loans
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