You will have lots of financing options for your new purchase. From government supported programs like FHA and VA loans to programs that cater to first time home buyers and of course any and all options for those looking to buy their “move up” home or “downsize” home and everything in between.
Down payments start as low NO money down on a VA loan to a 3.5% down for an FHA loan to 5% for conventional Fannie Mae and Freddie Mac type of loans. Of course you can always put more money and reap the benefits of even lower monthly payments and interest rates!
Most common types of purchase money loans
Fixed Rate Mortgages: Your rate and payment never change.
30 Year Fixed Loan Benefits: Lowest fixed monthly payments.
20 Year Fixed Loan Benefits: Lower rate than the 30 Year Fixed Rate.
15 Year Fixed Loan Benefits: Lower rate than the 20 or 30 Year Fixed; Pay less interest and pay your home off more quickly.
Adjustable Rate Mortgages: After the initial fixed rate period your interest rate will typically change once a year every remaining year of the loan. Most of these loans are 30 year fully amortized loans.
3/1 ARM Fixed Rate for 3 Years, Adjustable Rate for the remaining 27 years
5/1 ARM Fixed Rate for 5 Years, Adjustable Rate for the remaining 25 years
7/1 ARM Fixed Rate for 7 Years, Adjustable Rate for the remaining 23 years
What types of property are eligible?
Most loan programs allow you to purchase single-family homes, condos, planned unit developments, and 1-4 family residences. Most programs will allow you to finance a primary residence, second home or investment property.
To learn more call us at 818-952-2726 or contact us by clicking here.
Be sure to check out the documents we will need to gather resource guide below!