Conventional loans are home loans that are not backed by the government such as the Federal Housing Administration (FHA) or Department of Veterans Affairs (VA).

  • Conforming loans are loans that fit guidelines established by Fannie Mae and Freddie Mac, two government-sponsored entities (GSEs) that buy many of these loans from lenders. The maximum loan amount for conforming loans differ by county and have specific criteria for approval, set by the GSEs
  • Jumbo loans have higher loan limits than conforming loans and typically have higher interest rates since the risk is greater due to the higher loan amounts.

reverse mortgages

other programs

Like FHA loans, VA loans are insured by the government through the Department of Veterans Affairs (VA). VA loans are for veterans who meet the minimum number of days of completed service. Unlike FHA loans, there is no MIP and eligible borrowers can purchase their home with no money down.  However, borrowers do pay a VA funding fee which can be financed through the loan and is paid directly to the Dept. of Veterans Affiairs

If you're curious about a loan that you don't see here, just call me at 619-806-7003 or send me an email and I'll give you a call.

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Rehab Loans

Also known as renovation loans, there are several types of rehab loans that give homeowners and home buyers the ability to finance both the purchase or refinance of their home along with funds needed to renovate the home through a single loan.  The most common rehab program is the FHA 203(K) program.

Investment Properties

Typically, a minimum down payment of 20% is required if you're purchasing a property to rent out.  Because of the inherent risks in financing a property that is not your primary residence, interest rates are almost always higher than if you were purchasing the property as your primary home.

A reverse mortgage is for older homeowners that are at least 62 years old and own their homes outright or have a low balance compared to the value of the home. This type of loan requires no monthly mortgage payments and in fact, pays a monthly amount to the homeowner, which is drawn from the home's built up equity. However, borrowers are still responsible for paying their property taxes and homeowner's insurance. Reverse mortgages allow eligible homeowners to access their equity and defer payments until they pass away or sell their home. The unpaid interest gets added to the balance of the loan. This may be a great option for seniors who need to supplement existing income.

conventional loans

VA loans

FHA loans are insured by the Federal Housing Administration and are open to all applicants that qualify. These loans are insured by the government through mortgage insurance premiums (MIP) paid by the borrower. MIP typically consists of a portion paid up front as well as a monthly payment. Like conforming loans, the maximum loan amount is set at the county level and borrowers can purchase homes with as little as 3.5% down and less than perfect credit.

FHA loans