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4/23/2013

Conventional Loans California


Conventional Loans in California
Curbside Appeal in Laguna Beach




A conventional loan is a loan that is not guaranteed or insured by the federal government under the Veterans Administration (VA) the Federal Housing Administration (FHA), or the Rural Housing Service (RHS) of the U.S. Department of Agriculture or USDA (we also do these kinds of loans)
Conforming Conventional Loan follows the guidelines and maximum loan amount of government sponsored enterprises (GSE’s) such as Fannie Mae or Freddie Mac. In simple language they are also sold to two companies owned by the United States Federal Government. Though the US government hopes to make these GSE's private or publicly traded entities again, making them turn a profit is another story. The rules of the GSE's are stricter for banks than for a mortgage banker like myself, these guidelines are called bank overlays


Features of a Conforming Conventional Loan:
• As low as 3% down payment for primary residence
• Financing available for second home & investment properties
• No first-time home buyer restrictions
• No mortgage insurance with 20% down payment, we also have 80 10+ 10
• No 90-day flip restrictions
Important information: Maximum loan $$417,000.00.in some areas, High Balance also available up to $ 625500 depending on the location of the subject property. In most or Orange County, for example Newport Beach, Laguna Beach, and Dana Point the loan amount is the High Balance maximum number.

Down payment requirements for primary residence 3%, second home 10%, investment 20% down – 25% down for 3 to 4 units. Gift funds are allowed on primary and second home (buyer must have 5% of own funds unless the gift is 20% or more). PMI (private mortgage insurance) required on all loans with less than 20% down. Maximum 10 financed properties. Seller contribution allowed 3% to 90% LTV / 6% 89.9% to 75% LTV / 9% 74.9% LTV
Talk to us about your lifetime financial goals. We can find the right loan for you. My number is (949) 784-9699 and you may call me from 7:00 AM to 7:00 PM
This is not a commitment to lend, This is not a rate commitment or rate quote. Terms and conditions change over time
NMLS# 324982  Caroline Gerardo WJ BRADLEY MORTGAGE CAPITAL LLC. Newport Beach California, 92660   

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