Purchasing a home can seem like an overwhelming process with all of the loan options available to borrowers these days. To meet the wide variety of borrower needs and circumstances, new loan programs are always being developed. At LoanSuperStore.com we work closely with every client to help them select the best program for their individual needs. Our extensive knowledge of the California real estate market allows us to offer fast approvals, as wells as competitive rates and terms on many types of home purchase loans throughout Calabasas, Woodland Hills, Westlake Village, and Sherman Oaks.
Below are some common purchase loan programs available through LoanSuperStore.com. We offer purchase loans for both owner and non-owner occupied properties, including 2-4 unit properties.
Conventional Loans – By definition, a conventional loan is any mortgage not guaranteed or backed by the federal government. Since these loans are not backed by the government, they are often considered to be a bit riskier. This can sometimes make them a bit more difficult to qualify for and may they may require a slightly higher rate.
FHA Loans – An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). This insurance protects lenders from borrower default and allows for more relaxed credit and income requirements than other similar loans. FHA loans tend to be rather popular among first-time home buyers.
VA Loans – VA loans are mortgages guaranteed by The U.S. Department of Veterans Affairs. These loans are available exclusively to veterans, military, and their families. One major benefit of the VA Loan program is the ability to finance 100% of the purchase price of a home as well as funding fees required by the VA.
Jumbo Loans – Certain mortgages will need to meet requirements set forth by Fannie Mae and Freddie Mac. These are known as conforming loans. The primary requirement is that the loan amount must not exceed $417,000 (in most cases). Jumbo loans are a non-conforming alternative for those in need of a loan greater than this amount. They are often used for more expensive homes, vacation properties, and investment properties.
Purchase loans can be financed with a fixed rate, adjustable rate, or combination of the two. The type of rate you will want depends on factors such as how long you plan to stay in the home or whether you plan to refinance down the road.
Fixed-Rate Mortgage – Fixed-rate mortgages are generally available as 15 year, 20 year, and 30 year loans. A fixed-rate mortgage will hold the same interest rate throughout the life of the loan. Fixed-rate loans provide borrowers with a level of comfort knowing that their monthly payment will never change regardless of market changes.
Adjustable-Rate Mortgage (ARMs) – Adjustable-rate mortgages have an interest rate that will vary during the life of the loan. ARMs often start with a fixed-rate period before transitioning to an adjustable rate. These are known as Hybrid ARMs. For example, a 7/1 Hybrid ARM has a 7-year fixed period followed by an adjustment each year thereafter. ARMs typically start with a lower rate than similar fixed-rate loans meaning you pay less early on.
Whether you are looking to purchase a property in Calabasas, Woodland Hills, Westlake Village, or Sherman Oaks, at LoanSuperStore.com, we will help you choose a purchase loan that is best suited to your individual needs. To find out which option is best for you or to begin the pre-approval process, contact us today.