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Mortgage & Finance

Knowing what loan is right for you is an art. This page is a great place to start. Feel free to review this information or simply be in touch. We can walk you through the various products available, from conventional loans and government programs, to jumbo and super jumbo loans, we can answer all your questions. Email Us or call during business hours for immediate assistance.

30 Year Fixed

30 Year Fixed Mortgage – This is a fully amortizing program with a fixed interest rate over the life of the loan. You pay both principal and interest each month and at the end of 30 years the loan is paid in full.

15 Year Fixed

15 Year Fixed Mortgage – This is a fully amortizing program with a fixed interest rate over the life of the loan. You pay both principal and interest each month and at the end of 15 years the loan is paid in full.

First Time Home Buyers

First Time Home Buyers – Special programs may be available to you if you are a first time home buyer. This is currently this defined as, “not holding interest in primary real estate property for the most previous three year period.” These programs may offer decreased down payment eligibility and special grants, and include government programs as well. They are beneficial by allowing you to keep money in the bank, increasing your borrowing power and giving more flexibility in underwriting guidelines.

VA Loans

VA Loans – These are loans that are guaranteed by the VA, or Veteran’s Administration. They offer fixed and adjustable rate loans to eligible and qualified veterans. The VA programs allow for zero down payments, higher debt-to-income ratios and more flexible credit package underwriting guidelines. 100% Purchase/Streamline Refinances

FHA Loans

FHA Loans – These are loans that are insured by the FHA, or Federal Housing Administration. Generally, most people can qualify for an FHA loan, with the two requirements being a social security number and a valid state driver’s license. These programs allow for lower down payments, higher debt-to-income ratios, and more flexible credit package underwriting guidelines. Offered are fixed and/or adjustable rate mortgages, which tend to remain competitive with the conventional market. However, they do have limitations as to maximum loan size, which can vary by county, and occupancy must be owner-occupied. A primary residence is a property that will be occupied by the borrower the majority of the calendar year and meets the following criteria: · 1-4 units, PUDs, Site Condos, FHA-approved condos and HUD-owned properties. · At least one borrower must occupy the property and sign the Note and security instrument for the property to be considered owner-occupied. · The borrower must occupy the property within 60 days after the loan closes with continued occupancy for at least one year. The only exceptions allowed are due to hardship or extenuating circumstances, if a buyer had a bankruptcy chapter 7, it must be seasoned for around 2 years . A Buyer can purchase a home with a foreclosure or short sale from 2-3 years of finalized date-Call with specific questions FHA requires 3.5% down payment FHA Streamlines are available with and without appraisal

Periodic Fixed ARM

Periodic Fixed ARM – An ARM is an Adjustable Rate Mortgage and with a Periodic Fixed ARM there are many factors involved. This may include a declining interest rate market, increasing borrowing power, overall cash flow preferences or monthly budgetary plans. The interest rate and/or payments are protected from sizable changes in the market by “caps”. The caps limit movement within a reasonable level. They can be used for either short or long term objectives. Index + Margin = Rate 1yr Periodic Fixed ARM – This loan is fixed for the first twelve months of the loan and then adjusts every twelve months thereafter based on the current index value plus margin. The interest rate and payment rate both change annually with payment caps of one percent and life of the loan caps of six percent. 3yr Year Periodic Fixed ARM – This loan has a fixed rate for the first three years of the loan and adjusts thereafter based on the index value plus margin. The interest rate and payment rate both change after three years with payment caps of two percent every six months and life of the loan caps of six percent. 5yr Periodic Fixed ARM – This loan is fixed for the first five years of the loan and adjusts thereafter based on the index value plus margin. The interest rate and payment rate both change after five years with payment caps on two percent every six months and life of the loan caps of five percent. Any of the above loans can have an interest only option of up to ten years of paying interest only with no principal reduction. After the ten years the remaining principal and interest will be amortized over the remaining life of the loan. 7yr and 10yr Periodic Fixed ARM – This loan is fixed for the first seven years of the loan (or ten years in the event of a ten year Periodic Fixed ARM) and adjusts thereafter based on the index value plus margin. For more information about these loans or other loan options, please give us a call.

Conventional Mortgage

The Freddie Mac Relief Refinance Mortgage Open Access (LPRR) program is a rate & term refinance program for loans already owned or guaranteed by Freddie Mac. The existing loan must have a Freddie Mac settlement date prior to June 1, 2009 in order to be eligible and the new refinance transaction must have an application date before December 31, 2013 and a Note Date on or before September 30, 2014. The program provides underwriting flexibilities, expanded eligibility criteria and/or reduced documentation requirements as compared to standard rate & term transactions. To determine if the mortgage is currently owned or securitized by Freddie Mac, the following website may be used: https://ww3.freddiemac.com/corporate/ The Fannie Mae DU Refi Plus® program is a rate & term refinance program for loans already owned or guaranteed by Fannie Mae. The existing loan must have been acquired by Fannie Mae prior to June 1, 2009 in order to be eligible and the new refinance transaction must have an application date before December 31, 2013 and a Note Date on or before September 30, 2014. The program provides underwriting flexibilities, expanded eligibility criteria and/or reduced documentation requirements as compared to standard rate & term transactions. To determine if the mortgage is currently owned or securitized by Fannie Mae, the following website may be used: http://loanlookup.fanniemae.com/loanlookup/

Reverse Mortgage

Reverse MortgageThis mortgage option is designed for clients 62+ years young and there to improve your cash flow. These mortgages require no payment. Please give us a call for a free analysis.

Adjustable Rate Mortgage (ARM)

Adjustable Rate Mortgage (ARM)This is a mortgage loan in which the interest rate is scheduled to increase or decrease throughout the life of the loan. The rate is tied to a particular index and, upon terms specified in the note, the rate will change with the value of that index.

Commercial Loans

Commercial LoansCommercial loans are often offered by the SBA (Small Business Administration). These loans are for commercial spaces which are owner-occupied (up to 90% of value). There are many other commercial loan programs available and we are happy to discuss them with you at your convenience. Specializing in Church Purchase and refinance loans. Please call for a quote.

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