Loan Products
Call us to tailor a product for your needs
(916) 672-6130

Basic Loan Program Guidelines For More Information Call Us at 916-672-6130 or Click Here

Conventional 30,25,20,15,10 year Fixed Rate Loans:

Fannie MAE (Federal National Mortgage Association, FNMA) and Freddie MAC

(Federal Home Loan Mortgage Corporation, FHLMC)
These are the federal agencies that purchase mortgage-backed securities from lenders so lenders will be able to recapitalize and fund more loans.  FNMA and FHLMC set guidelines to which loans are to be underwritten by.

 BASIC Guidelines FNMA and FHLMC:
  • Loan To Value (LTV) ratios as high as 97% or 3% down
  • No Pre-Payment Penalty
  • Minimum Credit Score 640
  • Mortgage Insurance is required with LTVs greater than 80% 
  • Loan Limits for single-family residences are per county
  • Gifts are acceptable, but borrowers may have to have 5% of their own funds into the transaction.
  • * Special No Asset Verification Loans* No explaining where your money came from.
  • The Seller can contribute to the buyer's closing costs of 3% up to 6% depending on LTV.
  • Must be 4 years out of Bankruptcy 
  • Must be 7 years out of foreclosure and 4 years out of the short sale.
  • Must have 2 months of payments in reserve at closing
  • Must Fully Income Qualify

 FHA 30, 15 Year Fixed Rate and ARM Loans:
FHA are loans insured by the Federal Housing Administration (FHA).  FHA has two products that are most prevalent in today's mortgage markets and those are fixed-rate loans and Adjustable Rate Mortgages or ARMs.

For FHA Refinances click here:

 Basic FHA guidelines are:
  • LTVs as high as 96.5% or 3.5% down
  • No Pre-payment penalty
  • Minimum Credit score 550
  • Loans are assumable to qualified buyers.
  • Mortgage insurance is required on all LTV's
  • Loan limits vary from county to county to check your county click here.
  • Gifts can be used for 100% of the down payment and closing cost.
  • The seller can pay up to 6% of buyer's closing costs
  • Must be 3 years out of foreclosure, 2 years for a short sale.
  • Must be 2 years out of bankruptcy.
  • No payment reserve required
  • Must Fully Income Qualify (Purchases Only)
  • May Streamline an Existing FHA with no appraisal or credit report

 VA 30, 15 year Fixed Rate Loans:
VA are Veterans Administration guaranteed loans.  These loans are for Veterans who have served in the military and have accrued the necessary eligibility (usually 4 years active duty honorably discharged).  Buy a Home with No money out of pocket.  For more information Click here

 Basic VA guidelines:
  • Must be a qualified Veteran (Thank you for your service)
  • LTV's as high as 100% no down payment is required ($0 Down)
  • Loans are assumable 
  • No Prepayment penalty
  • Credit Scores as low as 550
  • There is No Mortgage Insurance
  • Loan Limits are $417,000 for single-family homes with no down payments above $417,000 are subject to down payment requirements
  • Gifts can be used if necessary
  • The seller can pay all closing costs up to 6% of the sale price
  • 3 years out of Foreclosure, 2 years out of a short sale.
  • 2 years out of bankruptcy 
  • No payment reserve required
  • Must Fully Income Qualify (Purchases Only)
  • Interest Rate Reduction Refinances do not require appraisal or credit score

USDA Rural Housing 30 and 15 year fixed rate loans
Applicants for loans may have an income of up to 115% of the median income for the area. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories. Loans are for 30 years. The promissory note interest rate is set by the lender. There is no required down payment. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt.

This loan will only work in certain areas with minimal population.  Click here to see if the house qualifies

Guidelines are the same as FHA.

Jumbo 30,15 year Fixed Rate Loans and ARMs:
These are loans that have higher loan amounts than Conventional loans or Government loans allow.  These loans vary in guidelines from lender to lender as these loans are not sold the same way into the secondary mortgage markets as Conventional loans and Government loans.  These loans have a higher risk associated with them in the sheer size of the loan.  Generally the interest rates on these loans, because of the higher risk, are higher.

 Jumbo Loan Guidelines:

  • Credit Scores generally should be above 680
  • Maximum LTVs can be as high as 90% depending on the loan amount.
  • Loans are not assumable
  • No pre-payment penalties
  • Loan Limits can go as high a 5 million.
  • Must be 4 years out of bankruptcy.
  • Can be 4 years out of foreclosure and 2 years out of short-sale (in some cases) this will vary from lender to lender.
  • Generally, no gifts are allowed unless the borrower is putting 20% or more of their own funds into the transaction.

Subprime/Alt "A" Loans:
 These loans are making a comeback but the guidelines have changed.  These loans were the blame for the mortgage meltdown in 2006-2010.  The old Subprime loans allowed for high low to values, the new version requires substantial equity and verification of income although no to the extent of FNMA and FHLMC and FHA and VA.

Alt "A" Loan Basics
  • Credit Scores as low as 500
  • Maximum LTV of 90% 
  • Purchase and Refinances allowed
  • Income can be verified with 24 months of bank statements
  • No reserve requirements
  • Flexible underwriting
  • Loan Amounts up to $2,000,000
  • One day out of Foreclosure and short sale
  • One day out of Bankruptcy High Balance 

Special High Balance Jumbo Loan With Conforming Pricing
This product is fantastic as the Maximum Loan Amount is the Maximum High Balance Loan Amount under FNMA and FHLMC.  The Current Maximum Loan Amount is $679,650 for single-family homes with lower Interest Rates.  This is a great alternative to a Jumbo Loan as the Interest Rates are so low.  

Doctor Loans:
These are regular FNMA and FHLMC (Fannie MAE and Freddie Mac) 30 year fixed rate loans with low interest rates.  The Doctor version of the loan will allow doctors to qualify without being penalized for their student loans.  This product will allow doctors to qualify for more of a home than they would be if they had to count their debt against them.

Private/Hard Money Loans, Fixed Rates and Interest Only:
These loans are funded by private sources and must not be an owner-occupied transaction.  These loans have to be used for business purposes, such as using the property for; Rentals, flipping, commercial uses, or use the property for more than 51% for business.  Click here to go to the Private lending page

Bank Statement and Alternate Income Qualifying for Owner-Occupied Loans:

These loans are used when you are trying to buy a home that you intend to occupy as your primary residence.  These loan products are for those who are self-employed and can show a 12-24 month average deposit history that can support the monthly payment of the loan they are requesting.  NO tax returns are used for qualifying with these types of loans.  For more information Click Here

These are basic guidelines for basic products, We have many different Lenders and products to choose from and product guidelines will vary.  For more details and to be Pre-Approved Call us and ask to speak to one of our highly qualified loan officers at 916-672-6130 email us by Clicking Here.