LOAN PROGRAMS

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Conventional Financing - 

  • 30 year, 20 year and 15 year fixed. Adjustable programs also available.
  • *Up to 97% financing for purchases with special programs for purchases.
  • Seller credit depends on amount of down payment. Ranges between 3% & 6%.
  • Gift funds acceptable under certain conditions
  • Owner occupied, second home and investment properties
  • Minimum credit score 620. Eligible after 4 years from bankruptcy and short sale. Eligible after 7 years from foreclosure.
  • Manufactured homes allowed. Minimum credit score of 660 for this type of property.

Jumbo Loans

  • Up to 90% financing, depending on occupancy
  • Gift funds eligible typically after a 5% investment
  • Owner occupied and second homes
  • Non occupied co-borrowers allowed in some cases
  • Niche programs for special circumstances.
  • Minimum credit score 680


USDA

  • 100% Financing- no down payment required
  • Upfront funding fee of 1%, added to loan. Monthly mortgage insurance .35% of loan amount, for the life of the loan
  • Maximum seller credit 6% of purchase price.
  • Gift funds from family members acceptable, when from approved sources and fully documented
  • Must be owner occupied. No Co-signers are allowed
  • Not required to be a first time buyer however, you cannot currently own any other property
  • Properties must be located in eligible rural areas (all Lake and Mendocino Counties are eligible)
  • Household income requirements are 115% of the U.S. Median Income (Lake & Mendocino limit for family of 4 is $75,650). Other counties can go as high as $97,300 for family of 4.
  • Pest inspections not required, unless noted in contract or called for in contract. Septic reports required on vacant properties
  • Minimum credit score 620. Eligible after 3 years from a chapter 7 bankruptcy, foreclosure or short sale.
  • Manufactured homes not allowed


FHA

  • Minimum Down Payment- 3.5%
  • Upfront  Mortgage insurance of 1.75%, added to loan. Monthly mortgage insurance of .60%, for the life of the loan.
  • Maximum seller credit 6% of purchase price.
  • Gift funds from family members acceptable, when from approved sources and fully documented
  • Must be owner occupied. Co-signers allowed
  • Not required to be first time buyer but can not have any other FHA at the same time…unless under special circumstances
  • No income limits, however, there are loan limits that vary by County. Lake County - $217,050 and Mendocino County- $373,750. Other areas are between $217,050 and $636,150.
  • Pest inspection not required, unless noted in contract or called for in contract. Septic report required on vacant properties
  • Minimum credit score- 600. Between 600 & 619 have additional restrictions and requirements. Eligible after 2 years from a chapter 7 bankruptcy and 3 years from a foreclosure or short sale.
  • *Manufactured homes allowed. Property must meet specific guidelines. Minimum credit score for this type of property is 660


VA Loans

  • 100% Financing- Must be eligible Veteran. Must have DD214 with honorable
  • No monthly mortgage insurance. Up front funding fee start at 2.15% of loan amount financed in loan for first time use. Fee is waived for Eligible disabled Veterans.
  • There are VA Mandatory fees the seller must pay for and additionally there is a maximum seller credit 4% of purchase price.
  • Gift funds from family members acceptable, when from approved sources and fully documented
  • Must be owner occupied. Non-veteran spouses are allowed. Other non-veteran co-borrowers  are not allowed.
  • Conforming loan limits vary by county, high balance limits are available.
  • Pest reports and clearance are required. Septic reports are required on vacant homes.
  • Minimum credit score- 620. Eligible after 2 years from a bankruptcy and 2 years from a foreclosure or short sale.
  • Manufactured homes allowed. Property must meet specific guidelines. Minimum credit score for this type of property is 660.


Reverse Mortgage

  • Must be 62 year of age or older
  • Must be owner occupied
  • Must be able to show ability to pay your taxes and insurance.
  • No minimum credit score
  • Loan amounts based on age of client and loan to value of the home.
  • No monthly payment. Allows flexible ways to draw income from this loan.
  • Manufactured homes are allowed. No minimum credit score required.