Conventional loans are not guaranteed or insured by the federal government. This means the lender has the word on approval and rate. Conventional loans provide optional criteria that allow borrowers to purchase or refinance a home.

There are a number of advantages, depending on your credit worthiness.

• Lower Fees
• Better Rates with better credit scores
• Use of Supplemental Collateral
• Option for Borrower Unable to Obtain Private Mortgage Insurance
• Alternative for a Cash-Short Borrower
• Pre-Approval Appeal

Refinance Highlights
Refinancing may be the right decision if your home value significantly increased or current interest rates are low. You may even be able to:

• Shorten your loan’s term to save even more money
• Refinance to a lower interest rate which might also lower your monthly payments
• Convert your adjustable-rate mortgage (ARM) to a fixed-rate loan which will keep your payments safe from possible interest rate increases
• Combine a first and second lien to a single loan for simplicity and savings
• Consolidate debt from higher interest rate credit cards or subordinate financed loans into one loan which may result in lower monthly payments
• Turn your home equity into cash

Refinance Options

Cash-Out Refinance*
A cash-out refinance allows you to take cash out of your home equity by replacing your current mortgage with a new loan that is more than the amount owed. This option can help you pay for major expenses like college tuition, debt or home improvements.

*Appraised property value may affect loan amount.

Adjustable-Rate Mortgage (ARM)
Typically adjustable-rate mortgages offer low introductory rates and payments that can change periodically after the initial fixed-rate period. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high.

Fixed-Rate Mortgage
Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. You can select a 30-, 20- or 15-year term, but keep in mind lower term options have higher monthly payments which means you are building home equity faster. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.

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For over 80 years FHA loans have been helping people become homeowners. This is possible because the Federal Housing Administration (FHA) insures the loan, so we can offer you a better deal.

• Low down payments
• Low closing costs
• Easy credit qualifying
• Great for 1st time Buyers

FHA loans provide flexible lending solutions for qualified customers who may have past credit issues, lack funds for a down payment or closing costs or are looking to refinance a current home loan.

You may be eligible for this loan that offers qualified customers to pay as little as 3.5% down and allows family members to pay the required down payment, closing costs, discount points and other prepaid expenses.

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Jumbo Loan Highlights
If you have a low debt-to-income (DTI) ratio and a higher credit score, but you don’t have enough funds to bring the loan amount under the conforming limit, a jumbo loan might be the right option for you. Highlights of non-conforming loans include:

• Finance a home over the maximum loan amount established by the Federal Housing Finance Agency
• Higher purchase limits allow borrower to purchase more house
• Convenience of one loan for the entire loan amount
• Primary residence, second home or investment property
• Fixed-rate or adjustable-rate mortgages (ARM)

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Eligibility

Review the guidelines below for both “Borrower” and “Property” Requirements to determine if you may be eligible to apply for the CalHFA VA Program.

Borrower Requirements

• Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.
• CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
• Meet CalHFA income limits for this program.
• Present a valid certificate of eligibility per VA guidelines.
  *In the case of conflicting guidelines, the lender must follow the more restrictive.

Property Requirements

• Sales price of the home cannot exceed CalHFA’s sales price limit
• Be a single-family, one-unit residence, including approved condominium/PUDs
• Guest houses, granny units and in-law quarters may be eligible
• Manufactured housing is not permitted
• Condominiums must meet the guidelines of the first mortgage
• There is a five acre maximum on the size of the property
  *In the case of conflicting guidelines, the lender must follow the more restrictive.

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