I am a Mortgage Loan Officer and have been in the business for over 20 years. I also do Reverse Mortgages for our 62 and older clients. Fluent in Spanish, Serviendo a nuestra gente latina. I have very aggressive products that go down to 580 FICO score. Josh Trejo 951-840-0494 NMLS #296548
Conventional
Conventional loans standardly require a 20% down payment with no required mortgage insurance. Co
nventional loans may also offer financing up to 97% with approval of a mortgage insurance company. These loans can offer either fixed- or adjustable-interest rates and have a variety of repayment terms available that can be tailored to meet individual needs. Standard FHA
At just 3.5% down payment and lower credit score requirements, Federal Housing Administration (FHA) loans are ideal for first-time home buyers. Down payments can be in the form of gifts, grants or subordinate financing. These loans offer either fixed- or adjustable-interest rates, with 30-year repayment terms. Each area of the country has its own designated maximum loan amount, as determined by the Department of Housing and Urban Development (HUD). While FHA generally requires a credit score of 580, lenders can fund loans for those with credit scores as low as 500 (with 10% down) and to those who have yet to establish a credit score (with alternative credit sources). USDA
For those in communities with less than 25,000 population, the USDA loan program offers zero down payment (up to 100% financing) for new construction or existing homes (based on appraised value). Available to low- and moderate-income households. Visit the USDA website or contact a loan officer for income, property and other details. VA
Available to individuals who have served or are currently in the U.S. armed forces that meet eligibility requirements, VA mortgages require no down payment (100% financing) and no minimum credit score. VA loans are made by approved lenders and guaranteed by the Veterans’ Administration. Closing costs are regulated for the protection of the veteran. VA loans are also assumable with release of liability and there are no penalties for prepayment. Jumbo or Non-Conforming
If the amount of a mortgage loan exceeds the maximum amount permitted by conventional loans, FMC offers a variety of mortgage options referred to as jumbo, or non-conforming, loans. Loan amounts may be up to $1 million or more. Terms can be customized to suit specific needs, making these the most popular program for home buyers acquiring their second, third or subsequent home loan. H.A.R.P
The Home Affordable Refinance Program, also known as HARP, is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages. Join the 900,000+ people who have benefited from the Home Affordable Refinance Program!
