Mortgage Financing Options
So many mortgage loan options!
“We offer some basic information about the types of loans available. There are many different types of mortgages available to home buyers.”
Different Financing Loans
If you already understand the basic types of home loans, and you’re ready to move forward with the process, just contact Terry Sanchez Realty Group to get the complete information that you required and see if you pre-qualify for a mortgage loan.
CalHFA Down Payment Assistance Program: Purchase with as little as 1% Down.
California Housing Finance Agency
The California Housing Finance Agency (CalHFA), established in 1975, is an independent California state agency within the California Department of Housing and Community Development that makes low-rate housing loans through the sale of taxable and tax exempt bonds.
GSFA Platinum Down Payment Assistance Program: Providing Grant funds up to 5% of the loan amount.
Golden State Finance Authority
The GSFA Platinum Program was created to help low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance, currently in the form of a non-repayable grant.
Extra Credit Teacher Home Purchase Program
This program is for teachers, administrators, school district employees and staff members working for any California K-12 public school, which includes Charter schools and county/continuation schools. Applicants must also be first-time homebuyers. Offers a deferred-payment junior loan of an amount not to exceed the greater of $7,500 or 3.5% of the sales price or in CalHFA-defined high cost areas an amount not to exceed the greater of $15,000 or 3.5% of the sales price. Assistance can be used for down payment.
FHA: 3.5% Down
Federal Housing Administration
The FHA mortgage is somewhat of a misnomer because the FHA doesn’t actually make loans. Rather, the FHA is an insurer of loans.
Conventional 97% LTV: 3% Down Payment
This program requires a 3 percent downpayment, at minimum.
The 3 percent minimum is based on the lower of the home’s appraised value or purchase price. 3 percent on a $200,000 home purchase is $6,000 for downpayment.
USDA/ United States Department of Agriculture: 100% Financing
USDA Rural Development Guaranteed Housing Loan Program.
In order to be eligible for many USDA loans, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by USDA.