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Programs Available There are many types of loans available for purchase and refinance of existing properties. To explain each program in detail would chronicle dozens of pages. If you do not see a program listed, please call for availability. Many programs are in flux with the changing market and some have been eliminated. PMI (mortgage insurance) is required on all loans above 80% loan to value, and PMI companies are also in transition with many pulling out of California insurance altogether. We can finance Single Family Homes, Multi Family structures (duplex/triplex/apartments) Condos, Manufactured Homes, Mobile Homes in parks, Commercial, Land, Lots, Townhomes, Condo-hotels, bed & breakfast, and more. We arrange financing for purchases, construction & permanent take out financing, rehabilitation, rate and term refinances and cash out refinances using 1st and 2nd trust deeds (including equity lines) on primary residences, 2nd homes, and investment property (rentals). We offer fixed rate mortgages with 30, 25, 20, 15 and 10 year terms, interest only and adjustable rate mortgages with fixed terms up to 10 years. Conventional loans allow up to 95% loan to value, while some specialty programs offer 97% loans. There are first time home buyers programs which offer special terms and lower PMI payments. In a declining or soft market, such as we have experienced in 2007 & 2008, most loan programs restrict their loan to value limits by reducing the maximum allowable by 5%. The best way to know for sure, is to call as each area is treated differently, even within close proximity to a declining area. For Example, Angels Camp may be considered a declining area, while Murphys is not. 100% Financing: While these programs are becoming more and more scarce as market conditions change, they are still available. The Rural Development (RD) Guaranteed Rural Housing (GRH) Program is an affordable housing loan program that is guaranteed (insured) by the U.S. Department of Agriculture. It is a fixed rate loan product for low to moderate income borrowers purchasing homes in rural areas. It is designed to assist rural home buyers who have dependable income and satisfactory credit history needed but not the down payment funds. This particular loan has an up front mortgage insurance premium which can be financed, but no monthly PMI payments, making the payments the most affordable 100% financing option available. You do not have to be a first time homebuyer for this program, and you can use it to refinance an existing primary residence! Rural areas are defined as having populations of less than 25,000 people and/or not immediately adjacent to a large city. All of Tuolumne, Amador & Calaveras County properties are eligible with selected areas in neighboring counties such as Galt, Ripon, Oakdale, Walnut Grove, Rancho Murieta, Lathrop, etc. Call for eligibility if not listed. Areas Income limits apply but are fairly generous - a family of 4 will be eligible with household income of up to $70,750 in Calaveras, Tuolumne, Stanislaus, San Joaquin and Sacramento Counties, and $76,000 in Amador County FHA offers 100% financing using their traditional 97% loan in conjunction with family assisted down payment gift money, or a 2nd lien from a family member, as long as the combined loan balance does not exceed 100% of the appraised value of the home. FHA also allows for non-occupying co-borrowers if the borrowers have trouble qualifying on their own. FHA charges a 1.75% up front mortgage insurance premium which can be financed, and monthly PMI payments based on an annual amount of .55% of the loan amount. VA offers 100% financing to all United States veterans and active duty military. A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and insure VA loans against default. VA loans offer up to 100% financing on the value of a home. To qualify for a VA loan, borrowers must present a certificate of eligibility, which establishes their record of military service, to the lender. Eligibility is re-usable when the loan is paid off or assumed by another vet and can be re-used. It is not a one time benefit and can be used to purchase or refinance and existing home.
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