Rate Capital Mortgage | NMLS 2188579, Consumer Access www.nmlsconsumeraccess.org
Conventional Loans
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
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.
FHA Loans
VA Loans
You may qualify if you are a veteran, active military, or a surviving spouse of a veteran. If you are an eligible veteran, you are not required to pay mortgage insurance premiums with a VA loan, which will lower your monthly payment. You may also qualify for home financing with no money down, allowing your available money to be applied toward other investments or expenses.
• Fast approvals
• Refinance up to 100% of your home
• Purchase a home with no down payment
• Save thousands of dollars
• No PMI (mortgage insurance)
• Fixed-Rate or ARM mortgage options available
• Qualify with Less-than-perfect credit
A jumbo loan is mortgage that allows you to purchase more expensive homes with a loan amount above the County Loan Limit set by the Federal Housing Finance Agency. In most areas of the country, the loan limits is increase every year.
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)
Jumbo Loans
Private Money Lending
We offer Private Lending Solutions that allow us to set the criteria for qualification. This gives us the discretion and you the flexibility to get the loan you need.
• Construction loans
• Land loans
• Multi-family loans
The CalHFA Program is an FHA-insured loan featuring a CalHFA 30 year fixed interest rate first mortgage. Review the guidelines below for both “Borrower” and “Property” Requirements to determine if you may be eligible to apply for the CalPLUS Conventional. 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. *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 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.
CalHFA Program
