To be a successful home buyer you'll first want to look at loans and what kind and amount of a loan you can get pre-approved for. The pre-approval process involves talking with a loan officer, loan broker, credit union, or bank, and providing information about your income, assets and debts. Your credit history will also be run since your credit score is vital to determine whether you qualify for a loan. Depending on your qualifications and amount of cash you have for a down payment, you may be looking at the following loans: Conventional loan. This type of loan is available for borrowers with a good credit score (720 or above) and have money for a down payment. Driven by credit scores, these types of loans give the borrower the greatest range of home loan choices. ---Fixed Rate Mortgages. The interest rate is fixed for the life of your loan. Your payment stays the same during that time period. ---Adjustable Rate Mortgages (ARMs). The interest rate is fixed for a specific number of years. Then the rate, and your payment, adjusts yearly. FHA loan. Not just for first time homeowners, an FHA loan allows a down payment of 3.5% of the purchase price. FHA also doesn't require as high a credit score as a conventional loan. VA loan. If you are or have been in the military, you may be able to get a VA loan. You are not required to have any down payment for this type of loan.
Loan Limits
Conforming Loans: A conforming loan is a loan amount up to $417,000, although in San Diego County, the limit is up to $697,500. A conforming loan gives you the best interest rate and options. Still, if your loan is up to the general limit of $417,000, you will get even a better rate and more options than if your loan is between $417,001-$697,500.
Jumbo Loans: Loans for more than the conforming rate of $697,500 in San Diego County. These loans have a higher interest rate than conforming loans.
To get more information about loans and to get preapproved for a loan, contact your bank or credit union, or call: John Smyth
First California Funding
858-654-4063
www.FirstCaliforniaFunding.com
JSmyth@FirstCaliforniaFunding.com Brian Shaw
Home Services Lending
619-497-3471
Brian@BuchananShaw.com
www.buchananshaw.com Jennifer Gouslin
General Mortgage
858-521-7202
JGouslin@GMLoan.com |