Loan Programs
Mortgage loan programs are constantly changing and evolving based on market conditions, government intervention, and lending guidelines. Each program has different requirements and provides unique benefits based on borrower and property qualification. To identify which loan program best suits your needs, we recommend that you speak to one of our experienced mortgage consultants.
Below is a summary of the most common loan programs:
Government Loan Programs
Government loan programs are insured or guaranteed by government organizations such as the Department of Housing and Urban Development (HUD). These loan programs typically make it easier for qualified borrowers to qualify for and afford a home by providing benefits such as lower down payment requirements and lower interest rates. In addition to loan programs offered through the federal government, there are frequently new programs offered by city, county, or state government agencies that provide other types of support such as down payment assistance. Contact us today to ask about which programs are currently available and if you qualify.
- FHA Mortgages
- VA Mortgages
- USDA Mortgages
- Local Government Programs
Conforming Loan Programs
Conforming loans are residential loans that conform to the guidelines set by Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are government sponsored enterprises that purchase conforming loans on the secondary market, giving them more liquidity, and making interest rates lower for the borrower. These government sponsored enterprises have created a number of loan programs that are available to consumers purchasing or refinancing their home.
- Fixed Rate Mortgages
- Adjustable Rate Mortgages
- Fannie Mae Homepath Mortgages
- Pinnacle Plus Mortgages
Non-Conforming (Jumbo) Loan Programs
Conventional mortgage loans that are not within the Fannie Mae and Freddie Mac guidelines are termed non-conforming loans. Loans that are above the limit for conforming loans, but otherwise meet the guidelines for conforming loans are considered Jumbo Loans. The cutoff between conforming and non-conforming jumbo loans in San Joaquin County is currently $488,750.
- Jumbo Fixed Mortgages
- Jumbo Adjustable Rate Mortgages
