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Mortgage Loan Officer
NMLS# 286674
510-731-2887
510-731-2887
510-908-2661
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ApplyMortgage Loan Officer
NMLS# 286674
510-731-2887
510-731-2887
510-908-2661
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Depending on your home-ownership goals, there are several options for first-time home buyer loans. Some examples include Federal Housing Administration (FHA), Veterans Affairs (VA) and United States Department of Agriculture (USDA) loans, which allow for low to no-down payments for qualified buyers. Conventional loans are another option, and you could qualify with a credit score as low as 620 but you’ll need a more substantial down payment (up to 20% depending on your situation). It’s important to consider the benefits of different loan options before deciding which one is right for you.
To qualify for mortgage loans that are best suited for first-time home buyers, there are general requirements that can include:
Your mortgage loan officer can work with you to see if you qualify for any first-time home buyer loans.
If you have not owned a home in the last three years, you may be eligible to apply for a first-time home buyer loan and down payment assistance. The requirements for each loan type vary, but they typically are based on your credit score and down payment amount. Contact your mortgage loan officer to see if you qualify.
A jumbo loan is for single-family homes with loan amounts greater than $726,200. In certain high cost areas, such as Alaska and Hawaii, the loan amount must be greater than $1,089,300. To qualify for a jumbo mortgage loan, you must meet the established guidelines for credit score, income and other personal financial information.
Jumbo loans are mortgages that exceed conforming loan limits. The limit on conforming loans is $726,200 in most areas of the country, but jumbo mortgages can exceed these limits. The limit can be as high as $1,089,300 in certain high cost areas, including Alaska and Hawaii.
A VA jumbo loan is a Veterans Affairs (VA) loan that exceeds the conforming loan limit of $726,200 and up to $1,089,300 in high-cost areas such as Alaska and Hawaii. If you’re an active-duty service member, veteran or eligible surviving spouse, and you meet the income and credit requirements, a VA jumbo loan could be an option for you.
Before buying a condominium, you may want to familiarize yourself with the homeowners’ association and review any condo documents carefully. The process of buying a condo is slightly different from buying a house. While there are similarities, condominium properties typically require an additional approval process to make sure they meet certain standards, including an evaluation of the financial and governance strength of the condo community or building you’re considering. To learn more about how to buy a condo, contact your mortgage loan officer.
Buying a condo can be a great option for first-time home buyers, investors and anyone looking to downsize. Benefits of condo living may include less maintenance and access to on-site amenities like a fitness center or pool. When deciding whether to buy a condo, weigh the pros and cons carefully to determine if it will meet your goals.
There are several things to consider when deciding whether to buy a condo as an investment, such as your financial situation, the location and how well the condo association is managed. If you purchase a condo that’s been well maintained, you may be able to generate a decent return.
A physician loan is a mortgage designed for Doctors of Medicine (M.D.) and Doctors of Osteopathic Medicine (D.O.). They offer low down payment options and relaxed debt-to-income ratios.
Physician loans are available to Doctors of Medicine (M.D.) and Doctors of Osteopathic Medicine (D.O.). Residents with six months or less in their residency or fellowship who have accepted full time positions and doctors who have completed a residency with the last ten years are also eligible. To be eligible for a physician loan, you must provide a copy of your medical license and employment contract, and the property must be your primary residence. Second homes and vacation homes do not qualify. To learn more about how physician loans work, connect with your mortgage loan officer.
No. Physician loans differ from conventional loans in several ways. Physician loans are flexible with debt-to-income ratios and will typically accept a signed contract as employment verification.
An adjustable-rate mortgage (ARM) is a home loan that has an initial fixed-rate period of five, seven or 10 years and an adjustable rate after the fixed-rate period ends. After the introductory rate term expires, the estimated payment and rate may change. An increase or decrease depends on the market conditions at the time of the conversion to the variable rate and during the adjustment period thereafter. An ARM loan could be a good option if you plan to sell within a few years.
With an (ARM) loan the initial interest rate is fixed for a set period and then becomes variable, adjusting periodically for the remaining life of the loan based on market conditions. For example, a jumbo 10/1 ARM has a fixed rate for the first 10 years and an adjustable rate for the remaining duration of the loan, adjusting every year. A 7/6 ARM has a fixed rate for the first seven years and an adjustable rate for the remainder of the loan, adjusting every six months. To learn more about how ARM loans work, connect with your mortgage loan officer.
Yes, an existing ARM loan can be refinanced upon credit approval. The benefits of refinancing a mortgage , may include replacing the terms of your current loan with terms that are more favorable for you, lowering monthly payments, getting access to cash for major purchases and reducing your interest rate. Your mortgage loan officer can help you find the right choice for your needs.
Mortgage Loan Officer
NMLS# 286674
510-731-2887
510-731-2887
510-908-2661
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