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I'm Ready To Buy But What Loan Will Work For Me?

As you contemplate getting into the housing market, whether it's for the first time, or you're looking to get back in after a past economic event, knowing what types of loans are available and what you may qualify for is very important.

California Mortgage Associates offers the following loan products below and we're happy to take the time to find one that best fits your loan needs! Call us to find out more at 209-524-6000!

*Purchase
*Refinance
*Fixed Mortgage

A mortgage in which the interest rate does not change during the entire term of the loan.

*Adjustable Rate Mortgage (ARM)

A mortgage in which the interest changes

            periodically, according to corresponding 
            fluctuations in an index. All ARMs are tied to
            indexes
*Jumbo Mortgage

A loan that exceeds Fannie Mae's and Freddie 

            Mac's loan limits, currently at $417,000. Also 
            called a nonconforming loan.  Freddie Mac and
            Fannie Mae loans are referred to as conforming
            loans.

*FHA Loan

A mortgage that is insured by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan.

*FHA 203K Loan

Loan program for the rehabilitation and repair of

            single family properties. The program allows for a
            maximum repair cost of $35,000 to be added to
            the purchase price of a home

*VA Loan

A mortgage that is guaranteed by the Department

            of Veterans Affairs (VA).    

*USDA

USDA Rural Development has partnered with

            local lenders to help them extend 100% financing
            opportunities to rural individuals and families. 
            Program Highlights: No down payment required -
            100% Financing Available, No monthly mortgage
            insurance - you may qualify for a larger loan,
            Flexible credit and qualifying guidelines.

*Interest Only Payments

Option to make mortgage payments that cover

            only the interest due with no payment towards the
            principal balance.

*Second Mortgage

            A mortgage that has a lien position subordinate to

            the first mortgage
*Construction Loan

            A short-term, interim loan for financing the cost of

            construction. The lender makes payments to the
            builder at periodic intervals as the work
            progresses.

*Reverse Mortgage

            Mortgages that allow you to either not make loan

            payments or to receive money each month.  This
            is done by using the equity on your current
            property.  For more information, click here Reverse Mortgage.

 

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