 |
California
|
•Banks offer California home loans such as fixed-rate mortgages (FRMs) and adjustable-rate mortgages (ARMs) in addition to VA and FHA loans. Since 1986, the 30 Year Bi-Weekly Arm (Adjustable Rate Mortgage) has proved to be a popular choice outperforming fixed rate monthly mortgages.
•Savings and Loans Associations focus on one- to four-family residential mortgages, multifamily mortgages and commercial mortgages.
•Fannie Mae and Freddie Mac (Federal National Mortgage Association) and (Federal Home Loan Mortgage Corporation) are congressionally chartered, shareholder-owned companies that buy mortgages from lenders and resells them as securities on the secondary mortgage market.
•FHA Loans (Federal Housing Administration) have some advantages over conventional home loans. Since FHA loans are insured by the government, they generally have more lenient qualification requirements, lower down-payment requirements, and they are assumable loans. The maximum loan amount for an FHA loan (single-family) ranges depending on the county where you live. You can contact a mortgage specialist for these maximum amounts for your specific county. Government loans (including the FHA loan) make up 20 percent of residential mortgages in the U.S.
•VA Loans (Veterans Affairs) carry many of the same advantages as FHA home loans. However, to qualify for this loan, you must be a qualifying veteran, the unmarried widow of a veteran, a Public Health Service Officer, or an active-duty serviceman. No down payment is required for most VA loans.
•Jumbo Loans are conventional California home loans that are too large for government agencies. Currently, any loan over $322,700 is classified a Jumbo loan. Jumbo loans have higher interest rates than conforming loans - typically 0.5 percent to 1 percent higher. Jumbo loans also may have higher down-payment requirements.
Whether buying or selling a vehicle; first check KBB (Kelley Blue Book), Black Book, Red Book, or the NADA Used Vehicle Guide.
For complete information on all your financial needs, visit the Loan homepage.
California Home Loans.
