FINANCING
MORTGAGE OPTIONS

30-Year Fixed Rate Mortgage
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The monthly principal and interest rate will stay the same for the whole loan term.
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Taxes and insurance rates will change over time.
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The longer length of the loan brings your monthly payment lower.

15-Year Fixed Rate Mortgage
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Typically have lower interest rates than 30-year mortgages because of the shortened term duration.
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The payment each month is higher, however a lower interest rate saves you money in the long run.

Adjustable Rate Mortgage
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These will have lower initial interest rates.
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The rate is flexible, meaning it will move up or down in accordance with the broader market.
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Suitable for someone who plans to live in the home for only a few years.
LOAN OPTIONS
FHA LOANS
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These loans are popular amongst first-time home buyers. They require a 3.5% down payment and are forgiving for buyers with not perfect credit. It allows the down payment to be a gift from a relative. An annual mortgage insurance premium is required monthly because of the smaller down payment made.
FHA LOANS
VA LOANS
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One of the best loan options, because it requires no money down. Borrower must be serving in active duty or an honorably discharged veteran; only some cases qualify a spouse. There is no mortgage insurance required for VA loans, like other government loan options.
VA LOANS
USDA LOANS
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These loans are provided by the United States Department of Agriculture to borrowers who live in rural areas with medium-low incomes. Another great option to pay zero down when purchasing. There is no specific minimum credit score to apply; credit history is reviewed. They have an upfront guarantee fee at closing time.
USDA LOANS
HOMEBUYER PROGRAMS
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The California Housing Finance Agency helps moderate-low income residents acquire safe and affordable housing. Borrower can combine this with a standard mortgage. Two down payment assistance programs are offered:
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MyHome Assistance Program
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Zero Interest Program