basic loan types
With the growing number of families and individuals alike desiring to embrace our lovely Santa Clarita Valley community there are many loan options available. If you are a first time buyer or looking to upgrade, downsize or if you are a teacher there is a program available for you. Below are some of the program details.
- FHA – Mortgage loan types are insured by the government through mortgage insurance that is funded into the loan. First-time home buyers are ideal candidates for an FHA loan because the down payment requirements are minimal and FICO scores.
- VA – This type of government loan is available to veterans who have served in the U.S. Armed Services and, in certain cases, to spouses of deceased veterans. The requirements vary depending on the year of service and whether the discharge was honorable or dishonorable. The main benefit to a VA loan is the borrower does not need a down payment. The loan is guaranteed by the Department of Veteran Affairs, but funded by a conventional lender.
- Adjustable-rate mortgages (ARMs) – come in many flavors, colors and sizes. The interest rate fluctuates. It can move up or down monthly, semi-annually, annually or remain fixed for a period of time before it adjusts.
- Conventional 15 or 30 year Fixed Rate Program — for those who have 10 to 20% down. Many options available depending on your own individual needs,
- CalSTRS 80/17 Program— qualifying for a larger home mortgage is now available because of the low payment during the 5-year second mortgage deferral period. This is a program for Teachers in the CalSTRS program. You can afford to purchase more with minimal down and no mortgage insurance.
With so many options available, this is the opportune time to become a homeowner here in the Santa Clarita Valley, great schools, shopping, entertainment a community that is based on family. I love helping families achieve their dreams of becoming a homeowner. If you would like more information or believe I can be of service to you give me a call anytime. Warm Regards, Marcy James your Mortgage Lender 661-755-4883.
