Conventional Loan Programs
Conforming – The most common form of residential financing. Conventional loans are used for both purchases and refinancing. These loan require good to excellent credit and also require the borrower to disclose income in the traditional sense of using paystubs and taxes. Conventional loans can be used to purchase a home with as little as 3% down payment. Our loan officers at Sierra Home Mortgage have literally closed thousands of these loans.
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Down Payment as little as 3%
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Works with various down payment assistance programs
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Offers programs with PMI and Lender paid mortgage insurance
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Competitive rates and payments
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Fixed rate and adjustable rate options
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Cash out refinances available
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Used for owner occupied, 2nd homes and Non-owner occupied
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Loan limits to $453,100.
Conventional loans are traditionally the goal from most standard borrowers. Conventional loans are traditionally where you find those “A” rates. There are dozens of different loan programs that are inside the conventional conforming class of loans. These include your standard 30 fixed refinance to a low down payment purchase. The conforming loan limit is $453,100. After that loan limit, you options are either High Balance loans or Jumbo. Depending on your county.
Jumbo Loans or Non-conforming – Conventional loans that are over $453,100 are considered non-conforming or Jumbo loans. Some counties have the ability use loan limits over $679,650 as jumbo. Because of the larger loan balances, there are additional credit requirements, income and reserve requirements. Our experts have been funding these loans for years.
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Loan limits up to $3,000,000
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Down payments as low as 10%
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Offers both fixed and ARMs
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Used for owner occupied, 2nd homes and Non-owner occupied
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Cash out refinances available
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Offers programs with PMI and Lender paid mortgage insurance
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Competitive rates and payments
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Offers programs with PMI and Lender paid mortgage insurance
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Used for purchase or refinance
Jumbo loans are becoming more the norm in California, simply because of the real estate values. Especially in the Bay Area. Jumbo loans do require a larger down payment. This is because the bank has a higher amount of risk going with every loan. Logic also being, anyone who can afford the large payment, should also be able to have a larger down payment.
