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Your Conventional Home Loan Guide

Conventional home loan programs come in all shapes, sizes, and colors for your choosing, Okay, so they don't come in colors, but there are a lot of different programs to choose from. The interest rates are almost entirely based on your credit score and so are the costs associated with the loan. High credit scores equal low rates and low costs due to less risk and less work needed to close the loan. (For FHA and VA programs please see the menu to the left.)

Also, the conforming loan limit for one unit for the year 2008 stays at $417,000. Jumbo conforming varies by county with a limit of $729,750. Conforming means the loan "conforms" to guidelines set by Fannie Mae and Freddie Mac so they can purchase the loan. These two entities help drive the mortgage market. Any home loan over the conforming limit is considered a Jumbo home loan and the interest rates are slightly higher because the investors are different.

The charts below can help you sort out the available choices. Most home loans are available as fixed and adjustables.
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Fixed Rate Home Loans
Fixed rate loans offer you stability over time. Payments do not change. You know exactly how much your monthly payment is over the term of the loan so you can anticipate and plan for other expenses.
Loan Program My Advantages Are My Disadvantages Are
40, 30, 20, 15 or 10-Year
Fixed With Loan-to-Values
Up to 95%

I want my interest rate fixed over time and my payments to be the same.

I want protection against rising interest rates. I believe that they may go up soon.

I intend to live in my home for at least several years.

I'll have higher rates than adjustables which mean higher monthly payments.

I can't take advantage of interest rate drops unless I refinance.

My total interest paid on the loan will likely be higher overall than with adjustables.
Private Mortgage Insurance (PMI)

I still can get more than 80% financing for my purchase.

I can use more of my money for other needs besides hefty down payments.

PMI is tax deductible for now.

My interest rate will be higher than more traditional loans of less than 80% LTV.

A pre-payment penalty is more likely if I refinance after only a short period of time.
Stated Income
Up To 95% CLTVs

I don't need to verify my income or show documentation. Allows for a bigger home.

If I am self-employed I don't need the hassle of showing tax returns to prove my income.

I can go with the 95%, interest only financing option.

Because I'm not providing full disclosure my interest rate will be higher than full disclosure loans.

A pre-payment penalty is more likely if I refinance after only a short period of time.
No Fees,
No Cost

I will not need as much money to close my loan.

I can use the limited money that I have for other needs.

I can usually refinance without a pre-payment penalty.

 Because my costs of my loan will be paid through the interest rate, my rate will be higher than more traditional loans.
Interest Only

I am not lowering my loan amount unless I make some principal payments.

I am relying on the rising value of my home to increase my equity.

I can minimize my monthly housing expense and use the savings for other purposes.

I can afford more home because I'm not paying any principal on the loan.

I can include some of the principal balance in my payment if I want to.
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Adjustable Rate Home Loans
ARMs come with a choice of fixed periods that range from one month up to ten years, at which time they fully convert to an adjustable rate for the remainder of the thirty year term. Because you share in the risk of rising rates, you are able to start at a lower rate than would be a completely fixed interest rate.
Loan Program My Advantages Are My Disadvantages Are

Home Loan Application
1 Month ARM
6 Month ARM
1 Yr. ARM
2 Yr. ARM
3 Yr. ARM
5 Yr. ARM
7 Yr. ARM
10 Yr. ARM
Pick-a-Payment Plan

I want lower initial monthly payment or a lower payment for a short period of time.

I can take advantage of a decrease in interest rates.

I can qualify for or afford more home.

I don't plan to hold this loan long because I will sell or refinance.

I may incur the risk of a rate increase.

I may not be able to predict my future housing costs.

The chances of a higher monthly payment are very real if interest rates rise.
Imperfect Credit Home Loans
Credit problems can happen to good people for a variety of reasons. Certain lenders realize this and are willing to make loans to borrowers with imperfect credit, including bankruptcies and foreclosures. These loans allow you to show a good payment history so you can qualify for more traditional home loans with lower interest rates later.
Loan Program My Advantages Are My Disadvantages Are
Imperfect Credit

I am able to purchase a home even with past or current credit issues.

I can use this loan to raise my credit scores and refinance at a later time to a more attractive home loan.

My interest rate is higher and the loan terms may not be as favorable.

I may have to pay a pre-payment penalty if I refinance after only a short time.

I may have to put more money down in order to qualify for this loan.
100% Financing Home Loans
Don't want to throw away your money every month on rent? Having trouble saving for the down payment? Then the several 100% financing home loan options may be for you. These programs go as high as 103% financing with your good credit in order to pay for even your closing costs. With these loans, you too can be a homeowner now!
Loan Program My Advantages Are My Disadvantages Are
Nothing Down

I can still purchase a home even with limited cash. These have PMI.

I may be able to include closing costs or debt consolidation in loan.

I can choose between fixed and adjustable terms.

Higher interest rates because no starting equity in property.

Possible pre-payment penalty if refinanced after only a short period.

 
Decisions, Decisions, Decisions...

Give Us a Call. We'll Help You Make The Right Decision For The Home Loan That Fits Your Needs.
Call Now! (800) 420-8004 Ext.131
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2355 Northside Dr., Suite 320, San Diego, CA 92108
Office: 619-471-1799 / Toll Free: 800-420-8004 Ask for Steve Conner
Fax: 949-267-1362

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