Conventional conforming loans, as well as other full document financing solutions are still the best California home loans around and still surging forward with the best rates in years. At Valor Lending Group, we have you covered!
We have searched out the best lenders in the industry to give you the most and best priced options in the industry. There are a number of full document financing solutions for purchase, refinance and cash out including: Conventional and high balance, Jumbo and VA.
Firstly, the federal Government does not insure a conventional mortgage. To put it in simple terms, a conforming loan is a loan that has a loan amount under the maximum county loan limit. The loan limit is set by Fannie Mae or Freddie Mac.
there is a PMI or private mortgage insurance paid by the borrower with their monthly payment unless a minimum of a 20% down payment is provided on the real estate purchase.
- Borrowers can use these programs for a primary residence, second home or investment property
- PMI is canceled at 80% of the value
- 3% down payment required
- Requires at least a 620 FICO
- PMI is required with down payment less than 20%
- Full income documentation is required Such as 2 year tax returns, W-2s, 1099s, most recent 30 day pay-stubs, etc.
Finally, A conventional or high balance loan is perfect for the borrower that has a consistent income, good credit and a down payment of at least 3%.
Jumbo loans fall under the same guidelines as conforming and high balance loans but are above the county loan limits set by Fannie Mae and Freddie Mac.
- You can shop for loans in high cost areas that don’t qualify for conforming financing
- The rates are comparable to conforming rates.
- Requires at least 10% down
- Requires at least a 650 FICO
Jumbo loans are perfect for the high income and strong asset borrower that is looking to buy a home in the luxury or high end markets.
Firstly, the VA loan is a government guaranteed loan programs available to Veterans, active duty military, reservists and surviving spouses.
Secondly, VA Mortgages offer financing up to 100% of the reasonable value of the property and they feature both fixed and adjustable rate loans with NO down payment up to $1,500,000.00.
Finally, Valor Lending Group offers 5% of their commission to go towards a veteran charity of your choice. In addition, we reimburse you for the appraisal cost for loans over $300,000!
VA loans were developed as an additional service to the men and women who serve our country. Firstly, a buyer must have sufficient entitlement available with VA and be a(n):
- Veteran (single or married)
- Veteran and non-Veteran spouse
- Two Veterans-married or unmarried
- Unmarried surviving spouse of an eligible Veteran (certain restrictions apply)
Features of a VA Loan:
- 100% financing
- Sellers can pay closing costs, up to 2 discount points, the prepaids Plus an additional 4%. This can be used to pay off debts, buydowns, etc.
- Buyers can add up to $6,000 to their VA loan to have energy efficient improvements installed
- No monthly mortgage insurance
- Less restrictive qualifying terms
- Buyers still eligible even after a short sale
- Jumbo loans available up to $1.5 million
- Buyers can have multiple VA loans under certain circumstances.
Finally, VA Mortgages can often be the best mortgage option for eligible buyers who:
- Are first-time home buyers
- May have lower credit scores
- Only limited funds to close
- Have higher debt ratios
- Want very competitive Jumbo mortgages with NO DOWN PAYMENT Requirements.
Valor Lending Group
“Pride in Lending”
Diamond View Tower
350 10th Ave – 10th Floor
San Diego, CA
Direct: (619) 535-9324
Fax: (619) 255-0602