Main types of home loans in california

1. 30-year fixed rate mortgage (FRM) 2. 15-year fixed rate mortgage (FRM) 3. Adjustable Rate Mortgage (ARM)

Government-Insured Home Loans in California -California FHA Loans

For first-time homebuyers in California, FHA loans are a common type of mortgage program. FISCO ratings as low as 620 are accepted.

-California VA Loans Because they need no down payment, VA loans are among the greatest options available. people should be active duty personnel or veterans with a clean discharge.

-California USDA Loans Borrowers with low and moderate incomes who reside in rural areas can get mortgage insurance through the United States Department of Agriculture (USDA).

Conventional Home Loans in California -Conforming Loans in California When a conventional loan complies with the requirements specified by Fannie Mae and Freddie Mac, two government-sponsored enterprises (GSEs) that buy the majority of mortgages once they are made between a lender and a borrower, it is also referred to as a "conforming loan."

-Conventional 97 Loan A low down payment mortgage option for first-time homebuyers with good credit is known as a conventional 97 loan.

-Fannie Mae HomeReady For applicants with good credit and low to moderate incomes, Fannie Mae Home Ready offers low down payment mortgages.

The minimum down payment is 3%. Both first-time buyers and previous homeowners are qualified.

-Non-Conforming Loans in California (Jumbo) California has expensive housing costs when compared to other states in the US. Here, borrowers occasionally require a larger loan than what conforming lending limitations allow.

Jumbo mortgages are useful in these situations. Up to $3 million is available for jumbo loans.