Buying a house, or considering refinancing the home you own? We have loan solutions to fit your financing needs! Todays Loan Solutions is a broker, so we can shop more than 20 lenders to find the perfect loan solution to finance your home purchase. Here are some of our more popular programs:
FHA (Federal Housing Administration): This is a government program that insures your mortgage, it does not provide direct financing. The required down payment is only 3.5% of the purchase price, and those funds can come from a family member or other source as a gift. An FHA insured mortgage may be used to purchase or refinance a new or existing 1-4 family home, a condominium unit or a manufactured housing unit (provided the manufactured housing unit is on a permanent foundation). The purchase of mortgage insurance is required. For further information, please contact one of our loan officers at (760) 346-5999 or email us.
VA (Department of Veterans Affairs): VA is a government program that insures your mortgage, it does not provide direct financing. VA-guaranteed loans are available for homes for your own personal occupancy which appraise for the purchase price. To be eligible, you must have a good credit score, sufficient income, a valid Certificate of Eligibility (COE), and meet certain service requirements. VA home loans can be used to buy a home, a condominium unit in a VA-approved project, build a home, simultaneously purchase and improve a home, improve a home by installing energy-related features or making energy efficient improvements, or buy a manufactured home and/or lot. VA does not set a maximum amount on the amount a qualified Veteran can borrow to finance their home. However, , lenders may require Veterans to make a down payment for the amount borrowed in excess of the applicable county loan limit. For further information, please contact one of our loan officers at (760) 346-5999 or email us.
CALHFA: (California Housing Finance Agency) This agency has a few programs available. One of their more popular offers a deferred-payment subordinate loan in the amount of 3% of the lesser of purchase price or appraised value for down payment and/or closing costs. The money you put "down" or the down payment on your home loan can be one of the largest hurdles for many first-time home buyers. This type of assistance is often called a second or subordinate loan. CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable. For further information, please contact one of our loan officers at (760) 346-5999 or email us.
NO DOCS: A no-documentation or "no-doc" mortgage is a product that certain lenders offer to borrowers which generally requires a down payment of at least 5 percent to 30 percent or more of the home purchase price The application process is shorter and the loan process is streamlined due to little subsequent verification. No-doc mortgages can be a good option for self-employed people, those who do not wish to verify their income, and those with a brief or blemished credit history, or no credit. Applicants are not required to provide income, employment or asset documentation. However, no-doc mortgages generally will be at slightly higher interest rates and are offered by fewer lenders. This type of loan may also be available to those with at least 25% equity in their home. For further information, please contact one of our loan officers at (760) 346-5999 or email us.
REVERSE: Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income or receive a lump sum payment. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA approved lender. A homeowner must be age 62 or older, have paid off the mortgage or paid down a considerable amount, currently living in the home, and be eligible. Most of the costs can be financed and paid from the proceeds of the loan. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the proceeds and the sales price plus closing costs for the property you are purchasing. No monthly payments are required; repayment of the loan will occur when the property is sold. Income, assets, monthly living expenses, and credit history will be verified, along with timely payment of real estate taxes, hazard and flood insurance premiums. For further information, please contact one of our loan officers at (760) 346-5999 or email us.
USDA HOUSING: This program is only available in eligible rural areas. Applicants must purchase a home within the eligible rural areas and have a household income that is below the established limits for that area. This program provides 100% financing, no down payment is required. The loan amount may not exceed the appraised value. There is no maximum purchase price, and non-traditional credit histories may be accepted under the flexible credit guidelines. For further information, please contact one of our loan officers at (760) 346-5999 or email us.
HARD MONEY: This loan is secured by real estate equity and is usually funded by private investors via loan brokers. The 3 major differences between a conventional loan and a hard money loan are the underwriting considerations, the loan structure and terms, and the nature of the lenders/investors. This is generally a short term loan ( 1 - 5 years ) with a balloon payment, and interest rates and costs are considerably higher than conventional loans. Equity requirements can be between 30% - 65%, and are usually faster to fund. For further information, please contact one of our loan officers at (760) 346-5999 or email us.
CONVENTIONAL: This type of loan is not guaranteed or insured by FHA, FmHA, or VA agencies and usually has a 30 year term with a fixed interest rate. These loans must adhere to Fannie Mae (Federal National Mortgage Association) guidelines that include the maximum loan amount and requirements for borrowers. The typical down payment required is 10 - 20% of the purchase price. For further information, please contact one of our loan officers at (760) 346-5999 or email us.
HOMEPATH: This financing is only available on Fannie Mae - owned properties. This program only requires 5% down payment, requires no mortgage insurance, and allows expanded seller contributions towards closing costs. No lender-requested appraisal is required. Owner occupants and investors both may use this program. For further information, please contact one of our loan officers at (760) 346-5999 or email us.
At Todays Realty and Loan Solutions, you can find your new home as well as the financing to purchase it all in one place. One stop and you are home!