Loan Programs
Find the loan program that is right for you!
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Conventional
Traditional loan programs that usually require at least 5% down and offer competitive interest rates. Loans up to $417,000 are called "conforming" loans. Loans between $417,000 and $729,750 are referred to as "agency jumbo" or "jumbo conforming loans".
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FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3.5% down– and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer for closing costs. Credit criteria are more lenient than for conventional loans. The FHA 203K program provides a means of financing the acquisition and rehabilitation of primary residences.
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Jumbo Loans
Loans over $729,750. Lending criteria and down payment requirements are more stringent in today's tight credit markets.
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Cal STRS
Special loan programs for employees of California Public Schools and Community Colleges that allow for 100% financing of a primary residence.
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Cal HFA
Programs for first time homebuyers that allow for 100% financing of a primary residence.
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VA
Veterans administration-guaranteed loans provide 100% financing of a primary residence for qualified veterans.
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Reverse Mortgages
Reverse mortgages and other equity release products designed for homeowners aged 62 and older. These products allow for supplemental income cash for other purposes without making payments. They can also be used to purchase real estate. See BAYAREARM.COM for more information.
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High Debt Ratio Loans
A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available on a limited basis for borrowers with exceptional credit in this situation, allowing purchase or refinance of property.
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Second Mortgage Loans
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. These loans are difficult to obtain under current credit conditions.
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