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Choosing the Right Mortgage Loan Program

We can't emphasize enough how important it is to work with a knowledgeable Mortgage Professional. Every homebuyer needs an industry pro that understands the many loan programs available, and is able to determine which loan is appropriate for a particular borrower.

We realize there are many different types of borrowers who seek affordable home financing, and we understand that our job is to locate affordable financing that works for you.

What category of homebuyer are you?

We've provided an overview of the many types of buyers who want to purchase or refinance a home, and a list of just a few of the available mortgage programs that might fit your individual scenario. Whatever your needs, we can provide you with options that will both suit your financial situation and provide you with the home loan financing you require.

Programs for First-Time Homebuyers

  • Government guaranteed FHA, VA and USDA loan programs
  • Fannie Mae's Community Home Buyers Program
  • Local and State Down Payment Assistance Programs
  • Nonprofit Organization grants

Loans for credit compromised borrowers:

State and Local Housing Programs

Your Mortgage Professional can also tell you all about first-time homebuyer loans, down payment assistance and tax credit programs that may be offered at the state and local level for low to moderate income borrowers. These programs typically offer lower upfront fees and more lenient qualification.

Renovation Loans

Renovation loans include the purchase price plus the cost of improvements. These loans are ideal for the purchase and rehab of foreclosures, as well as combining an upgrade and remodel with a standard home purchase or refinance.

Senior homeowners

Reverse mortgages (also called HECM loans) are FHA-insured loans available to Seniors aged 62 and over. These loans allow the homeowner to access the equity in their home. The borrower is not obligated to repay the loan until they no longer occupy the home as their primary residence.

  • Reverse Mortgage
  • Reverse Mortgage for a home purchase available in many states

What is the difference between conventional and FHA loans?

Conventional loans

Conventional loans are classified as "conforming" or "non-conforming" loans. The credit, income, down payment and loan amounts of conforming loans comply with the loan guidelines established by Fannie Mae and Freddie Mac, which are government-sponsored enterprises (GSEs).

These stockholder-owned corporations buy loans from mortgage lenders that "conform" to their loan guidelines, then bundle and re-sell them to investors on the Secondary market. GSEs provide a consistent flow of funds for home financing.

Conventional, conforming loans:

  • FRM: Fixed Rate mortgages
  • ARM: Adjustable rate mortgages

Conventional, non-conforming loans:

Jumbo: "Jumbo" loans have loan amounts higher than the maximums set by Fannie and Freddie

Government-insured loans

Government loans are guaranteed or insured by the Federal Housing Administration, the United States Department of Agriculture, or the Veteran's Administration. Each institution sets the loan terms and conditions for their respective type of home loan.

  • FHA: standard, 203(k) renovation loans, Energy Efficient mortgages and Reverse mortgages
  • VA: Veteran's Administration loans
  • USDA: government-guaranteed rural home loans

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John Jeha

156 Diablo Road, Suite 360
Danville, CA 94526

Phone: 925-997-1278
Fax: 925-886-8657

Corporate NMLS #2973 © 2012 Wallick & Volk Mortgage :: NMLS Consumer Access :: NMLS #277791 | Licensed by the Dept. of Corporation under the California Residential Mortgage Lending Act. License #4130785 | CA-DOC277791 John Jeha Mortgage Danville

NOTICE: This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data is subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states.