TYPES OF LOANS
Types of Loans Offered by Hillhurst Mortgage
We make finding a loan simple because we have virtually every loan program available, regardless of the type of mortgage you are looking for. Whether you are dealing with bad credit, foreclosure, bankruptcy, or low credit scores, we can help you. It only takes us five minutes to find the right program that fits your needs.
Speak with a Loan Consultant now: 323-522-1020 (LOAN)
FHA LOANS
As little as 3.5% Down Payment
Recent Bankruptcy or Foreclosure is OK
1-4 unit properties including condominiums and PUDs
203K Renovation loans
This loan from the Federal Housing Administration has a lower threshold for credit qualifying criteria than most conventional loans.
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VETERANS (VA) LOANS
No Down Payment Required
Primary Residence only (no investment properties)
No Mortgage Insurance!
Purchase or Refinance
These loans are specifically geared toward Veterans and their spouses including those on active duty.With down payment options as low as 'ZERO' down, VA loans are available for both purchase or refinance purposes.
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CONVENTIONAL/CONFORMING/JUMBO LOANS
As little as 3% down payment with conforming loan amounts
Conforming (within county loan limits) follow Freddie Mac or Fannie Mae Guidelines
Jumbo (above county loan limits) follow Portfolio guidelines
Lowest market interest rates
Loan Amounts up to $10,000,000
A conventional loan is any loan other than a government insured loan (FHA or VA).
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NON-QUALIFIED (NON-QM) LOANS
Resembles the Alt-A or Sub-Prime loans of the past
Based on borrower’s ability to repay the loan
Alternative documentation allowed
A relatively newer type of loan to the market, the Non-QM loan most closely resembles the Alt-A or Sub-Prime loan of the past.
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INTEREST-ONLY LOANS
Optional payment of ‘interest only’ for an initial period of the loan
Offered on Fixed and Adjustable mortgages
An interest-only loan gives homeowners the option of paying only the interest on the loan for a designated period of time (typically the first 10 years).
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HOME EQUITY BASICS
Line of Credit (similar to a credit card secured against your property)
Usually a 2nd trust deed loan behind an existing 1st trust deed
Goes up to 89.9% of your property’s value when combined with your existing 1st trust deed loan
Can be used for both purchases and refinances
Homeowners can borrow on the equity in their home either with a home equity line of credit (HELOC), which works similar to a credit card (but secured by a 2nd trust deed on your property.)
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FIXED RATE LOANS
No risk of interest rate increasing over the life of the loan
No pre-payment penalty
Fully amortized
Fixed rate loans are offered in terms ranging from 10 to 40 years. The interest rate and payment remain fixed the entire term of the loan regardless of principal reduction.
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VARIABLE (ADJUSTABLE-RATE) LOANS
The interest rate you pay is based on a fixed margin plus a variable index
Most ARM loans adjust every 6 months
There are caps as to how much your rate can increase at any one time
Known as variable or adjustable rate mortgages (ARM’s) are loans whose interest rate can vary during the term of the loan.
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INTERIM ARM (ADJUSTABLE-RATE) LOANS
These ARM loans have an initial fixed period before they begin to adjust
Like standard ARM loans, they typically adjust every 6-12 months
There are caps on the amount that the rate can increase at any one time
These variable hybrids are the same as above, however they offer a fixed interest rate for an initial period of time (typically 3, 5, 7, or 10 years), before converting to an ARM.
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NMLS #248170 | CA Department of Real Estate - Real Estate Broker - DRE #01109636