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A conventional mortgage loan is not insured or guaranteed by a government agency such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). These loans typically require a higher credit score and a larger down payment compared to other loan types. Conventional loans offer flexibility in terms of loan terms and interest rates, and they are suitable for borrowers with good credit and financial stability.
VA loans are available to eligible veterans, active-duty service members, and surviving spouses. These loans are guaranteed by the Department of Veterans Affairs and provide favorable terms and low or no down payment options. VA loans offer competitive interest rates and flexible qualification standards, making them an excellent choice for those who have served in the military.
An FHA loan is insured by the Federal Housing Administration, making it more accessible for borrowers with lower credit scores or a limited down payment. These loans are popular among first-time homebuyers who may not qualify for a conventional loan. FHA loans have specific requirements, such as mortgage insurance premiums, and they offer competitive interest rates and flexible qualification criteria.
Homeowners can access their home equity by refinancing their mortgage for a higher amount than what is owed. This provides cash at closing, which can be used for purposes like home improvements or debt consolidation. Consider the costs, interest rates, and impact on the mortgage carefully. Consult a mortgage professional for specific requirements and benefits.
Get started by getting pre-approved for a mortgage loan. Our experienced mortgage loan officers will guide you through the process. Pre-approval gives you a clear budget and loan amount you qualify for, helping you confidently explore the housing market.
After pre-approval, submit the necessary documents to begin the loan application process. Our team will provide a list tailored to your situation. These documents include income verification, bank statements, and more. We'll review them thoroughly to ensure accuracy and completeness.
Congratulations on completing pre-approval and document submission! Now, it's time to find your dream home. Our loan officers specialize in helping families like yours. Armed with pre-approval, you can confidently explore the market, attend open houses, and work with agents. We're here to offer guidance and support throughout the process. Let's start shopping and turn your homeownership dreams into reality!
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Browse our collection of information, news, tips and tricks to help you make more informed homebuying decisions.
Welcome to our comprehensive guide on cash-out refinance loans, a powerful financial tool that allows homeowners to tap into their home’s equity. Whether you’re looking
While credit score requirements vary depending on the loan program and lender, a minimum score of 620 is typically needed for a conventional loan. However, FHA loans may accept lower scores, around 580. It’s best to consult with a mortgage loan officer to determine your eligibility and discuss options based on your credit score.
A fixed-rate mortgage has a consistent interest rate and monthly payment throughout the life of the loan, offering stability and predictability. An adjustable-rate mortgage (ARM) has an interest rate that can change periodically, usually after an initial fixed-rate period, causing monthly payments to fluctuate. Discussing your financial situation and goals with a mortgage loan officer can help determine which option is best for you.
Down payment requirements vary depending on the loan program and your financial situation. Conventional loans typically require a down payment of 5-20%, while FHA loans can be as low as 3.5%. Some programs, like VA and USDA loans, may even offer zero down payment options. It’s important to speak with a mortgage loan officer to explore available programs and determine the appropriate down payment for your specific circumstances.
This Licensee is performing acts for which a real estate license is required United Wholesale Lending – Joe Valencia is licensed by the Bureau of Real Estate. NMLS: 2136253 and BRE: 02130206. Loan Approval is not guaranteed and is subject to lender review of information. Loan is only Approved when the lender has issued an approval in writing. Specified rates are subject to change with market conditions. United Wholesale Lending – Joe Valencia is an Equal Opportunity Mortgage Broker. United Wholesale Lending – Joe Valencia is approved to originate VA and FHA loans, and has the ability to broker FHA and VA loans to approved lenders. United Wholesale Lending – Joe Valencia is not acting on behalf of or at the direction of HUD/ FHA or VA. The Services referred to herein are not available outside California.
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