As a mortgage broker, Global Mortgage can offer a wide range of loan programs in order to find the right one for each client. Below are some of our most popular loan programs. For a complete list of the programs that we offer, please contact us at (619) 692-3630.
Conventional fixed rate loans feature a constant interest rate for the life of the loan. Monthly payments typically remain constant. Traditionally, borrowers are expected to provide a 20 percent down payment, however we offer Conventional financing for programs with as little as 3% down for qualified Borrowers. Typical loan terms are 10 years, 15 years, 20 years and 30 years. Contact us for more details on down payment requirements and loan terms.
FHA loan programs are private loans insured by the federal government. These loans are popular with borrowers who have less than perfect credit or don’t have the funds to pay a traditional 20 percent down payment because they only require a 3.5% percent down payment. FHA loans also have more lenient credit and underwriting requirements than Conventional loans. Borrowers who choose these loans are required to pay mortgage insurance, which slightly increases their monthly payments. Any lenders who offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.
The Making Home Affordable Refinance Program (HARP Phase II) is a government backed mortgage program that allows most borrowers with existing Fannie Mae and Freddie Mac loans to refinance their homes, even if they owe more than their home is worth, have an adjustable rate mortgage, have been turned down for a refinance loan or loan modification in the past, or just can’t afford their mortgage payment anymore. Contact us to see if you qualify for a HARP 2.0.
Like an FHA loan, VA loan programs are private loans insured by the federal government. VA loans are only available to qualified military veterans and their spouses. The advantage over an FHA loan is that no down payment or mortgage insurance is required. These loans are only available for purchasing a primary residence, refinancing a primary residence or a property that is already VA financed. The loan cannot exceed a $417,000 loan limit in most parts of the country, but for San Diego in 2016 the limit is $580,750 for a Borrower to put 0% down. To see if you qualify for any VA loan programs please give us a call today.