Types of Loans Available

Broadview Mortgage HLC Team offers a wide variety of home loan programs. Below is a list of programs with a brief description of the program’s requirements and benefits.

Conforming Loans

These are loans that meet the terms and conditions determined by Fannie Mae and Freddie Mac. These terms and conditions include the maximum loan amount, the requirements for the borrower to qualify for the loan, and what are considered suitable properties for mortgages. By looking at the average change in home price each year, Fannie Mae and Freddie Mac set the loan limit. Loans that fall within these limits are conforming loans. Conforming loans interest rates are slightly lower than other loans; however, they are more difficult to qualify for as they require a large down payment and high FICO scores.

·         Standard Loans: These are loans that must be under County limits.

·         High Balance Loans: These loans are only available for loan amounts above the Conforming Standard Loan limits.

·         Check Loan Limits in your area.

Federal Housing Administration (FHA) Loans

FHA loans are government-insured loans that are only available from approved lenders who use guidelines set up by the Federal Housing Administration. FHA loans have slightly higher interest rates but less strict qualification requirements. The FHA charges mortgage insurance, on every loan, regardless of how large the loan is compared to the home's purchase price.

·         Standard FHA Loans are loans for amounts under county limits.

·         High Balance FHA Loans are loans for amounts over the standard FHA limit.

·         FHA Streamline is a refinancing option available for homeowners with an FHA loan. It allows the homeowner to obtain a lower interest rate without going through the process of a full refinance.

·         Check Loan Limits in your area.

California Housing Finance Agency (CalHFA) Loans

CalHFA was established in 1975 as the state's “affordable housing bank.” Its focus is on assisting first time home-buyers that are within specific lower and moderate income range brackets. CalHFA loan programs can be great for the first time homebuyer allowing them to borrow up to 100% financing for their home. CalHFA loans can be paired with down payment assistance loans to finance the majority of the cost of a home. These loans have slightly higher interest rates but lower FICO requirements.

Veteran Affairs (VA) Loans

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA) and is available for all current or past military employees. The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. VA loans have very competitive interest rates and less strict qualification requirements.

·          Standard VA loans are for loan amounts under the VA loan limit.

·         VA High Balance loans are available for loan amounts over the VA Standard limit.

·         VA Streamline or Interest Rate Reduction Refinancing Loan (IRRRL) is a way for veterans to refinance their mortgage at a very low interest rate.

·         Check VA loan limits in your area.

CRHMFA Homebuyer Fund (CHF) Platinum Program

The CHF Platinum Loan Program is designed to assist low–to-moderate income homebuyers with the purchase of a home by providing down payment assistance currently in the form of a 3%-sized grant from CHF combined with up to a 96.5% first mortgage. The program is available for the purchase of either a new or existing home as long as the home will be the primary residence of the homebuyer. Income limits do apply, however, the program does not require that the homebuyer be a first-time homebuyer. Individuals and families who may have owned a home in the past are eligible to apply for the CHF Platinum Program.

Southern California Home Financing Authority (SCHFA) Loans

SCHFA is a first time home buyer program in which the buyer receives a 3% gift to help offset closing costs or help with the down payment.