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|Commercial Loans||Please Call|
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|30-Year Fixed Rate||2.5%|
|20-Year Fixed Rate||2.375%|
|15-Year Fixed Rate||1.99%|
|10-Year Fixed Rate||1.875%|
|7/1 ARM Rate||2.5%|
|5/1 ARM Rate||2.375%|
|30-Year FHA Rate||2.5%|
Conventional Loans in California
Conventional loans are one of the most common loans available within the mortgage industry. Conventional loans in CA come with a standard loan limit within the area you are searching in and oftentimes offer more advantages than an FHA loan. Unlike FHA loans which have to be used on the lender's primary residence, conventional loans can be used on secondary residences such as a rental or vacation home.
To qualify for a conventional loan, you’ll typically need a credit score of at least 620
Individuals who apply qualify based on if their DTI is 50% or lower
Minimum down payment of 3%, or 20% with no PMI
Property appraisal verifying the home's value and condition
BENEFITS YOU'LL LOVE
A conventional loan can be more flexible than a government-insured loan
As little as 3% down payment
Can be used for all types of properties
Minimum credit score of 620
Rates are typically lower than FHA loans
Maximum debt-to-income ratio between 43%-50%
We Have Helped Hundreds of Applicants Qualify for Conventional Loans
WHAT ARE THE TYPES OF CONVENTIONAL LOANS?
There are multiple different types of conventional home loans that Amerifund Corporation & Realty offers such as:
- Conforming conventional loans
- Non-conforming conventional loans also known as 'Jumbo Loans'
- Fixed-rate conventional loans
- Adjustable-rate conventional loans
REQUIREMENTS TO APPLY
Income is verifiable through pay stubs, federal tax returns and bank statements.
A debt-to-income ratio that is below 50%
4 year waiting period after filing for bankruptcy or foreclosure.
FHA bankruptcy and foreclosure within 2 years.
In connection with an Increase in Property Values, the Federal Housing Administration (FHA) determined its loan limits based on median house prices, as stated by the National Housing Act. The FHA loan limit Orange County varies according to if it is a single-family home/Condo/Townhome, Duplex | Two-family property, Triplex | Three-unit property, or Fourplex | 4 Unit property.
Need More Information?
Contact Amerifund Corporation & Realty to learn more about Conventional Loans
WE'RE HERE FOR YOU
We take pride in providing you with excellent service and appreciate the opportunity to assist you with all your real estate and mortgage needs.