Brad Yzermans works for a local Temecula-Murrieta Mortgage Broker and Direct Lender Bank offering FHA, VA, USDA, HomePath, Conventional, and Down Payment Assistance home loans. Being able to broker along with being a direct lender bank gives home buyers more loan options, fewer qualifying restrictions, and a greater chance of qualifying for the best loan, rate, and fee program available.
Thinking of buying a home but not sure what your loan options are? Here’s a start. Below is a summary of the most common low down payment mortgage loans people use to purchase homes in Temecula.
- Temecula-Murrieta FHA Mortgage Loans require a 3.5% down payment and are the most commonly used purchase loans due to the low interest rates, flexible credit requirements (minimum credit score of 580), and the 2011 FHA loan limit is $417,000 up to $500,00.
- Temecula-Murrieta VA Guaranteed Home Purchase Loans are available Veterans who are active, non-active, Reserve, National Guard, and retired military of the armed forces with no down payment – 100% financing! Two features of the VA loan is it does not require monthly mortgage insurance like an FHA loan and the VA loan allows a borrower to qualify for a new loan two years after a short sale. Temecula VA loans do not require perfect like you would think.
- USDA Rural No Down Payment – 100% Financing Purchase Loans in Temecula are rare due to the geographic restriction of this particular program, but it is possible. A Temecula home buyer can use a no down payment USDA loan in the Redhawk community near the golf course. Temecula USDA home loans have no monthly mortgage insurance requirement. Very few people are aware that a USDA loan actually allows home buyers to add closing costs to the loan amount under certain circumstances. Two common USDA eligible areas that border Temecula are French Valley and Winchester. Wildomar and Menifee also qualify as USDA eligible areas.
- Temecula-Murrieta HomePath Loans are only available when buying a bank owned home by Fannie Mae. Key features of a Temecula HomePath loan requires at minimum 3% down payment, a 660 FICO credit score, has no monthly mortgage insurance and require NO APPRAISAL!
- A Conventional mortgage is a non government backed insured loan that is best used with a higher credit score and/or a 20% down payment in order to avoid needing private mortgage insurance. If you don’t have a 20% down payment, we offer a 3% down payment conventional option that requires no monthly paid PMI and gift money for down payment is allowed.
- Temecula First Time Home Buyer Assistance Programs are available for those qualify. DPA’s are popular with first time or entry level home buyers, but don’t always require the person be a first time home buyer. Down Payment assistance programs for Temecula home buyers are offered from the state, county, and local level. Each program has their own unique qualifying criteria and caveats that may cause you to not actually want to use the assistance program. Call me to discuss the details of each DPA program.
Here’s an abbreviated list of questions you should call and ask me before starting your home search. Many of the answers will depend on your specific goals, credit, and financial situation.
- What loans typically offer the lowest interest rates or fees?
- How can I avoid mortgage insurance?
- What loan programs typically provide the lowest payment?
- What loan program is best for me?
- What loan programs are easier to qualify for?
- What loan program can close the fastest?
- Can a loan program help me get my offer accepted by a seller?
- Can I buy bank owned or short sale homes with all of these loan programs?