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Loan Programs

The following is a partial list of programs offered by Coastal Pacific Mortgage with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 916-844-1292.

 

This information is provided by Finance of America. Any materials were not provided by HUD or FHA. It has not been approved by FHA or any Government Agency.

Conventional

Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans), but they typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Typically, conventional loans have better rates, terms and/or lower fees than other types of loans. However, conventional loans typically require a borrower to have a good-to-excellent credit, reasonable amounts of monthly debt obligations, a down payment of 5-20% and reliable monthly income.

FHA Mortgage

FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don't have enough funds to pay a traditional 20 percent down payment because they only require 3 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments.

Lenders who wish to 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.

VA Mortgage

The VA Home Loan Benefit makes it possible to buy a home with zero down. Like a FHA loan, VA loans are private loans insured by the federal government. The VA loan program is a flexible lending solution designed to make homeownership more affordable for qualified U.S. veterans and their families. With favorable terms, competitive interest rates, and no monthly mortgage insurance premium. VA loans are another great option for U.S. veterans. 100% financing is available to qualified U.S. veterans.

For information on qualifying for this loan program please give us a call today.

USDA

The Guaranteed Rural Housing Loan Program is offered through the Rural Housing Service (RHS), an agency of the U.S. Department of Agriculture. The program offers assistance to low- and moderate-income rural residents whose income is equal to or less than 115% of the area median income. This program allows 100% LTV, 30-year fixed-rate first mortgages in designated RHS service areas.

Refinance Loans

Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option.

The details of the new mortgage loan can be customized. Which includes, the new loan's mortgage rate, the loan length in years, and amount borrowed. Refinances can reduce a homeowner's monthly mortgage payment, access cash for home improvements, and cancel mortgage insurance premiums, among other uses. Refinancing allows you to redefine your mortgage loan to better fit your current needs.

Jumbo Loans

Jumbo loans are nonconforming types of loans. That's because Jumbo exceed conforming loan limits. Jumbo loans are most often used by long-time homeowners, borrowers use built-up equity from their original home as a down payment for their next home. Some additional characteristics of jumbo borrowers include lower debt to income (DTI) ratios, higher credit scores, and liquid assets to cover 6 months of reserves.

Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.

Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.

Reverse Mortgage

Borrowers must be seniors, at least 62 years-old. For seniors who’ve build up home equity over the years, reverse mortgages can turn that equity into cash. Essentially, the lender is paying home owners each month, slowly drawing down on the equity. There’s also an option for a lump sum payout.

Reverse mortgages are a type of home loan that provides a way for seniors to remain in their home while tapping into the equity, typically their largest financial resource. Furthermore, Seniors continue to own the home. When they move out or pass away, their heirs can either pay off the lender or sell the home (the proceeds of which pay off the loan). Borrowers must meet with a HUD-approved counselor prior to taking out a reverse mortgage.

CALHFA Loans

The CALHFA program increases homeownership opportunities to individuals and families in California. The program offers a 30 year fixed rate fully amortizing first-lien mortgage with a variety of down payment and closing cost assistance options.

First-Time Homebuyers

A USDA Loan is a mortgage loan that is insured by the U.S. Department of Agriculture and available for qualified individual;s who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by the USDA.

USDA Streamlined - Assist Refinance

The USDA Rural Development (RD) has introduced the "streamlined-assist" refinance program available in all states. This program is designed to help homeowners with existing USDA loans refinance int a new loan with a lower interest rate and more flexible qualifications requirements. This program has replaced the Pilot Refinance Program.

Investor Loans

Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.

Down Payment Assistance

GSFA Platinum program increases homeownership opportunities for low-to-moderate income individuals and families in California. All borrowers under the GSFA Platinum Program will receive a 30-year fixed rate fully amortizing first-lien mortgage loan and down payment assistance to apply toward down payment or closing costs. VA and USDA are zero down.