|
 |
 |
|
General
Borrow mortgage amounts exceeding the conforming loan amounts allowed by Fannie Mae/Freddie Mac.
Typically has a slightly higher interest rate and different requirements for down payment than smaller loans due to different loan underwriting.
Excellent product mix — California Mortgage Rates works with a number of investors to ensure we can meet all your borrowing needs.
Mortgage loan amounts up to $2 million.
Excellent Credit program requirements are tougher.
Examples of disqualifying factors may include:
Late mortgage payments.
Balances on accounts too high
(e.g., credit cards are all at the limit).
Credit history too short (<2yrs).
Too many accounts with balances.
If you apply, your credit report (and any co-applicants) will be ordered to confirm excellent credit history and timely account payment, particularly for the past 12 months.
Reduced Documentation Loans
Minimum 5% down payment.
Available for salaried or self-employed California borrowers.
Income and employment stated, but not verified.
15, 20 and 30 year fixed rate mortgage loans.
1-year Treasury ARM maximum loan $650,000, minimum 20% down payment.
Owner-occupied primary residence and second home mortgages.
Maximum non-conforming mortgage loan amounts up to $1.5 million.
No Ratio Loan
Minimum 10% down payment.
Good credit required.
No calculation of debt or income ratios.
No income disclosure or verification.
Available for salaried or self-employed California borrowers.
15 and 30 year fixed rate loans.
1-year Treasury ARM.
Owner-occupied primary residence and second home.
Maximum non-conforming mortgage loan amounts up to $1.5 million.
No Income/No Asset (NINA) Loan
Minimum 10% down payment.
Excellent credit required.
No income, no asset, or employment verification.
Available for salaried or self-employed California borrowers.
15 and 30 year fixed rate loan.
1-year Treasury ARM.
Owner-occupied primary residence (borrowers may not own other property).
Maximum non-conforming mortgage loan amounts up to $1.5 million.
Expanded Exception Program
Minimum 5% down payment.
Excellent credit required.
Maximum required debt to income ratio 50% (higher than the industry standard of 36% debt ratio).
30 year fixed rate loans.
Owner-occupied primary residence, second home and investment property.
Maximum non-conforming mortgage loan amounts up to $1.5 million.
California Condominiums
Low-rise less than 5 stories, high-rise 5 stories or more.
Expanded condominium enhancement (allows financing of condominiums in a project where less than 50% of the units are sold and closed — which is higher than the industry standard).
Condotel*
*Condominium property that offers many of the special services available at hotels such as food service and maid service. It is operated as a commercial hotel even though the units are individually owned.
Second or Vacation Homes
Minimum 10% down payment (less than industry standard of 20% down payment).
Borrower may finance a maximum of 4 properties with Countrywide and may own a maximum of twenty 1-4 unit properties.
15, 20, 25 and 30 year fixed rate loans.
1-year Treasury ARM.
Maximum non-conforming mortgage loan amounts up to $1.5 million.
Reduced Documentation Programs available.
California Investment Property
Minimum 10% down payment on investment property (less than the industry standard of 30% down payment).
Borrower may finance a maximum of 4 properties and may own a maximum of twenty 1-4 unit properties.
15, 20 and 30 year fixed rate loans.
Maximum non-conforming mortgage loan amounts up to $1.5 million.
Reduced Documentation Programs available.
Foreign National
Minimum 10% down payment.
Available for self-employed and salaried borrowers.
15 and 30 year fixed rate loans.
1-year Treasury ARM — owner occupied primary residence and second home, maximum loan $650,000, minimum 20% down payment.
Owner-occupied primary residence, second home, investment property, 2-4 unit property.
Borrower must have social security number.
Maximum non-conforming mortgage loan amounts up to $1 million.
Restrictions apply. Program terms not always available in California and are subject to change at any time.
Lenders today are committed to programs which help home buyers with interest rates and loan costs below market value. We urge you to take advantage of our free, secure Qualification today!
|
|
