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General
Borrow amounts exceeding the conforming loan amounts ($252,700 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 underwriting requirements.
Excellent product mix — California Mortgage Rates works with a number of investors to ensure we can meet all your borrowing needs.
Loan amounts up to $2 million.
Reduced Documentation Loans
Minimum 5% down payment.
Available for salaried or self-employed borrowers.
Income and employment stated, but not verified.
15, 20 and 30 year fixed rate loans.
1-year Treasury ARM maximum loan $650,000, minimum 20% down payment.
Owner-occupied primary residence and second home.
Maximum loan up to $1.5 million; loan amounts below $252,700 allowed.
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 borrowers.
15 and 30 year fixed rate loans.
1-year Treasury ARM.
Owner-occupied primary residence and second home.
Maximum loan amount up to $1.5 million; loan amounts below $252,700 allowed.
No Income/No Asset (NINA) Loan
Minimum 10% down payment.
Excellent credit required.
No income or employment verification.
Available for salaried or self-employed borrowers.
15 and 30 year fixed rate loan.
1-year Treasury ARM.
Owner-occupied primary residence (borrowers may not own other property).
Maximum loan amount up to $1 million; loan amounts below $252,700 allowed.
Excellent Credit program requirements are tougher. Examples of disqualifying factors may include:
Late 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, we will order your credit report (and any co-applicants) to confirm excellent credit history and timely account payment, particularly for the past 12 months.
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 loan amount up to $1 million; loan amounts below $252,700 allowed.
Excellent Credit program requirements are tougher. Examples of disqualifying factors may include:
Late 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, we will order your credit report (and any co-applicants) to confirm excellent credit history and timely account payment, particularly for the past 12 months.
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 loan amount up to $1.5 million; loan amounts below $252,700 allowed.
Investment Property
Minimum 10% down payment (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 loan amount $1.5 million; loan amounts below $252,700 allowed.
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 loan amount up to $1 million; loan amounts below $252,700 allowed.
Restrictions apply. Program terms are subject to change. Some products not available in all states.
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 a free, secure Online Application today!
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