california home loansSecure California Home Loans through:
* Banks offer California home loans such as fixed-rate mortgages (FRMs) and adjustable-rate mortgages (ARMs) in addition to VA and FHA loans. Since 1986, the 30 Year Bi-Weekly Arm (Adjustable Rate Mortgage) has proved to be a popular choice outperforming fixed rate monthly mortgages.

* Savings and Loans Associations focus on one- to four-family residential mortgages, multifamily mortgages and commercial mortgages.

California Home Loans Mortgage Options:
* Fannie Mae and Freddie Mac (Federal National Mortgage Association) and (Federal Home Loan Mortgage Corporation) are congressionally chartered, shareholder-owned companies that buy mortgages from lenders and resells them as securities on the secondary mortgage market.

* FHA Loans (Federal Housing Administration) have some advantages over conventional home loans. Since FHA loans are insured by the government, they generally have more lenient qualification requirements, lower down-payment requirements, and they are assumable loans. The maximum loan amount for an FHA loan (single-family) ranges depending on the county where you live. You can contact a mortgage specialist for these maximum amounts for your specific county. Government loans (including the FHA loan) make up 20 percent of residential mortgages in the U.S.

* VA Loans (Veterans Affairs) carry many of the same advantages as FHA home loans. However, to qualify for this loan, you must be a qualifying veteran, the unmarried widow of a veteran, a Public Health Service Officer, or an active-duty serviceman. No down payment is required for most VA loans.

* Jumbo Loans are conventional California home loans that are too large for government agencies. Currently, any loan over $322,700 is classified a Jumbo loan. Jumbo loans have higher interest rates than conforming loans – typically 0.5 percent to 1 percent higher. Jumbo loans also may have higher down-payment requirements.

Financial contracts can be very confusing. Before signing yourself to a major California home loans, long term commitment, have an attorney, familiar with financing and taxes, examine and explain the details (where the Devil is). A good tax finance attorney can save you many times his fee over the years, not to mention possible legal problems.

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