Folsom Home Loan

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New Home Loans - Folsom, CA 

Conventional Loan:

A conventional loan is generally a 30-year fixed rate mortgage.  That means the loan term has a fixed interest rate for 30 years.  Conventional loans also typically require at least a 20 percent down payment.  For example, if a house costs $200,000, the lender will provide a loan for 80 percent of that amount.  So, $160,000 is financed through the lender and the borrower must pay $40,000 cash.

FHA Loan:

FHA loans offer flexible options for first-time home buyers, senior citizens and home improvements.  One of the most difficult components of the home buying process is saving up enough money for the down payment.  If you are a first-time home buyer, an FHA loan may allow you to make a down payment of 3 percent.  You may also be able to roll your closing costs and other fees into the loan amount. If you have questions or need advice regarding an FHA loan, you can give us a call at (916) 988-4455.

VA Loan:

A VA loan is somewhat different from a standard mortgage. Because it is provided through a private lender, the federal government provides a guaranty for a portion of the principal. That means that the Department of Veterans Affairs backs the loan, so if the borrower defaults on it, the lender is protected. Borrowers who are eligible for a VA loan are permitted to have a small, or sometimes non-existent, down payment and still get a mortgage. This is the biggest advantage of a VA loan. Be sure to ask your lender what its down payment requirements are when requesting a VA home loan. When requesting a VA loan, you need a certificate of eligibility to show the lender. You can get this certificate through the Department of Veterans Affairs. Upon providing it to the lender, the lender can then help you.