De'Ann Clark

De'Ann Clark
CEO & President



CA BRE BROKER #00668013
CORP NMLS ID #1188067
NMLS ID #1159042

EMail: De’Ann Clark

New Programs come out regularly depending on Market Conditions.  However, as of a recent  update in September 2021, there were several types of residential mortgage loan programs available to borrowers. Please note that the availability and terms of these programs may change over time, so it's essential to consult with a lender or mortgage broker for the most up-to-date information. Here are some common types of residential mortgage loan programs:

    Conventional Loans: These are traditional mortgage loans not backed by any government agency. They typically require higher credit scores and down payments but offer competitive interest rates.

    FHA Loans: Insured by the Federal Housing Administration (FHA), these loans are designed to help borrowers with lower credit scores and smaller down payments qualify for home loans.

    VA Loans: Offered by the Department of Veterans Affairs (VA), these loans are exclusively for eligible veterans, active-duty service members, and certain members of the National Guard and Reserves. They often require no down payment and offer favorable terms.

    USDA Loans: Backed by the U.S. Department of Agriculture, these loans are designed to promote homeownership in rural areas. They often require no down payment and have competitive interest rates.

    Jumbo Loans: These loans are used for higher-priced homes that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. They typically require larger down payments and have stricter credit requirements.

    Fixed-Rate Mortgages: These loans have a fixed interest rate for the entire loan term, making monthly payments predictable and stable. Common terms include 15-year and 30-year fixed-rate mortgages.

    Adjustable-Rate Mortgages (ARMs): ARMs have an initial fixed-rate period, after which the interest rate adjusts periodically based on market conditions. They may offer lower initial rates but carry the risk of rate increases.

    Interest-Only Mortgages: Borrowers pay only the interest for a specified period (usually 5-10 years) before transitioning to principal and interest payments. These loans can provide lower initial monthly payments.

    Home Equity Loans and HELOCs: These loans allow homeowners to borrow against the equity in their homes. Home equity loans provide a lump sum, while Home Equity Lines of Credit (HELOCs) offer a revolving line of credit.

    FHA 203(k) Rehabilitation Loans: These loans allow borrowers to finance both the purchase or refinance of a home and the cost of renovations or repairs into a single mortgage.

    Reverse Mortgages: Designed for older homeowners, reverse mortgages allow borrowers to convert a portion of their home equity into cash without selling the home. These loans are typically repaid when the borrower moves or passes away.

    Non-Qualified Mortgages (Non-QM): These loans don't meet the strict criteria of conventional or government-backed mortgages. They may be suitable for borrowers with unique financial circumstances.

    Down Payment Assistance Programs: Various state and local government programs, as well as nonprofit organizations, offer down payment assistance to help first-time home buyers afford their homes.

    Energy-Efficient Mortgages (EEMs): These loans finance energy-efficient improvements for a home, allowing borrowers to save on utility costs and reduce their environmental footprint.

Keep in mind that new mortgage programs and products may have emerged since my last update, and existing programs may have undergone changes. It's crucial to work with a qualified mortgage lender or broker to explore the options available to you and determine which type of mortgage loan best suits your specific financial situation and homeownership goals.


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 Phone (949) 951-1000 Ext.111   FAX (949) 951-1700

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