Roseville Home Loan

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Conventional Loan:
Usually, a conventional loan is a 30-year fixed rate mortgage.  That means it has a fixed interest rate for the 30 year term of the loan.  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.

Conventional loans can have better interest rates than non-conventional loans and can be a great option for those with a 20 percent down payment.  However, even if the borrower does not have a 20 percent down payment, it is still possible to get a mortgage.  By putting less down and accepting a possibly higher interest rate, the borrower can still get financing through a non-conventional loan.

FHA Loan:
FHA loans typically offer options for first-time home buyers, senior citizens and home improvements.  One of the most difficult elements of the home buying process is saving up enough money for a 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 differs somewhat from a standard mortgage. Even though it is provided through a private lender, the federal government guarantees 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 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.