Mortgage Loan Programs
Conventional Conforming
Conventional High Balance
Conventional High Balance
Your most traditional non-government backed loans. A common myth with conventional mortgages is that they require at least 20% down. However, we’ve got conventional loans for as little as 0%, 3%, 5%, and 10% down.
The maximum amount for a conforming loan in 2023 is $726,200 in most counties, as determined by the Federal Housing Finance Agency (FHFA).
Conventional High Balance
Conventional High Balance
Conventional High Balance
A High-Balance Mortgage Loan is a conventional mortgage where that exceeds the conforming loan limits, but does not exceed the loan limit for the high-cost area in which the mortgaged property is located, as specified by the FHFA. In 2023 the conforming loan limit is $726,200 and the high-balance area limit is $911,950 for a 1-unit dwelling in SLO County.
Jumbo Mortgages
Conventional High Balance
Jumbo Mortgages
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional loan. These types of loans are characterized by their low down payments, designed to finance luxury properties and homes in highly competitive local real estate markets like California. Jumbo lenders offer mortgages with as little as 5% to 10% down payment.
FHA Loans
USDA Loans
Jumbo Mortgages
Issued by an FHA-approved lender (like Modern West Mortgage) and insured by the Federal Housing Administration (FHA), these types of loans are well known for their 3.5% down payment. FHA loans are available for single family and multifamily homes.
FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, e
Issued by an FHA-approved lender (like Modern West Mortgage) and insured by the Federal Housing Administration (FHA), these types of loans are well known for their 3.5% down payment. FHA loans are available for single family and multifamily homes.
FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements.
VA Loans
USDA Loans
USDA Loans
The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.
Because the mortgage is guaranteed, lenders will offer a lower interest rate and terms than a conventional home loan.
USDA Loans
USDA Loans
USDA Loans
USDA loans are low-interest mortgages with zero down payments designed for low-income Americans who don't have good enough credit or down payment to qualify for traditional mortgages. USDA loans are restricted to designated rural and suburban areas but much of the Central Coast is eligible.
Second Home Loans
Home Equity Lines/Loans
Home Equity Lines/Loans
Owning a second home allows you to deduct for mortgage interest and property taxes, just as you do with your first-home mortgage. We have special loan programs available exclusively for vacation home buyers which help maximize your tax incentives and lower your APR.
California's Central Coast remains a highly desired place to live and our
Owning a second home allows you to deduct for mortgage interest and property taxes, just as you do with your first-home mortgage. We have special loan programs available exclusively for vacation home buyers which help maximize your tax incentives and lower your APR.
California's Central Coast remains a highly desired place to live and our local experience and deep roots can provide knowledge and relationships you can leverage for your benefit.
Home Equity Lines/Loans
Home Equity Lines/Loans
Home Equity Lines/Loans
With a home equity loan, you receive the money you are borrowing in a lump sum payment and you usually have a fixed interest rate. With a home equity line of credit (HELOC), you have the ability to borrow or draw money multiple times from an available maximum amount. HELOCs typically feature an adjustable interest rate and an interest-onl
With a home equity loan, you receive the money you are borrowing in a lump sum payment and you usually have a fixed interest rate. With a home equity line of credit (HELOC), you have the ability to borrow or draw money multiple times from an available maximum amount. HELOCs typically feature an adjustable interest rate and an interest-only payment for a period of time before they convert into a fixed rate and payment term.
Mortgage Rate Options
Fixed Rate
Adjustable Rate Mortgages
Adjustable Rate Mortgages
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable Rate Mortgages
Adjustable Rate Mortgages
Adjustable Rate Mortgages
Adjustable Rate Mortgages (ARM)s are loans whose interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions.
Interest Only
Adjustable Rate Mortgages
Interest Only
A mortgage is called “Interest Only” when its monthly payment does not include the repayment of principal for a certain period of time.