Frequently Asked Questions

An FHA loan is insured by a government agency, while a regular loan, also known as a conventional loan, is not insured or guaranteed by any government agency. There are some other differences between an FHA loan and a regular loan:

  1. FHA loans require a lower down payment, which is as little as 3.5% down, while conventional loans may require 10-20% down.
  2. Borrowers with lower credit scores may qualify for FHA loans, while conventional loans require a credit score of 620 or higher.
  3. FHA loans require mortgage insurance, which protects the lender in case the borrower defaults on the loan. Conventional loans may also require private mortgage insurance (PMI) if the borrower puts less than 20% down.
  4. FHA loans have specific property requirements, including safety and livability standards. Conventional loans have fewer property requirements.
One of the main disadvantages of an FHA loan is the requirement to pay mortgage insurance premiums (MIP) for the life of the loan. This can add significantly to the overall cost of the loan over time.
Interest rates will vary depending on the lender, but they are typically lower than traditional business loans.
Interest rates on jumbo loans are higher than interest rates on conventional loans. This is because jumbo loans are considered to be riskier than conventional loans. The average APR for a 30-year fixed jumbo mortgage is 6.89%, while the APR for a 30-year fixed jumbo refinance is 6.94%. This means that if you have a jumbo mortgage, and you are considering refinancing, now might be a good time to do so. Rates are still relatively low, and they are not expected to rise significantly in the next few months.
The Investor Cash Flow Program provides loans to investors who are seeking to purchase properties that will generate rental income. The program is designed to provide funding for the purchase price of the property, as well as any necessary renovations and repairs. The loan is typically interest-only and is paid back via the rental income generated by the property.
To qualify for a jumbo loan, most lenders require a minimum down payment of 20%. However, some programs allow a smaller down payment, so, it is important to compare different jumbo loans before picking one that is right for you.
The loan limit for conventional, VA, USDA, and FHA loans is $647,200 as of January 1, 2022. First time home buyer mortgage maximum amount on the CalHFA is the FHFA High-Cost Loan Limit of $970,800
The minimum credit score for a jumbo loan in California is 680. However, most lenders will require a credit score of 700 or higher.
You should have a credit score of 640 or higher. However, having a higher credit score may result in better loan terms.
The minimum down payment for a jumbo loan is typically 20% of the purchase price. However, some lenders may require a higher down payment, depending on the borrower’s credit history and other factors.
The minimum down payment required is 3.5%. It can come from your savings, a gift from a family member, or a grant from a state or local government program.
Interest rates for NON-US resident mortgages are typically higher than they are for traditional mortgages. However, rates can vary significantly depending on the lender and the type of loan you choose.