Mortgage Loans

moorpark realtor

Mortgage Loans

There are a variety of different types of loans that you could potentially get with the purchase of your new home. As your local Moorpark Realtor and real state team, we are happy to help guide you on which loan makes the most sense to help you accomplish all of your real estate goals. Not every loan is the right option for every homebuyer, and it is nice that there are options available. See below for some of the most popular types of mortgages we see, but there are several that exist outside of these options as well.
• Conventional Loan: Conventional loans can be divided into sub-categories of conforming and non-conforming loans. Most conventional loans tend to be conforming loans. In Ventura County the conforming loan limits are $851,000. What this means is that you can borrow up to $851,000 while falling into this category. If you need to borrow more than this, you will fall into the Jumbo Loan category. Conventional loans are wonderful as they offer great rates, you can cancel PMI once you have at least 20% principal paid, and you can put as little as 3% down to start. If you are able to fit into a conventional conforming loan, this is likely an ideal scenario. However, there are many reasons as to why this may not be the ideal loan for your family.
• Jumbo Loan: Jumbo loans fall outside of the $851,000 conforming loan limits. This allows you to borrow more money as needed due to the high value of properties in Ventura County. You will need to put down at least 10-20% in order to qualify for a Jumbo Loan and have a FICO score of at least 700+. Most lenders will also want your debt-to-income ratio to fall below 45%. Jumbo loans can require a significant amount of cash/savings in reserves and a lot of documentation.
• Government Loans: There are many types of government loans that exist such as FHA loans which only require a FICO score of 580+ and as little as 3.5% down. This loan also allows the seller to contribute to closing costs as needed. Another type of government loan is a VA loan. VA loans are a wonderful option for either active military or veterans. VA loans require 0% down and offer low interest rates as well as no minimum FICO score in order to qualify.
If you have any specific questions about mortgage loans, we would be happy to help. As your local Moorpark Realtor and real estate team we have ample experience with all of these loans and understand it can be an overwhelming part of the process.

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