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What is the best loan for good credit?

What is the best loan for good credit?

summitlr •

The better your credit, the more loan options you’ll typically have. All mortgage loans have varying benefits, so it’s a matter of finding which benefit is most helpful to you. Active duty and veterans for example may find that a VA loan with no-money down makes the most sense. For other borrowers who don’t plan to stay in a home for a long time, the best loan may be a short-term... 

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What is the Best Home Loan for Bad Credit?

summitlr •

There is no one-size-fits-all model for selecting the best mortgage loan in California to meet your needs. However, many times an FHA loan is one of the best loans for borrowers with less than perfect credit. FHA loans may be available to borrowers with credit scores as low as 550, providing other requirements are met. If you’re a veteran or active military member, VA loans may also be available... 

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What is the Best Home Loan for Excellent Credit?

summitlr •

One of the best things about having great credit, is that you have more options when it comes to getting a mortgage in California. The best loan for excellent credit will depend on your unique circumstances, including but not limited to: amount of down payment you have, your income, the amount of money you want to borrow, the amount of reserves you have, your employment history, and much more. When... 

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What Is A Reverse Mortgage Loan In Southern California?

summitlr •

In Southern California, reverse mortgage loan are available to homeowners 62 and over. This unique loan allows eligible homeowners to convert equity they have accrued in their home, into cash. Designed to help retirees with fixed or limited incomes, this loan is aptly named, as it truly is a mortgage in reverse. Instead of making monthly mortgage payments to a lender, in a reverse mortgage loan the... 

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How Much of a Down Payment Do I Need for a Conventional Loan?

summitlr •

Good news! Conventional loans are available with low down payment requirements for qualified buyers. In fact, some loans are available with as little as 3% down. The exact amount you’ll need for a down payment to qualify for a conventional loan in California will depend upon your unique financial situation. Things that will be considered when determining if you qualify for one of these low down... 

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What Is Freddie Mac?

summitlr •

Freddie Mac was chartered by Congress to provide liquidity, stability and affordability to the mortgage market. Like Fannie Mae, Freddie Mac provides liquidity to banks, and mortgage companies that make home purchase and refinance loans available to consumers. Freddie Mac buys mortgages from lenders and holds them in their portfolios or packages them into mortgage-backed securities (MBS) which can... 

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What Is Fannie Mae?

summitlr •

Fannie Mae plays a vital important role in the nation’s housing finance system. Created by Congress it serves to provide liquidity, stability and affordability to the mortgage market. It provides liquidity to banks, and mortgage companies that make home purchase and refinance loans available to consumers. In short, Fannie Mae buys mortgages from lenders and either holds these mortgages in their... 

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What Is A Conventional Loan In Southern California?

summitlr •

Conventional loans in California are available through Summit Lending, a direct mortgage lender based in Orange County, California. These loans are backed by Fannie Mae or Freddie Mac and are typically ideal for Californians seeking a fixed rate mortgage loan for 10-30 years. Benefits of conventional loans for those looking to buy a home or refinance a home in Southern California include low interest... 

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Are Government Home Loan Programs Available In Southern California?

summitlr •

Yes! Government home loan programs for Southern Californians are available through Summit Lending, and include FHA Loans and VA Loans. These are mortgage loans which are backed at least partially, though sometimes fully, by the United States Government. Government loans available in Orange County, Riverside County, San Bernardino County, San Diego County, Los Angeles County and Ventura County are often... 

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WHAT ARE FHA REQUIREMENTS FOR A HOME LOAN?

summitlr •

Requirements for FHA loan approval in SoCal include a credit score of 580 to qualify for 3.5% down payment. Credit scores lower than 580 may be approved but will require a larger down payment. FHA loan approval is also contingent upon being able to show stable employment and income for at least two years. If you have a bankruptcy on your record, it must be at least two years old, and a foreclosure... 

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