California Mortgage Programs available at Envoy Mortgage
California Mortgage lending programs and guidelines are in a constant state of change. As market conditions change California Mortgage programs have to change. To keep up with these changes you need a licensed California Mortgage Loan Specialist on your side. That’s where we come in, Envoy Mortgage of California. Our California Mortgage Loan Specialists are here to keep you informed on any and all California home loan program changes. We are not bragging about the status of our Mortgage Professionals, well, maybe a little. Our California home loan specialists are the best in the industry. Let me explain what I mean.
In California, in order to become a Mortgage Loan Specialist, you have to take classes, pass a State exam, pass a Federal exam, and then pass a background check. It requires a true passion for helping others to become a California Mortgage Loan Specialist. This by itself is an impressive accomplishment. When Envoy Mortgage of California first brings a mortgage loan specialist aboard we welcome them into the family. We train them and help provide all the tools necessary to be successful. The one thing that can’t be taught is, “Great Customer Service and an honest willingness to help”. If a California Mortgage Loan Specialist doesn’t have those two qualities they can’t call themselves one of us. They may be great mortgage loan specialists but at Envoy of California, we only want the BEST! We know you have to put complete trust and faith in your lending partner. Envoy Mortgage of California takes this trust very seriously. In fact, we believe it is easy to be given an opportunity. It’s hard to keep the opportunity once it is given to you. For these reasons we work hard to prove you made the right choice when you chose an Envoy California Mortgage Loan Specialist!
TYPES OF MORTGAGE LOANS
Conventional / Conforming Loans
10-, 15-, 20-, 25-, 30-year terms
Fixed-rate mortgage…what is it? When we ask this question to new home buyers or even savvy veteran’s, just doing a cash-out refinance on an investment property, we often get the same answer. “Isn’t that just a mortgage that has the same interest rate everyday for the entire life of the loan?” The answer is actually…sometimes. What do we mean? Well, sadly unsuspecting home buyers are sometimes mislead by brokers in the Mortgage industry. In our opinion, many times because the Mortgage broker is not fully educated in the programs he/she is offering in the state of California.
Here’s the truth, a 30-year fixed-rate mortgage can also be a 30-year mortgage with a rate that is only fixed for a few years. So, if the rate is fixed for 10 years and the mortgage is set to 30 years there is a possibility that you will not know what your payments will be in 10 years when your rate readjusts after your fixed-rate portion has expired.
Whether you are a first time home buyer, looking to refinance, or just need some questions answered, give us a call and we will be happy to answer all your questions for you.
No cash-out refinance
Reduced rate and/or term benefit to borrower
The Freddie Mac Relief Refinance Mortgage is designed to assist borrowers who are making timely mortgage payments, but have been unable to refinance due to declining property values. Many of us in today’s Real Estate Market have found themselves in a situation where our homes are worth less than they were when we purchased them. When the LTV (Loan-to-Value) on a home is above 80%, traditional refinance methods are sometimes hard to acquire. Envoy Mortgage of California is proud to offer The Freddie Mac Relief Refinance Mortgage to our clients. A portion of the Freddie Mac Relief Refinance have mortgages with a loan-to-value (LTV) ratio greater than 80 percent. This portion of the population can be put into the group that qualifies for the Home Affordable Refinance Program® (HARP).
Call us for more information on this and any other program you might be interested in.
No cash-out refinance
Reduced verification and documentation
A critical part of Fannie Mae’s role in the Making Home Affordable® Program is the Home Affordable Refinance Program (HARP), available for refinances of existing Fannie Mae (and Freddie Mac) loans. The goal of the refinance effort, as announced by the President, is “to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices.” The expectation is that refinancing their mortgage will put responsible borrowers in a better position by reducing their monthly principal and interest payments or moving them from a more risky loan structure (such as interest-only or short-term ARM) to a more stable product. Our solutions provide mortgage refinances with no limits on LTV, and mortgage insurance flexibility. -Fanniemae website
Lower down payment requirements
Homebuyers can purchase a home under Fannie Mae’s standard offering or its My Community Mortgage product with a 3% down payment if at least one co-borrower is a first-time buyer.
In addition, eligible homeowners who wish to refinance their Fannie Mae-owned mortgage but do not qualify under the Home Affordable Refinance Program can refinance their loan up to the 97% LTV level under a limited cash-out option.
3, 5, 7, 10/1 LIBOR ARMs
Interest Only option
Available in high-cost areas
An adjustable rate mortgage is a type of mortgage in which the interest rate paid on the outstanding balance varies according to a specific benchmark. The starting interest rate is usually fixed for a period of time. At the end of this fixed rate period the interest rate will reset to a new rate. This rate can adjust as often as every month throughout the life of the loan. This interest rate can fluctuate up or it can fluctuate down, this is do to what is called the ARM margin and the benchmark at the time of the adjustment.
You will often hear or refer to an adjustable rate mortgage by it’s other well known names:
Non-Conforming (Jumbo) Loans
15-, 30-year terms
Loan amounts up to $1.5MM
A 15 and 30-year fixed jumbo mortgage is a home loan that will be repaid over 15 or 30 years respectively. These fixed rate Jumbo Loans have a fixed interest rate for the term of the loan, 15 and 30 years. The amount of a jumbo mortgage exceeds the current Fannie Mae and Freddy Mac loan purchase limit. The limit as of July 2010 on a single-family home is $417,000 in most regions and $625,500 in select high cost areas.
We offer Jumbo loans with as little as 5% down for qualified buyers.
5, 7, 10/1 LIBOR ARMs
Loan amounts up to $1.5MM
With a Jumbo adjustable rate mortgage, or ARM for short, your interest rate will be at a fixed rate for the introductory period. Introductory interest rates are generally lower than the average for fixed rates loans. Typical introductory periods are 3, 5, 7 or 10 years. After this time, the interest rate will adjust yearly. ARM loans are commonly referred to as 5/1 or 7/1 ARMs, depending on the length of your introductory period.
Government Backed Loans
Lower down payment requirements
15-, 20-, 30-year terms
3, 5/1 Treasury ARMs
203(k) Streamline rehabilitation loans
Non-credit qualifying refinance available
Available in high-cost areas
An FHA Loan is a mortgage that is issued by federally qualified lenders (Envoy Mortgage California) and insured by the Federal Housing Administration (FHA). FHA loans are designed for borrowers who are unable to make a large down payment or suffer from recent credit issues like foreclosures, short-sales, or bankruptcy.
These FHA loans allow a borrower to borrow up to 96.5% of the value of the home. The 3.5% down payment requirement can come from a gift or a grant.
Residential rural areas
0% No down payment available
USDA Laon? What’s that? If you don’t know, you are not alone. Most Mortgage Lenders don’t even offer it… but Envoy California Mortgage does! Why doesn’t everyone know about it? Well, that is because it’s what is considered to be a niche product in The U.S. Housing Market.
The USDA Loan is a 100% Loan-to-Value, no-money out of pocket (Zero Down), Mortgage Loan for eligible suburban and rural home buyers. This program can be found in 97% of the geographic United States and you can find it here at Envoy Mortgage of California.
The Rural Development Guaranteed Housing Loan Program is also referred to by it’s other aliases such as:
- USDA Loan
- Rural Housing Loan
- Section 502 Loan
The U.S. Department of agriculture insures all USDA Loans and people boast about it’s biggest and best feature…the option of No-Money Down Financing.
While there are other lending options that offer low down payments the USDA Mortgage also offers interest rates that are often times discounted compared to other similar Mortgage Loans.
Envoy Mortgage of California offers a variety of Down Payment Assistance programs at both the state and local level. Among the programs we offer are the CalHFA MyHome program and the GSFA Platinum Grant. There are many variables involved with determining if a down payment assistance program is right for you or your family. Please contact us to see if you’re a good candidate for these programs.
We survey EVERY client, Realtor, and escrow officer after EVERY transaction. Our clients rave about our service because we care. We’re a statewide lender with a local level of service. See what our clients had to say about us.
- Closed on time, great communication and very pleased with the loan. Robert and his staff as well as Envoy were extremely prompt and made sure I was well informed through the entire process.
- I've used Robert to purchase and then refinance our house and the service was exceptional both times. I would definitely recommend to anyone that they use him to purchase or refinance their home. One of the things I really liked about using Robert is that he was very accessible. Any time I had a question he was available. If I did leave him a message he would always return my call within 1 business day. He made sure that we completely understood the process as we went through it. Also, I was very impressed with his knowledge of the process. If I had a question, he knew the answer. He explained all of the fees in great detail and the fees matched what he said. We had NO surprises in the process!
- Very helpful, explained things properly and answered all of my simple to complicated questions in a very honest and professional manner. Continues to do follow ups months after my paperwork and loan have been completed to make sure everything with my loan and home continue to be in working order.
- Robert was very helpful when I was refinancing my home loan. He worked quickly and efficiently to get the best interest rate for me and made sure that I was satisfied with the refinance process.
- Best people to work with ever! Robert and Marina are the dynamic duo! Their follow up was awesome on every detail and made our buying experience all the easier. We will certainly use them again if we ever decide on another move. If you are considering purchasing a home, these are the folks to use!
- Communicated very well to me as a first time buyer. Appreciated the walk through and advice. Always stayed in contact regarding my approval process and provided easy instructions to help process smoothly.