Many lenders offer a variety of mortgage programs for homebuyers with special circumstances, particular requirements, or specific qualifications. You might consider one of these special mortgage programs if you:

• Qualify for an FHA or VA Loan
• Need the low down payment options of affordable loans
• Have less than perfect credit
• Need to get a Manufactured Home Loan.

VA Mortgages
VA mortgage loans are intended to encourage lenders to offer veterans mortgages with more favorable terms. VA mortgages can be used to buy, build, improve, or refinance a home. These mortgages are often made without any down payment at all, and frequently offer lower interest rates than are ordinarily available with other kinds of mortgages.

FHA Mortgages
The FHA insures mortgage loans to help people buy or refinance their current homes with a low down payment. The FHA insures the loan(s) so that if buyers default for some reason, the lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan. Down payments on FHA loans can be as low as 3% down.

Balloon Mortgages
The seven-year Balloon mortgage with a Conditional Refinancing Option can be a good deal for many borrowers. Your monthly payments are based on a 30-year amortization, while the interest rates are based on the shorter term of the loan. And, the Conditional Refinancing Option provides a safety net, allowing borrowers to refinance the seven-year Balloon at maturity with a 23-year fixed-rate mortgage, provided certain conditions are met. Calculate Your Amortization!

Special Programs
Many lenders offer several affordable mortgage programs with low down payments, and flexible qualifying guidelines, closing cost assistance, and so on.

Find out more about “Affording Your New Home” and find out your options to buy the home of your dreams!

Use our quote form, a mortgage feature on California Mortgage & Home Equity Loans, Co. to locate a lender in your area offering the mortgage product that best suits your needs. The independent lender you select will work with you to help find a low-cost mortgage that meets your needs. Apply today!