We have a variety of programs to help you reach your goals, including low down payment loans, high balance loans, jumbo loans and more. Not sure which loan is the best fit for your situation? Download our free mortgage quiz to see which program will work best for you, or give us a call so that we can go over your options!
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FHA Loan: Designed to Get you into a Home.
FHA loans are insured by the Federal Housing Administration, and with the government guarantee, lenders are more willing to lend with more lenient qualifying guidelines. FHA loans have been specifically designed to help borrowers get into homes.
First Time Buyers can often benefit from the more flexible guidelines of a FHA loan, including a lower down payment. Typical conventional down payments can range between 10% - 20%, but with a FHA loan the down payment can be as low as 3.5%*. This lower down payment can even be provided to you from a family member as a gift fund.
With more lenient qualifying guidelines, FHA loans make homeownership more accessible to more people. Credit scores to 600, lower debt ratios, and seller contributions are all allowed with a FHA loan. A few ups and downs in your credit history may be ok with FHA guidelines.
- Ideal for First Time Buyers
- Lower down payments and gift funds allowed
- More flexible qualifying guidelines
- Available for purchase or refinance, fixed or adjustable rate
First Time Buyers are not the only ones who can benefit from a government guaranteed loan. You can refinance with an FHA loan, even if you don’t currently have an FHA loan. FHA loans come with a few requirements. Because the program intends to help buyers get into a home, you must live in it as your primary residence. (Don’t worry investors, we have plenty of other loan programs that are perfect for you.) Flip properties are allowed, however, as long as it is owner occupied.
Some FHA programs will require you to have the home appraised by an FHA- approved appraiser, and for you to pay mortgage insurance premiums. Plan on paying Up Front Mortgage Insurance (UFMI) and a Monthly Mortgage Insurance Premium. Our American Pacific Mortgage loan advisors can tell you what you qualify for and what to expect for your total payments, including mortgage insurance.
VA Loan: Recognizing our Heroes
A VA loan is insured by the U.S. Department of Veterans Affairs and issued by VA approved lenders. This government guaranteed loan encourages these approved lenders to lend with more flexible and lenient qualifying guidelines.
VA loans offer unmatched benefits to our heroes; the veterans, active duty, and surviving spouses.
Qualifying for a VA loan
Veterans, actively serving military personnel, and surviving spouses of veterans qualify for a VA loan with suitable credit, adequate income, and a valid Certificate of Eligibility
First Time Buyers
Veterans purchasing their first homes can qualify for more home thanks to no requirement for mortgage insurance. The VA does not require a down payment, and homebuyers can even purchase a home that needs repairs or remodeling and include the costs of those repairs into the VA loan, up to 103.15%.
The VA offers a Streamlined Refinance to lower the interest rates of many veterans without having to re-qualify. The VA mortgage is an incredible program that honors our heroes. The amazing benefits to buyers or borrowers cannot be matched by any other loan program. Purchase a home with no money down, borrow 100% of the value of the home or more, qualify with lenient guidelines, and avoid mortgage insurance requirements with a VA loan.
Not sure if you qualify? Want to compare a VA loan to other programs to be sure you are getting the perfect loan? Our loan advisors at American Pacific Mortgage can go over the VA guidelines so you can rest easy knowing that the VA loan is a superior program established in recognition of you.
* Qualifying factors may apply
FHA and VA Loan Limits by County
USDA Loan: When "Home" is Outside the City Limits
USDA loans are government insured loans for purchasing rural property outside of major metropolitan areas. USDA loans are serviced by direct lenders that meet federal guidelines. USDA loans offer unique benefits, including no down payment requirements for buyers.
Not Just for Farmland!
If you live outside of a major metropolitan area, then you may qualify for a USDA loan. As a matter of fact, millions of borrowers are eligible for USDA loan, the only program that offers 100% financing available* to buyers who haven’t served in the military. The county and zip code of the home you want to purchase may meet the guidelines as long as it is outside of a major metropolitan area.
No Down Payment Required
Conventional loan can require a 20% down payment, but USDA loans stand alone in offering 100% purchase financing with no down payment requirements. As long as you meet the USDA requirements, you can get 100% financing when you purchase your rural home.
The requirements for a USDA loan are very specific, so our specialized loan experts at American Pacific Mortgage can help determine if you qualify under the current guidelines. The location of the home, your income, credit history, and number of dependents will determine eligibility for this fantastic program.
* Qualifying factors may apply
Find Financial Stability with a Fixed Rate Mortgage
A fixed rate mortgage is the most popular loan program chosen by homeowners. If you are one of the many homeowners who desires a stable monthly interest rate and payment over the life of your loan, then a fixed rate could be the loan for you.
With a fixed rate loan, it doesn’t matter what is happening in the market. If interest rates begin fluctuating wildly, your rates will remain steady and sure. Nobody knows what the future holds, but with a fixed rate mortgage you can have the peace of mind that nothing will cause your rates and payments to rise.
Your financial planning is made easier when you know what your mortgage payments will look like for the next 15 or 30 years. Set and reach short-term and long-term financial goals by knowing your interest rates will never go up, and neither will your payments. With a fixed rate mortgage, your principal and interest payment is set in stone. While your property taxes and homeowner’s insurance may change throughout the years, your principal and interest payments will be reliable and consistent.
Choose a fixed rate term that works for your financial goals. You have the freedom to select various fixed rate loan options. If you choose, you can make higher monthly payments and reduce the amount of time it will take to pay down your principal or pay off your mortgage before the end of your fixed term.
A 30-year fixed is a great option when you want peace of mind of stable monthly payments to reach your long-term financial goals.
- The most popular mortgage loan program
- A stable interest rate and reliable monthly payments over the life of your loan
- Build equity over time and pay principal balance down faster whenever you choose
A 15-year fixed is a terrific option when you prefer a higher monthly payment in exchange for paying less in interest, want to pay your house off sooner, or when you have short-term plans for your home.
- Interest rates are typically lower than 30-year fixed
- A fixed rate loan that allows you to pay principal down faster than 30-year fixed
- Pay higher monthly payments in order to pay less in total interest over life of loan
Adjustable Rate Mortgage: Dynamically powering your goals.
An Adjustable Rate Mortgage, or ARM, can be a powerful tool for homeowners. An ARM is a mortgage that offers a low introductory fixed rate term. After this period is over, the adjustable period follows for the remainder of the term. During this adjustment period the interest rates can adjust up or down, depending on the financial index it is attached to.
During the initial fixed period, the interest rates on an ARM are generally lower than with a fixed term loan. This means lower monthly payments for the introductory term. If you plan on selling or refinancing your home in 5-7 years, the ARM is a great option for lowering your rate and payments during that introductory fixed period.
Big Benefits for Short Term Goals
Lenders are able to offer lower interest rates on an ARM because they only have to guarantee that rate for the introductory fixed period. Luckily, the average American refinances or moves every 5-7 years, which just happens to be the same fixed period on an ARM.
Lower interest rates and payments early in the life of the loan
Mortgage payments and interest rates remain fixed for introductory period
Caps on interest limit the amount a rate can rise annually and over the life of the loan
For that period of time, you can benefit from lower interest rates and monthly payments compared to a fixed-rate mortgage.
What happens if you don’t refinance or move in the next 5- 7 years, and you reach the end of your ARM fixed term? When an ARM adjusts, the interest rates may be higher or lower than they are when you first get the loan. There is a risk of your interest rate and payments adjusting up. If your ARM does adjust up, a cap will limit the amount that the loan can go up annually and over its lifetime. You will be able to anticipate a worst-case scenario and know exactly how far up your interest rate can change that year and beyond.
The bottom line is that an ARM can be a powerful tool to get you a lower interest rate and monthly payments for a set period of time. This option is not right for everyone, but if you plan on moving or refinancing in the next 5 to 7 years, an ARM could be a benefit for you.
At American Pacific Mortgage, our loan advisors can help you to determine if an ARM fits your financial goals.
Conventional Loan Limits by County
High Balance Solutions
If you are looking to finance a home that exceeds conforming loan limits, our High Balance Solutions program will get the deal done.
Under this program, you can split the loan amount between a first and second mortgage. This may result in lower monthly payments due to potentially lower rates available through conforming mortgage products.
Do you need a loan that doesn’t necessarily conform to county loan limit guidelines? No problem! We work with many investors to get you a loan that fits your needs.
We offer nearly a dozen Jumbo investor loan programs to choose from. With our in-house delegated underwriting we can make sure your deal closes fast!
In-House Delegation to $2M
85% LTV to $3M
90% LTV up to $1.5M-No MI
80% LTV to $2M-Non-Warrantable Condos Available
2nd homes up to 80% LTV
5/5 and 15/15 ARM loan terms available*
Foreign National Options available
ARM Interest Only Available
Up to 50% DTI and 55% with an exception for well qualified borrowers
FICOs as low as 620
Down payment gift funds available (after borrower minimum contribution)
Owner occupied cash out up to $400K up to 80% LTV
The Jumbo Solutions loan program is a “sister” program to our High Balance Solutions program. The Jumbo Solutions program can be used if you are looking to finance a home that exceeds conforming high balance loan limits.
Similarly, you can split the loan amount between a first and second mortgage. This may result in lower monthly payments due to potentially lower rates available through high balance conforming mortgage products.
Investors or businesses looking for a commercial mortgage loan, look no further! We work with different lenders to assist you in obtaining a commercial loan for your next business venture.
Reverse mortgages are federally insured mortgages that allow borrowers 62 and older to access the equity from their home, whether they are refinancing or purchasing. Funds received from a reverse mortgage can be issued as a lump sum, fixed monthly payments, or as a line of credit, and can be used for a wide variety of reasons. A couple basic requirements include that you live in the property and pay your taxes and homeowner’s insurance.
Reverse Mortgage Facts:
You will still own your home.
You retain the title and ownership during the life of the loan and can sell your home at any time.
You can use the proceeds to pay off your existing mortgage.
This may allow you to lower or eliminate your monthly mortgage payments.
You choose how you spend the proceeds.
Many borrowers use it to supplement their retirement income, pay off debt, medical expenses, take their dream vacation, or to remodel their home.