• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

Selecting The Right Home Loan Program

September 14, 2011 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email
why there are no maybe loans in todays market

With the small variety of home loan programs available today selecting the right home loan program is easier now more than ever. There are lots of different options available for both purchases and refinances. For this blog post we are going to be discussing purchase loan programs. With a decent credit score, documented job stability/income and even without down payment, purchasing a home today is really quite affordable.

There’s a few different available choices in the marketplace today for purchases. We have conventional loans, FHA loans, VA Loans, Home Path Loans, USDA Loans and even Jumbo Loans. Each one of these home loan programs have their own unique characteristics.

Here’s a small synopsis of each loan program to help you select which one makes the most sense for you.

Each of these programs contain the same terms example 30 year fixed etc.

Conventional Loans- these are your standard most basic loans and they contain terms of 15 year, 30 year and even 10 year choices all with fixed rates. This can be for purchases of up to 5% down.

FHA Loans-allow for first-time home buyers as well as move-up buyers and you are allowed to put as little as 3.5% down. The main benefit besides a low down payment is relaxed credit guidelines.

VA Loans- are for veterans only. This program offers 100% financing and there is no earnest money required. There is also no mortgage insurance required and there is a 2.15% funding fee financed into the loan amount. The seller of the property pays for all repairs to be done and the property must clear pest.

Home Path Loans- are for properties owned by Fannie Mae only. Fannie Mae allows the purchase contract to determine the purchase price and there is no appraisal required and there is no more is insurance required. The down payment options are 3% down and 5% down, but the rates are significantly better putting 5% down.

USDA Loans-presently have a 3.5% funding fee however this is being reduced to 2% comes October 1. This loan program also offers 100% financing in Sonoma County and is available in rural areas. There are certain income limitations which we can discuss by calling 707-217-4000. Learn the areas of Sonoma County to get a USDA Home Loan.

Jumbo Loans-are presently available any loan amounts above $662,500. On October 1 this will be reduced to $520,950, meaning that any loan amounts above that figure will be considered Jumbo Loans. Jumbo Loans in the fixed rate category for 30 years or 15 years contain much higher rates than short-term adjustable-rate mortgages.

Selecting the right home loan program is a predicated on what you qualify for.

Qualifying for a mortgage loan and subsequently selecting the right home loan program begins with talking to a qualified mortgage lender that can walk you through some available options. If you are thinking about purchasing a property in Sonoma County or in Santa Rosa, feel free to give me a telephone call Scott Sheldon and we can go over some available options and see which one makes the most sense. I look forward to helping you select the right home loan program.

Related Mortgage Advice from Scott Sheldon

  • 15 Year Fixed Rate Mortgages Are HOT!

    Fixed-rate mortgages are quite competitive right now, many are seeking 15 year fixed-rate mortgages. You…

  • The 30 Year Fixed Rate Mortgage, Still The Most Popular Home Loan For Borrowers

    For financing real estate, the 30 year fixed-rate mortgage still remains the most popular home…

  • Sonoma County Mortgages... The Ins & Outs

    You probably already know if you have a decent credit score, have an overall low…

  • What Sonoma County loan programs are available for little or no down payment?

    Great question There are several different programs which would help you decide on purchase price,…

Filed Under: Invesment Properties/Second Homes, Jumbo Loans, Loan Programs, Mortgage Shopping, Mortgage Tips & Advice

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window