Window Shopping?Mortgage Loan Products That Fit You.
You may have already run into lenders who pitch only specific mortgage loan products because it’s best for their bottom line. That’s not the case at GoPrime Mortgage, Inc. We take the time to find the mortgage that’s best for you.
- 100 Percent Finance Options
- Affordable Homebuyer Programs
- Down Payment Assistance Programs
- Modular Home Financing
- Debt Consolidation
I don't want to pay a down payment. 100 Percent Finance Options
100 Percent Finance Options
With these loans, you don’t need any down payment. If you qualify, take advantage of these programs to buy your first house. Two examples of mortgages that require no down payment are VA loans and USDA loans. Talk to your independent mortgage lender about the benefits of these mortgage loans.
I have a good credit score. - Conventional Loans
Conventional loans are ideal for well-qualified purchases, second homes or investment properties. You must have a good credit score, meet a minimum income threshold and be ready to plunk down 3–20 percent for the down payment. But these mortgages offer good benefits:
- Conventional loans have fewer restrictions than other loan types.
- They’re excellent options for second homes, vacation homes or investment properties.
- Conventional loans require no upfront mortgage insurance premium (PMI) or funding fee.
I want to live in a rural area. - USDA Loans
Sometimes referred to as “rural housing loans” because the loans are guaranteed by the U.S. Department of Agriculture, USDA mortgage loans are perfect for first-time homebuyers. USDA loans have to be used for your primary residence, not a second home, and you have to meet the eligibility requirements. Here are the main benefits:
- USDA loans do not require any down payment.
- You can finance up to 100 percent of a home’s value.
- USDA loans are restrictive in certain areas (get details)
- You may qualify for lower mortgage insurance premiums (PMIs).
I need help with my down payment. - Down Payment Assistance Programs
Down Payment Assistance Programs
The U.S. government has put many programs in place to help first-time homebuyers. Down payment assistance programs can help you overcome the biggest hurdle facing most would-be homeowners: the money needed to start the process. VA loans, FHA loans and USDA loans are examples. But there are other programs that can help:
- Grants are available to cover closing costs and down payments. The specific grants are county-specific; please ask Zachery Adam with GoPrime Mortgage, Inc. for details.
I am buying an investment property. - Investment Property Purchases
Investment Property Purchases
Investment properties can include everything from single-family homes to 1–4-unit buildings and condos. It’s always wise to do your research before you buy to learn about the expenses. Benefits include:
- When investing in real estate, decide if you want a short-term or long-term investment. This decision will drive other decisions.
- You can gain a diversified portfolio of assets that includes real property.
- You can leverage the rents to pay down the mortgage while building equity in an appreciating asset.
I am buying a manufactured home. - Manufactured (Double-Wide) Financing
Manufactured (Double-Wide) Home Financing
You may find it difficult to get financing for a manufactured home or “double-wide” home, since many banks don’t offer loans for these homes. However, you can get an FHA or VA loan to cover the costs of buying a manufactured home, as long as you meet some conditions:
- The house has to have a permanent foundation.
- The house has to be built after June 15, 1976, and has to be at least 400 square feet.
- USDA loans are available, but only for brand new manufactured homes and double-wides.
I want to buy a modular home. - Modular Home Financing
Modular Home Financing
A modular (or prefab) home is not a manufactured (or mobile) home. Modular homes are not built on-site, which is the definition of a “stick-built” or traditional home, but they also are not built with axles and wheels. A modular home is assembled at a site on a permanent foundation. Modular homes cost a lot less than stick-built homes, but mortgage loan products are still available. Benefits include:
- You can get a loan to build a new modular home. Once the home is built, the loan becomes a regular mortgage.
- FHA and VA loans are available to help you purchase a modular home in some instances.
I want to build equity in my home fast. - Adjustable Rate Mortgages
Adjustable Rate Mortgages
Also known as an ARM, this mortgage type has an interest rate that can vary with market changes. Typically, the rate starts low for the first five-to-seven years. The interest rate is capped at a certain point. These mortgages are not recommended for first-time homebuyers. Benefits of an adjustable-rate mortgage include:
- You can save a lot of money if you plan to pay off the mortgage within the first 5-to-7 years.
- This type of mortgage allows you to build equity faster than with a fixed-rate loan.
- An adjustable-rate mortgage improves your monthly cash flow.
I want my monthly payments to stay the same. - Fixed Rate Mortgage Loans
Fixed Rate Mortgage Loans
The most popular mortgage loan products by far, fixed-rate mortgage loans have a set interest rate that doesn’t change over the course of the loan. Most fixed-rate loans have a set length of 15 or 30 years. Some benefits of a fixed-rate mortgage include:
- Your monthly payments never change.
- It’s a “safe” loan, meaning it’s free of surprises.
- You can lock in 40-year low interest rates for long-term security.
I am actively serving in the Military or a Veteran. VA Loans
The US Department of Veteran Affairs (VA) helps veterans, active duty service members and eligible surviving spouses get mortgage loans through a lender. You need a veteran’s certificate of eligibility and a VA-assigned appraisal to qualify. Benefits include:
- VA loans offer a 100% finance option, eliminating the need for a down payment.
- Lenders are encouraged to relax credit requirements.
- VA loans do not require monthly mortgage insurance since the government guarantees the loan.
- Often, you can get lower interest rates with a VA loan.
I am a first time home buyer. - Affordable Homebuyer Programs
First Time Affordable Homebuyer Programs
If you’re a first-time homebuyer, GoPrime Mortgage, Inc. can get you the best deal on a loan. Many mortgage loan products programs are designed to help first-time homebuyers, and your loan officer will find the one that best fits your situation. Here are some examples:
- Mortgages like FHA loans and USDA loans require little or no down payment.
- Government-guaranteed programs like VA loans and FHA loans can help you overcome past credit problems.
- You can take advantage of mortgage credit certificates (MCC) to get tax credits.
I am buying my luxury dream home. - Jumbo Loans
If you’re ready to buy your dream house or a luxury second home, you may need to borrow a larger amount of money than your average homebuyer. With a Jumbo loan, you can borrow more to buy or refinance a home. Here are some Jumbo loan benefits:
- Since conforming mortgage loans are limited to $417,000 in the continental U.S., jumbo loans provide a great alternative if you need more than that.
- It’s easier to apply for a jumbo loan than it used to be because they are more in demand.
- Your independent mortgage lender has several types of jumbo loans to offer you.
- A jumbo loan refinance can save you money on your monthly mortgage payment.
- The best benefit of all? You’re buying a beautiful home.
I am buying a second home. - Second Home Purchases
Second Home Purchases
Buying a second or vacation home requires that you qualify for a mortgage loan in addition to your primary residence. Consider the implications of owning a second home — such as taxes, insurance and maintenance. But if you can meet the requirements and have a 10 to 20 percent down payment, you can find favorable terms and benefits:
- An independent mortgage lender has tools and products geared specifically for second home buyers.
- You can find favorable loans, such as jumbo loans
I want to lower my mortgage payments. - Refinance
Once you’ve built up some equity in your house, you can refinance your mortgage to access some of that equity. Keep in mind you’ll accrue the same type of fees and costs as with any other mortgage, but there are many good reasons to refinance:
- Take advantage of a lower interest rate.
- Reduce your monthly mortgage payments.
- Use the equity to pay off other debts (see debt consolidation loans).
- Pay off your house more quickly by refinancing with a 15-year mortgage.
- Use the equity to pay for house repairs and upgrades.
- Pay for your children’s college tuition. Or your daughter’s wedding.
- Purchase an investment property or a second home.
I want a low down payment. FHA Loans
Many mortgage loan products which are well suited for first-time homebuyers, FHA loans have more relaxed requirements than conventional mortgages. In some cases, you can have a recent bankruptcy in your past and still qualify for a loan. Protected by the Federal Housing Administration, these loans may be attractive to first-time homebuyers for these benefits:
- Down payments for an FHA loan may be as low as 3.5% of the purchase price, not 20% or more.
- You can use a monetary gift for your down payment and closing costs.
- You can get either fixed or adjustable interest rates with a FHA loan.
- FHA loans may be streamlined, so you need less paperwork, simplifying the process.
- Grants and down payment assistance programs help you cover closing costs.
I am buying a house that needs repairs. - Renovation Loans
Known as FHA 203k loans, these mortgages help you pay for home renovation projects. They are not lines of credit that you can use for any purpose. If you take out a renovation loan, you have to prove that you’re using the funds on a renovation project. That’s due to one of its primary benefits:
- Your loan amount is based on the upgraded value of your house after the renovations are complete.
- These mortgage loans are perfect for people who want to buy a house to rehab it.
- With this mortgage, you don’t receive the money all at once; the funds get doled out as needed, paid to the contractor doing the work. The lender holds the money in an escrow account, keeping the contract and borrower safe.
I want to pay off my credit cards.- Debt Consolidation
If you’ve built up some credit card debt, it likely comes with a very high interest rate: as much as 16 percent or more. If, however, you’ve been living in your house for some time, you’ve also built up equity in the property. Rolling your credit card debt into your mortgage has some advantages:
- Since your mortgage carries a much lower interest rate (sometimes 10–15% lower), you’ll save money.
- You’ll lower your monthly payments if you consolidate your credit card debt into a new 30-year mortgage.
- These loans are especially valuable for people who have had one-time expenses.
- You can claim tax deductions on mortgage interest, but not on credit card interest (consult your CPA or tax accountant).
I want to claim my mortgage interest - Mortgage Credit Certificates (MCC)
Mortgage Credit Certificates (MCC)
In California, if you qualify, you can claim up to 20 percent of your mortgage interest on your federal taxes. Administered by the California Housing Finance Agency, the MCC program is for:
- First-time homebuyers
- US Citizen or Permanent Resident Alien or Qualifying Alien
- Meet Income & Acquisition Requirements
- Principal residence; Must occupy property within 60 days of closing
- IRS filed TAX returns for past 3 yrs – all Borrower(s) & Spouses
Get More Information
The links below offer more information about the mortgage process. Discover why you can trust GoPrime Mortgage, Inc. to finance your California home purchase.
Making the biggest investment of your life so far means it’s important to find a lender with whom you connect. Learn as much as you can about the home-buying process. A second home can be a wise choice for now and for the future. Make sure you find the right house and get the right mortgage.
GoPrime Mortgage, Inc. offers more mortgage types than most banks. Review the variety of mortgage loans and read their descriptions. To understand the differences call Zachery.
If you’re applying for a mortgage here’s an invaluable list of things to do or avoid during the process. Even seasoned real estate investors can use a refresher. Get good advice on the dos and don’ts of buying your first home in the Bay Area.
What do you need to apply for a loan? The answer is different for everyone. Here’s a complete list to give you an idea. While you won’t need everything on this checklist, review it to get an idea of what your independent mortgage lender will ask about. For a more specific list, send Zachery a message.
Everyone has questions about buying their first California home and applying for a mortgage loan. This page answers the most common questions people have. These frequently asked questions are a resource for you. See if your questions are answered here.
Law requires that you be provided the homebuyer’s guide when you apply for a loan. Before you dig into the massive text, here’s a helpful summary. You will get a copy; but this page summarizes what’s in that disclosure.
As you explore the rabbit hole of mortgage loans, you’ll come across terms and acronyms that you don’t know. Look here for help. You’re not expected to know all the terms and phrases. Look here first or ask any questions you may have.
Enjoy a mortgage process built for the modern world.
Borrowers can easily complete a loan application, upload supporting documentation, eSign disclosures, and monitor the status of their loan — in a single, easy-to-use location. Apply Securely Online
What do you need before you can be pre-qualified?
To be pre-qualified for a mortgage loan with GoPrime Mortgage, Inc. there are a variety of documents required. Each case is different, our Document Checklist page can give you an idea of the most commonly requested documents.
If your current situation is unusual, such as multiple sources of income or complicated tax returns, your loan officer can notify the underwriters ahead of time to help speed up the review process.
After you’ve been pre-qualified, you can find a house and make an offer knowing your loan process will be quicker and easier. Being prequalified makes everything smoother.
At GoPrime Mortgage, Inc., our goal is to help you find Your Path Home. Pre-qualification can help us reach that goal. Don’t wait, apply now to get pre-qualified for a California mortgage by the experts at GoPrime Mortgage, Inc.
Call Zachery Adam at 831-226-1210 or send a message online to discuss our mortgage loan products and learn what’s best for you. Getting pre-qualified for a mortgage before you look at your first house gives you the confidence to make an offer because you know what you can afford.
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325 Soquel Ave Santa Cruz CA 95062