Understanding Home Choices with California Mortgage Consultant Vic Joshi

Vic Joshi, C2 Financial. Home of free mortgage consultation. Amongst the over 100 lenders that we’re approved with we do have a wide variety of products that are available. Not only do we have all of our conventional products that conform to Fannie Mae Freddie Mac guidelines, we have federal housing administration, FHA loans that will allow for down payment as little as three and a half percent. Within our Fannie Freddie products there is a 3% down program as well. Both of these programs come with private mortgage insurance if the down payment is less than 20%. We also have means of doing a no PMI product if we do a combination loan. The rule for PMI again is that anytime you have a single mortgage where the loan amount is greater then 80% of the purchase price that requires PMI. If the borrower’s able to come in with 10% down, then we can chop the loan into two pieces and do an 80% first mortgage and a 10% second mortgage with 10% down, it’s called an 80-10-10, therefore there’s no PMI.

We have that available as we will as Fannie, Freddie, FHA, we have have a loans available, Vets administration loans which if you are a vet you can do that for zero down. Even to some pretty high loan amounts. We do have some other types of FHA financing other than just your standard single family home purchase product. There is a renovation loan with FHA that you can do if you’ve got a property that’s in despair, that needs work. You can take out a loan with FHA that gives you the funds to do the work and then you can get into your fixed rate mortgage, even refinance afterwards into a conventional to get out of the PMI. If the renovation has generated enough equity in the property you can do something like that.

There is some Latent construction loan financing available. We do have access to commercial loan products if you’re trying to purchase apartment building or a mixed used property. The rule for residential is 40 units or less. Any number of units over 40 units is going to be a commercial loan, which will be a whole nother type of loan product. I do have access to a number of hard money lenders that will do private financing for borrowers who have not good credit, but maybe have a lot of equity in the property that they’re trying to purchase, maybe borrowers who can’t document income but have bank statements to reflect that they’ve got income in the property, the income coming in.

We have a wide variety of product offerings. I do have experience with majority of them. The other one is … There is reverse mortgage product available. Reverse mortgage is a growing part of the industry as the baby bloomer generation reaches that age of retirement and getting older in years and may wanna tap the equity of their property in order to stay in their properties longer. Those reverse mortgage products exist for us as well. We have a large variety. Again, free consultation. Vic Joshi, C2 Financial, home of free mortgage consultation.