We have access to dozens of different loan programs. If you’re interested in something not described here, just let us know and we’ll try to get the details.
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Whether you are interested in a conventional loan, government loan, jumbo loan, or other home financing option, our friendly consultants will help you find the best solution for your future.
Mortgage interest rates are currently at an all-time low. Give us a call to find out how refinancing your mortgage can help you save money over the life of your loan by lowering your interest rate or reducing loan terms.
Conventional loans are often confused with conforming loans but, although the two types overlap, they are not the same. A conventional home loan is a mortgage that is not insured or guaranteed by the government (such as FHA or VA loans). In short, while all conforming loans are conventional, not all conventional loans qualify as conforming.
A conforming loan is a mortgage that is equal to or less than the dollar amount established by the limit set by the Federal Housing Finance Agency (FHFA) and meets the funding criteria of Freddie Mac and Fannie Mae. For borrowers with excellent credit, conforming loans are advantageous due to the low-interest rates affixed to them.
Fixed rate mortgages
A fixed-rate mortgage (FRM) is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or “float.” As a result, payment amounts and the duration of the loan are fixed.
Adjustable rate mortgages
An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. With an adjustable-rate mortgage, the initial interest rate is fixed for a period of time. After that, the interest rate resets periodically, at yearly or even monthly intervals.
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Federal Housing Administration (FHA) loans are insured by the U.S. Government through the U.S. Department of Housing and Urban Development, also called HUD. FHA loans offer an excellent start to first-time home buyers, with options such as a low down payment or low closing costs.
FHA Section 203(h) program
The Section 203(h) program allows the Federal Housing Administration (FHA) to insure mortgages made by qualified lenders to victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.
The United States Department of Agriculture (USDA) Rural Development program helps lenders work with low and moderate income families living in eligible rural areas to make homeownership a reality.
The Veteran’s Administration (VA) loan program is guaranteed by the U.S. Government’s Department of Veteran’s Affairs. VA loans may be available to the following individuals:
- Honorably discharged veteran
- Active duty service member
- Un-remarried surviving spouse of a military service member
- National Guardsperson
Debt consolidation loans
Cash-out refinancing can help you consolidate other debts, including vehicle loans, student loans, and credit cards.
Finding the best loan for a manufactured home can get confusing. It’s important to know what your options are and make sure you apply for the most favorable type of financing. Never accept a loan offer before researching your choices, especially if you’re putting the home on a piece of property that you own.
With a HomeStyle® Renovation loan, eligible home buyers and owners can renovate a home to fit their needs and personal style with just one loan that covers the mortgage and improvements.
A reverse mortgage, also called a home equity conversion mortgage (HECM), is a loan available to homeowners, 62 years or older, that allows them to convert part of their home equity into cash. It’s called a “reverse mortgage” because instead of making monthly payments to a lender — like with a traditional mortgage — the lender makes payments to the borrower.
A construction loan is a short-term loan used to finance the building of a home or another real estate project. The builder or home buyer takes out a construction loan to cover the costs of the project before obtaining long-term funding. Because they are considered relatively risky, construction loans usually have higher interest rates than traditional mortgage loans.
Mortgages that exceed the conforming loan limit are classified as nonconforming or jumbo loans. The terms and conditions of nonconforming mortgages can vary widely from lender to lender, but the interest rates and minimum down payment for jumbo loans are typically higher because they carry greater risk for a lender.
CalHFA by the California Housing Finance Agency
Buy your first home with little money out-of-pocket using CalHFA’s programs and Preferred Lenders. CalHFA allows qualified homebuyers to layer other down payment assistance loans or grants to maximize affordability.
HomeReady by Fannie Mae
Offered by Fannie Mae, the HomeReady® mortgage is designed to help lenders confidently serve today’s market of creditworthy low- to moderate-income borrowers.
Home Possible by Freddie Mac
The Freddie Mac Home Possible® mortgage offers more options and credit flexibilities than ever before to help your very low-to low-income borrowers attain the dream of owning a home.
Local housing assistance programs
Paradise and Oroville, California both offer low-interest loans to qualified first-time homebuyers based on current income limits and property type. As an approved lender, Network Mortgage can assist you with either program.