About our loan products
Realtors and Prospective Buyers
Pre-qualification and loan programs you can rely on! If a buyer is properly pre-qualified, the loan process will go smoothly and close on time and we pride ourselves in making that happen – every time! We service all of California.
Refinance Customers
We can refinance your existing mortgage to assist with new loan terms for home improvements, debt consolidation or needed cash for college to name a few.
San Vicente Mortgage has in-house processing, competitive rates, FHA – USDA – VA approved, professional services, fast and reliable!
Loan Products
(Click to view a side by side comparison of loan products)
FHA Mortgage Loan - Standard
The Federal Housing Administration (FHA) was established as a division of the U.S. Department of Housing (HUD) in 1934 to expand national home ownership opportunities.
Minimum down payment is 3.5% of the purchase price.
- Down payment and/or closing costs can be gift funds from a family member with none of the borrowers own funds required.
- Sellers can contribute up to 6% towards your closing costs, rate buy down and pre-paid finance charges (cannot be towards down payment)
- FHA allows a non-occupant co-signers – meaning a family member can help qualify without intending to occupy the property.
- FHA does require credit scores, however if you have limited credit we can build credit with non-traditional credit, i.e. rental history, utility bills, auto insurance payments, etc.
- There are no income limitations
- FHA has relaxed guidelines in order to facilitate home ownership.
- FHA allows lower fico scores than other products
FHA does have both a up front mortgage insurance premium (UFMIP) which is 1.75% of the loan amount – this is a fee paid to HUD to insure the loan for the Participating Lenders, this fee is financed in the loan (can be paid or financed) and a monthly mortgage premium which is required.
Note – only available on Owner Occupied Property
^Back to topFHA Mortgage Loan– minor rehab loan 203K
This has all the same features as the FHA Standard loan, however it enables borrowers to finance the purchase or refinance of a home and the cost of it's rehabilitation through a single mortgage up to $35,000.
Improvements allowed are as follows:
Examples of eligible improvements are listed below, hwoever, this in not an all-inclusive list:
- Repair/replacement of roofs, gutters and downspouts.
- Repair/replacement/upgrade of existing heating, ventilation & air conditioning systems.
- Repair/replacement of plumbing and electrical systems.
- Repair/replacement of flooring.
- Minor remodeling that does not involve structure repairs, such as kitchens.
- Exterior and interior painting.
- Weatherization, including storm windows and doors, insulation, weather stripping, etc.
- Purchase and installation of appliances, including free-standing ranges, refrigerators, washers and dryers, dishwashers and microwaves.
- Improvements for accessibility for persons with disabilities.
- Lead-based paint stabilization or abatement of lead-based paint hazards.
- Repair/replacement/addition of exterior decks, patios and porches.
- Basement waterproofing.
- Replacement of window and doors and exterior re-siding.
Most improvements are eligible provided they add value and are permanently affixed to the foundation. Improvements to detached structures and luxury items are not allowed.
Luxury items include: Swimming pools, hot tubs, tennis courts, gazebos, barbecue pits, etc. Repair work to these is also not allowed.
Properties that require the following work items are not eligible for financing:
- Major rehabilitation or major remodeling, such as the relocation of load-bearing wall;
- New construction (including room additions);
- Repair of structural damage;
- Repairs requiring detailed drawings or architectural exhibits;
- Landscaping or similar site amenity improvements;
- Any repair or improvement requiring a work schedule longer than six (6) months; or
- Rehabilitation activties that require more than two (2) payments per specialized contractor.
We are 203K Certified!
^Back to topVA Mortgage Loan
The Veteran's Administration (VA) was established in 1930 when Congress authorized the President to "consolidate and coordinate Government activities affecting war veterans." The Serviceman's Readjustment Act of 1944 (known as the "G.I. Bill") authorized the VA to administer a variety of benefit programs, including a home loan guaranty program, to facilitate the adjustment of returning veterans to civilian life.
- 0% down payment required
- Funding fee is 2.15% and will be financed in the loan (fee based on 1st time use)
- Funding fee can be waived if the veteran is 10% or more disabled from the military
- No monthly Mortgage Insurance (MI)
- Must have full VA Eligibility to qualify.
USDA mortgage loan
The Guaranteed Rural Housing Loan Program is offered through the Rural Housing Service (RHS), an agency of the U.S. Department of Agriculture. The program offers assistance to low- and moderate-income rural residents whose income is equal to or less than 115% of the area median income. It was designed to assist qualifying rural residents with better access to affordable housing finance options with little or no down payment or out-of-pocket costs.
- 0% down payment required
- 2% UFMIP (up front mortgage insurance premium) which can be financed in the loan.
- Significantly lower monthly mortgage insurance than FHA
- USDA does not allow properties with swimming pools
- This loan does have income restrictions and property must be in an approved USDA area – please call to discuss your situation to see if you qualify for this program.