Loan Programs

Find the loan program that is right for you. Here at Pacific Funding Mortgage Division, we offer a wide array of financial products to fit your needs.

Conventional mortgages can give you a piece of mind with low closing costs and flexible payment options. Most conventional mortgage loans are fixed-rate mortgages so you will always know what your interest rate will be. The maximum loan amount allowed for a conventional mortgage varies from county to county so be sure to call a PFMD loan officer today to learn more about how a conventional mortgage could benefit you.

The Federal Housing Authority (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD), plays a significant role in helping low- to moderate-income families qualify for mortgages. FHA assists first-time buyers and others who would not qualify for a conventional loan, by providing mortgage insurance to private lenders. FHA loans provide homebuyers with a certain peace of mind and protection not found in other loan programs. For starters an FHA loan isn’t completely credit score driven and require only 3.5% down payment. Of course, this is only a few of the perks so contact PFMD today to get pre-approved for an FHA mortgage loan.

If you are a Veteran of the Armed Services, then a VA loan might be right for you! VA Loans are guaranteed by the U.S. Department of Veterans Affairs. Service persons and veterans can qualify for a VA Loan, which usually offers a competitive fixed interest rate, no down payment and limited closing costs. There are qualifying factors like any loan, of course, so contact us today to find out if a VA loan is right for you.

USDA provides homeownership opportunities to rural Americans and provides financing to elderly, disabled, or low-income rural residents. These loans carry a fixed interest rate and do not have any reserve requirements. 100% of the purchase price can be financed and no down payment is required. USDA added monthly MI to their loans; however, it is very affordable compared to other loan types. A good credit history is required, but fico scores as low as 620 can qualify. The home must be within USDA’s rural area so call a PFMD loan officer today to see if you qualify.

The highest loan amount for a “regular loan” is often called the conforming loan limit and is announced by Freddie Mac and Fannie Mae each January. Anything above that limit is considered a jumbo loan. Jumbo loan products can offer a wider range of flexibility. Because jumbo loan programs change every day, it is important to speak with a PFMD loan officer who can understand your current financial situation as well as what you are trying to accomplish and then help you find the best jumbo loan program available.

Reverse mortgages (also called home equity conversion loans) enable elderly homeowners to tap into their equity without selling their home. Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable. The money is nontaxable and does not interfere with Social Security or Medicare benefits. Most reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your principal residence.

This loan is any value-added loan in which the proceeds are used to finance construction of the property. The repayment ability is based on the finished project; therefore, these loans require special monitoring and deadlines to ensure that the project is completed, so that repayment will occur on time. These loans are either obtained by the homebuilder or the prospective owner.