Loans

Adjustable-Rate Mortgage

Adjustable-rate mortgages have an interest rate that is adjusted at certain intervals based on a specific index during the life of the loan.

Balloon-Payment Loan

A fixed-rate loan that is amortized over 30 years but becomes due and payable at the end of a certain term, may be extended, or may roll over into another type of loan.

Buy-Down Loan

Buy-down loans are fixed-rate loans where the interest rate and the payment are reduced for a specific period of time by passing the interest up front to subsidize the lower payment.

Community Homebuyer’s Program

A fixed-rate loan for first-time homebuyers with a low down payment (usually 3 to 5 percent), no cash, no cashreserve requirement, and easier qualifying ratios. Qualification is subject to borrower meeting income limits and attendance of a four-hour training course on homeownership.

Conventional Loan

Conventional loans are sometimes more lenient with the appraisal and condition of the property. When you are buying a “fixer-upper” you may need to use a conventional loan.

FHA Loan

FHA loans are insured by the Federal Housing Administration under the Department of Housing and Urban Development. They offer a low down payment and are easier to qualify for than conventional loans.

Fixed-Rate Loan

A fixed-rate loan has one interest rate that remains constant throughout the life of the loan.

Graduated Payment Mortgage

A fixed-rate loan that has payments starting lower than a standard fixed-rate loan, which then increases by a predetermined amount each year for a set number of years.

Mortgage Credit Certificate

A first-time homebuyer program is subject to purchase price and income limits in some areas. It is actually a special tax credit and assists the buyer in qualifying for many loan programs.

Nonqualifying Loan (Assumable)

Nonqualifying loans are pre-existing loans that can be assumed by a buyer from the seller of a property without going through the qualifying process. The buyer pays the seller for their equity and then starts making payments.

VA Loan

VA loans are guaranteed by the Department of Veterans Affairs. A veteran must have served 180 days of active service. The maximum VA loan in San Mateo County is currently $636,150 with no down payment. 

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1290 Howard Ave #201, Burlingame, CA 94010 

650.249.6920

Joanna@SellsThePeninsula.com