These are the various loan types:

FHA Loan

An FHA loan is a mortgage issued by the federally qualified lenders insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to- moderate income borrowers who are unable to make a large down payment. As of 2016 these loans allow the borrower to borrow up to 96.5% of the value of the home; the 3.5% of down payment requirement can come from a gift or a grant, which makes FHA loans popular with first- time homebuyers.

HARP- Loan Affordable Refinance Program

A mortgage refinancing program offered by the Federal Housing Finance Agency to homeowners who own homes that are worth less than the outstanding balance on the loan. Homeowners eligible for Home Affordable Refinance Program (HARP) loans have mortgages owned or guaranteed by either Freddie Mac or Fannie Mae that were sold to either Fannie or Freddie before May 31, 2009

Conventional Confirming Loans

A mortgage that is equal to or less than the dollar amount established by the conforming loan limit set by Fannie Mae and Freddie Mac’s Federal Regulator, The Office of Federal Housing Enterprise Oversight (OFHEO) and meets the funding criteria of Freddie Mac and Fannie Mae

Home Equity Conversion Mortgage (HECM)

A type of Federal Housing Administration (FHA) insured reverse mortgage. Home Equity Conversion Mortgage allow seniors to convert the equity in their home to cash. The amount that may be borrowed is the based on the appraised value of the home (subject to FHA limits), and the age of the borrower (borrowers must be at least 62 years old). Money is advanced against the value of the home. Interest accrues on the outstanding loan balance, but no payments must be made until the home is sold. At which point the mortgage must be repaid entirely. Because the home secures the mortgage, change to required on the borrower

Line of Credit

A line of credit, abbreviated as HELOC, (Home Equity Line of Credit), is an arrangement between a financial institution, usually a bank, and a customer that establishes a maximum loan balance that the lender permits the borrower to access or maintain. The borrower can access funds from the line of credit at any time, as long as he does not exceed the maximum amount set in the agreement and as long as he meets any other requirements set by the financial institution, such as making timely minimum payments.

Purchase – Financing

FORMULALOANS is pleased to provide competitive rates on home loans for home buyers of all walks of life through all states. Whether you’re looking for your very first home or you are ready to move up to something bigger and better, our team of purchase financing professionals can help you find the right mortgage for your home purchasing needs. We have a variety of programs available, including low and zero money down options, government-backed loans, jumbo financing and more. Explore some of our most popular programs below and give us a call when you’re ready to get started

Program Options

Whether you’re looking for a traditional 30 year fixed rate mortgage, a non-conforming jumbo loan, a low money down FHA mortgage, or one of our many other affordable home financing options, we can most likely help you secure a great rate on a program that meets your needs.

We currently offer the following types of mortgages: Conventional, FHA, VA, USDARD (Unites States Department of Agricultural Development)

Zero & Low Money Down Options

At FORMULALOANS, we understand that not everyone has tens of thousands of dollars to use as a down payment. That’s why we’re pleased to offer low and zero money down home loans for qualifying borrowers. These options include FHA Loans (which typically require as little as 3.5% down), USDA Rural Housing Loans and VA Loans (both of which require zero money down for qualified borrowers). To learn more about these options, contact our team of mortgage professionals today.

Second Homes & Rental Properties

FORMULALOANS offers home financing solutions for most types of 1-4 unit rental properties and second homes in the State of California. Whether you’re investing in a duplex near Fresno, or buying a dream vacation home in Napa Valley, we can likely help you find a home financing program that suits your needs.

Get Pre-Approved

If you’re ready to take the first step in the home buying process, contact us today to get pre-approved for a mortgage. Getting pre-approved helps you get an accurate idea of how much house you can afford while providing you with proof to sellers that you’re a serious buyer.