Plaza Loans offers several loan programs. Most loan programs contain different features
that can be confusing for even experienced homeowners. The most common loan programs
include:
FHA Loans | High Balance FHA |
Conforming | High Balance Conforming | Jumbo
| CalHFA
Federal Housing Administration (FHA)
The Federal Housing Administration is a division of the U.S. Department of Housing
and Urban Development, commonly referred to as HUD. FHA loans were created to provide
affordable mortgages to the average homebuyer. The federal government insures FHA
loans, or guarantees participating lending institutions against loss from default
on qualifying loans.
Programs and Features:
- 3.5% Down Payment
- Fixed Rate Loans, Temporary Buy-Downs and ARMS
- Available for detached 1 to 4 unit dwellings, eligible condos and PUD's
- Properties must meet HUD guidelines and be inspected by HUD-approved appraisers
- Subject to loan limits set by HUD (see HUD web site for loan limits)
- Mortgage insurance of 0.50% - 0.55% due annually and paid monthly
- One time mortgage insurance fee of 1.750% charged on detached dwellings and PUD's,
which may be financed
- Non-occupant co-borrowers allowed
- No reserve requirements at closing
- 100% of down payment and closing costs may be a “gift”
- Fully assumable by a qualified borrower
- Seller may contribute a maximum of 6% of the lower of the sales price or the appraised
value
- Do I qualify?
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High Balance FHA
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Conforming Loans
Conforming Loans are those that meet Fannie Mae and or Freddie Mac underwriting
requirements. In other words, income, credit, and property requirements must meet
nationally standardized guidelines. Conforming loans are subject to loan amount
limits that are set by Fannie Mae (FNMA) and Freddie Mac (FHLMC). These limits vary
based on the region in which the subject property is located as well as the number
of legal units contained in the subject property. Minimum 10% down.
|
|
California
|
|
1 unit property
|
$417,000
|
|
2 unit properties
|
$533,850
|
|
3 unit properties
|
$645,300
|
|
4 unit properties
|
$801,950
|
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High Balance Conforming
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Jumbo and Non-Conforming Loans
Jumbo loans are those that exceed the loan amounts described above as conforming..
Programs:
-
ARMs
-
Fixed Rates
-
Options Available
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