Mortgage Information

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price. 

We work with the best local lenders in the area and have developed these relationships over that last few decades.  Avoid guessing if you are working with a quality lender and ask us for a referral.  Call or text 916-205-5995

 

 

 

We're happy to refer you to some very good mortgage contacts we have in Sacramento, or to help you in any other way we can to secure the best possible rate for your home purchase.

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.

Down Payment Assistance Program

This program is designed for people who want to buy a home but do not have the required downpayment saved up and would otherwise qualify for a FHA home loan.  

Current Maximum FHA Loan amounts on single family homes:

Placer, Sacramento, El Dorado or Yolo counties:   $474,950 

 

FHA Loan Qualifying Summary:
...............................................................................

FHA loans are the easiest type of real estate mortgage loan to qualify for. The FHA guidelines for loan qualification are the most flexible of all mortgage loans that require less than 5% down payment.

Following is the basic FHA loan qualification guidelines.

  • Two Years of steady employment, preferably with same employer.
  • Last two years Income should be the same or increasing.
  • Credit report should typically have less than two thirty day lates in last two years.
  • Bankruptcy's must be at least two years old, with good credit since.
  • Foreclosure's must be at least three years old (moving towards 5 to 7 with legislature) , with good credit since.
  • Your new mortgage payment should be approximately 30% of your gross income.

These are some of the most basic of FHA guidelines for qualifying for a FHA loan. If you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan.