San Jose Conventional Loans
Unless you think you may qualify for a government-backed loan like a VA or FHA loan, odds are a conventional loan will be one of the first mortgage programs you’ll explore. What is a conventional loan? Put simply, a conventional loan is any mortgage which is not guaranteed by a government agency.
There are a number of different types of conventional loans in San Jose, CA:
- Conforming loans. Conventional loans conforming to the Fannie Mae and Freddie Mac guidelines for lending limits fall under this category. While not all conventional mortgages are conforming loans, all conforming loans are a form of conventional loan. The current conventional loan limit for a conforming loan in San Jose, California is $726,525 for a single family home. For most parts of the country, the current conforming loan limit is $484,350. A conforming conventional loan is a good starting point in your search.
- Nonconforming, or “Jumbo” loans. Nonconforming conventional loans, also known as jumbo mortgages, are loans which fall above the lending limit mentioned above. Since we live in a very high-cost area, a surprisingly large number of mortgages fall into this category, even for relatively modest homes.
- Portfolio loans. These are conventional loans where the lenders set the guidelines. They may include special features that other loans do not. You might be able to use investments as securities, for example.
- Nonprime loans. These loans are marketed to customers with low credit scores. While there are rules for nonprime loans, they do tend to be a great deal more expensive than other types of conventional loans, which makes it extra important to find a good deal.
As you can see, there is a huge amount of variety in the world of conventional mortgages.
When you get in touch with us, we will be able to:
- Research and suggest loan programs that fit your needs. After a conversation with you, we can craft specific loan programs from which to choose.
- If a conventional loan isn’t the solution, we’ll explore other options to get you the home you want with competitive rates and terms.
- We have access to special deals and discounts through our vast network of lenders that you simply will not be able to find on your own.
Ready to start shopping for the home of your dreams and a mortgage which is going to be right for you now and in the future? Have unanswered questions about conventional mortgages? We are here to help. You can reach us any time by emailing [email protected] or calling (408) 599-3628 You can also click the button below to receive an instant quote on a San Jose conventional loan. We can’t wait to help you move into your Silicon Valley dream home!