Explore the Best Chula Vista Mortgage Options
If you want to buy a house in California, it’s wise to get financing. Keep in mind that real estate prices in the Golden State are the highest in the country, and few people can afford to pay cash for a home.
The ideal alternative is to opt for a California mortgage that fits your financial possibilities, and that will provide you with the money you need to buy the house you deserve. It is therefore essential that you know the different Chula Vista Mortgage options, so you can choose the one that best suits your needs and possibilities.
Top 6 Chula Vista Mortgage Alternatives
- FHA Loans
This is one of the most popular mortgage and refinance options in California. The FHA provides mortgages for up to 30 years, with as little as 3.5% down. They are quite lenient on credit scores, as a person with 620 points or less can get credit. Relatives can give away the down payment, which makes it ideal for first-time buyers. They have a one-time, up-front insurance premium that is paid at closing (the UFMIP).
- VA Loans
This is the ideal alternative if you are an active-duty veteran or honorably discharged (or their spouses if they qualify). It requires no down payment, no mortgage insurance, but a financing fee that is paid upfront. Veterans can get up to $647,200 to purchase in low-cost counties, and up to $970,800 to purchase homes in high-cost counties.
- USDA Loans
There are mortgage alternatives backed by the U.S. Department of Agriculture, also with no down payment, and offers mortgage insurance to low-income borrowers living in rural areas. Down payment donations are allowed. While no credit score is specified to obtain it, traditional and non-traditional credit history is checked for this mortgage loan application.
- CalHFA Programs
The California Housing Finance Agency (CalHFA) also offers different types of mortgages for low- and moderate-income Californians. These include the My Home Assistance program, the Zero Interest Program (ZIP), the CalHFA/CalPLUS conventional loan, the CalHFA/CalPLUS, and the CalHFA VA loan. Check with best mortgage lenders like Dimitrije Isakovic for the terms and requirements of each of these options.
- Conventional Loans
You can also access mortgage financing without government sponsorship, with mortgages backed by banks and other private institutions. Many of them require a 20% down payment, and interest rates may be slightly higher, but Jumbo loans, for example, will allow you to buy homes that exceed all government program limits. You can also access “conforming” loans, which are conventional, but granted by Fannie Mae or Freddie Mac, two government-sponsored entities, that offer better conditions for conventional loans.
- ITIN Credits
This is a home loan option for non-citizens that have their IRS ITIN number. Foreigners or those who are applying for citizenship and do not yet have a Social Security card can purchase a home with this option, as long as they can demonstrate their ability to pay, their good credit history, and job stability.
Rely on the Experts
If you want to look for the best options for California mortgage and refinance rates, you’re in the right place. Dimitrije Isakovic Mortgage Group is one of California’s leading mortgage brokers, and we are ready to help you get the home of your dreams. We have over 25 years of experience in the industry, and the best alternatives to help you get the financing you want. Contact us and schedule an appointment for a personal consultation.