Fixed Rate Mortgage:
Most popular program where interest rates do not change over time (30 years, 20 years or 15 years). Payment is the same with unchanging interest rate over the life of your loan.
Adjustable Rate Mortgage (ARM):
It is a type of loan in which the interest rate changes over the life of the loan. The rate floats based on an index (see below). Final interest rate is determined by adding margin to an index. (ARM rate = index + margin). Margin is set by the lender.
ARM Indexes:
- LIBOR: London Interbank Offered Rate
- COFI: FHLBB 11th District Cost of Funds Index
- CMT: Constant Maturity Treasure
FHA / VA Loans:
These are typical government loans serviced by GNMA (Ginnie Mae) which is a government owned entity. FHA and VA loans are more lenient on the requirements than conventional loans.
Loan Amount Limits
| Conforming | High Balance | Jumbo | |
|---|---|---|---|
| 1 Unit | Up to $510,400 | Up to $765,600 | > $765,600 |
| 2 Units | Up to $653,550 | Up to $980,325 | > $980,325 |
| 3 Units | Up to $789,950 | Up to $1,184,925 | > $1,184,925 |
| 4 Units | Up to $981,700 | Up to $1,472,550 | > $1,472,550 |
Available Programs
| Programs | Fixed | ARM |
|---|---|---|
| Conforming | 30 Year | 5/1 LIBOR ARM |
| 20 Year | 7/1 LIBOR ARM | |
| 15 Year | 10/1 LIBOR ARM | |
| High Balance | 30 Year | 5/1 LIBOR ARM |
| 15 Year | 7/1 LIBOR ARM | |
| 10/1 LIBOR ARM | ||
| Jumbo | 30 Year | 5/1 LIBOR ARM |
| 15 Year | 7/1 LIBOR ARM | |
| 10 Year | 10/1 LIBOR ARM | |
| FHA / VA | 30 Year | 5/1 ARM |
| 15 Year |
High Balance (Super Conforming) Limits per County
| County | Maximum Amount |
|---|---|
| Los Angeles | $765,600 |
| Orange | $765,600 |
| Riverside | $510,400 |
| San Bernardino | $510,400 |
| San Diego | $701,500 |
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