The following is a partial list of programs offered by Holmgren and Associates with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 510-339-2121.
Conventional
Traditional loan programs that usually require at least 3% down and offer competitive interest rates. Loans up to $417,000 are called "conforming" loans. Loans between $417,000 and $625,500 are referred to as "high balance agency" or "jumbo conforming loans".
FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers borrowers the ability to put as little as 3.5% down-and they can even finance "allowable" closing costs. Seller can contribute up to 6% of the purchase price to the buyer for closing costs. Credit criteria are more lenient than for conventional loans.FHA loans have a limit loan amount of $729,750. Mortgage insurance is required.
Jumbo Loans
Loans over $729,750. Lending criteria and down payment requirements are more stringent in today's tight credit markets, but availability of these products is improving. 20% down/equity is generally required.
Cal HFA
Programs for first time homebuyers that allow for 99.5% financing of a primary residence using a combination of an FHA first mortgage for 96.5% of price and a secondary loan for 3%. Income limits apply.
VA
Veterans administration-guaranteed loans provide 100% financing of a primary residence for qualified veterans.
Reverse Mortgages
Reverse mortgages and other equity release products designed for homeowners aged 62 and older. These products allow for supplemental income cash for other purposes without making payments. They can also be used to purchase real estate.
