Alliance Offers Numerous Different Loan Options
Navigating through the numerous different types of Home Loans can be a daunting task – even for seasoned home buyers. Listed below are a small selection of the most common Mortgages offered by Alliance. We recommend home buyers contact us to discuss your specific needs, and to become educated on all the loan options available for your specific circumstances. It only takes 30 seconds to fill out the form above to have a “non-salesy” educational conversation with a home loan professional.
Home Purchase Loan
Most people require a mortgage when purchasing a home. The first thing you should do before shopping for a home is to understand exactly what you can afford. We offer a no-cost prequalification so you know how much house you can buy and the seller knows you are qualified to buy his or her home.
Conventional Home Loans
A conventional loan is one that is most commonly offered by a bank or large lending institution. It is one that fits within the criteria of FNMA (“Fannie Mae”) or FHLMC (“Freddie Mac”) and enables large banks to sell their mortgages.
FHA Loans
FHA loans are backed by the Federal Housing Administration and offer borrowers lower average interest rates, requires lower credit ratings requirements for approval, lower down payments and the ability of the seller to pay toward closing costs. FHA loans are also assumable.
VA Loans
VA loans are backed by the United States Department of Veterans Affairs (VA) and are for American veterans, military members currently serving, reservists and some surviving spouses. Some benefits of a VA loan include no down payment, no PMI, a limitation on the amount of closing costs that a borrower can be charged and lower average interest rates. VA loans are also assumable.
Jumbo Loans
Loans in excess of the conforming values set by FHFA (Federal Housing Finance Agency) are considered jumbo loans. In California, conforming values are determined by county. In Santa Clara County, a jumbo loan is anything exceeding $726,525 for a single-family home.
Self Employed Loans
Self-Employed Loans, called Stated Income Mortgages, are available to self-employed and other borrowers who may have a difficult time qualifying for a traditional mortgage. These require far less documentation for qualification and are often far quicker to close.
Cash-Out Refinance Loans
Refinancing is a popular option for homeowners who would like to have additional cash, which can be used for any purpose. Home values have appreciated significantly in the past few years. Contact us if you would like to discuss your options for a refinance loan.
We were able to close a week Overall, Kimmy was an absolute joy to work with and we will always recommend her to our friends and family. We know exactly who to call if we decide to purchase additional properties in the future!
First time buying a home can be a heavy process to take on Jason Palomino Alliance Group and Associates has an amazing Team. Kimberly made the experience wonderful. She was beyond helpful, patient, and went the extra mile.
We were working with Rudy and his team, they were extremely helpful to close in 30 days. Process was easy and communication was good. The team made suggestions for best options for loan. Overall it was a great experience.
