Types of Home Loans

First Time Homebuyers

Being a first time home buyer may seem overwhelming, especially in the Bay Area where homes are so expensive. You may be asking yourself – is it really worth it? Foley Mortgage can help you achieve home ownership by guiding you through the myriad of loan programs available. Let us help you find the loan program that fits your specific needs.

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Home Loans for Purchase or Refinance

It’s easy to get overwhelmed by the myriad of loan programs and ever-changing interest rates. At Foley Mortgage, we’re here to help! So relax and let us guide you through this process. Foley Mortgage has been helping people like you finance homes since 1957.

A small toy house next to keys on keyring.

Conforming Loan

Most of our clients fit best into a conforming loan. Conforming loans meet Fannie Mae and Freddie Mac guidelines and have maximum loan amounts of up to $970,800 (2022) in many counties.

  • 30-year fixed rate mortgages let you lock in an interest rate and monthly payment for the life of your loan. This is a stable and traditional way to finance your home.
  • 15-Year fixed rate mortgages tend to have lower rates so you end up paying substantially less interest than with a 30 year loan.
Couple Signing Document

Adjustable Rate Mortgage (ARM)

If you are planning to move or refinance in the next 5 to 7 years, an ARM could save you thousands of dollars over a traditional fixed rate loan. ARM’s have an initial fixed rate for a specific number of years, then adjust up or down thereafter.

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Jumbo Mortgage

The San Francisco Bay Area is notorious for being one of the most expensive real estate markets in the country. To accommodate those of us who live in these high cost areas, many lenders offer jumbo loans with loan amounts above the conforming amount. Jumbo loans allow you to choose from a larger selection of homes.

A Jumbo House

Federal Housing Administration (FHA)

The Federal Housing Administration’s mission is to encourage home ownership by financially guaranteeing loans. FHA insured programs offer loans with as little as 3.5% down. A borrower may qualify with the help of a non-occupant co-borrower such as a parent.

Your Door to FHA Homeownership

Veterans Affairs (VA)

VA loans have become popular again. Originally created by the government in 1944 to provide housing for returning WWII veterans, the VA loan is making a resurgence in a generally restrictive loan market. VA loans have programs with low or no money down and jumbo loan amounts that exceed many other sources.  The Dept. of Veteran Affairs does not lend the money directly, but guarantees the lender making the loan.

A U.S. Soldier holding a child, with spouse.

Reverse Mortgage

If you are 62 or over and have been in your home for a long time, chances are you have built up a lot of equity. A reverse mortgage allows you to tap into that equity and take cash out of your home with no monthly mortgage payments. Reverse mortgages can also be used to purchase a home.

Elderly couple pointing into the distance

What People Say about Foley Mortgage

We were referred to Cheryl at EF Foley to broker our first mortgage and we couldn't have been happier with her service. Always available to answer questions and offer advice, she really made the process simple and comfortable for us. We will be in contact with Cheryl again if the need arises and recommend her without hesitation :)
Nathan B.
San Jose, CA

We recently refinanced our home through EF Foley. I was tired of dealing with the big banks and wanted a local company this time. Cheryl and Kory were very professional and quickly got things done. The whole process was painless and it felt like we were working with family. We got a great rate that was better than I was expecting, I would use them again in an instant. They looked out for our best interest, I highly recommend them for next mortgage or refi.
Lou E.
San Jose, CA

I recently purchased a home and used EF Foley for my mortgage broker. Now I see why they were so highly recommended to me by a friend. Charlene and Cheryl were with me every step of the way with the process. They kept me informed. They looked out for my best interests. Way above and beyond what I would have expected. I highly recommend them for your next mortgage.
Salim M.
San Jose, CA

I have done a lot of business with EF Foley regarding my home loan and refinancing, mainly working with Cheryl, who is the best at what she does. She is always available to answer questions, is friendly, and knows her stuff. I have also gone in just to have Charlene notarize documents for me. The entire staff is completely professional and knowledgeable. Most important of all, they are trustworthy. The office is small, but their team has the best in the industry imho.
Shay M.
San Jose, CA

E. F. Foley & Co. was founded in 1957 by Eugene F. Foley and incorporated in 1980. In 1993, Eugene sold the Corporation to his son and daughter-in-law who continue to operate the business today. In 2016, E. F. Foley & Co., Inc. began doing business as Foley Mortgage. California Department of Real Estate 00824971, NMLS 240664. Pamela Foley, Broker: DRE 00949609, NMLS 350289. Equal Housing Opportunity Lender.

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