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.
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.
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 $726,525 (high balance 1/1/19) 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.
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.
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.
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.
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.
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.