Types Of Mortgages You Need To Know About

Before you purchase a home, it’s important to educate yourself of the various types of mortgages you can get so you can make the right decision when the time comes to choose yours.

Fixed Rate. The most popular on the market, a fixed-rate mortgage is ideal for homeowners who expect to stay in their home for many years. With a fixed interest rate and monthly payment, this loan makes it easier to plan your budget year over year.

Adjustable-Rate. This type of mortgage offers a lower interest rate and monthly payment at first, then slowly increases as time goes on. This type of loan can be beneficial for younger home buyers who expect to grow in their careers and make more money in the future.

Government-Insured. There are several types of government-backed mortgages including Federal Housing Administration (FHA) loans, U.S. Department of Veterans Affairs (VA) loans, United States Department of Agriculture (USDA) loans, and more. These programs can help you finance a home if you meet each one’s qualifications.

Conforming. A conforming loan is one that falls within the maximum limits set by government agencies that back most U.S. mortgages, Fannie Mae and Freddie Mac. With this type of mortgage, borrowing costs and required down payment are generally less, but interest rates can be a little higher.

Jumbo. This type of conventional loan applies if the home’s price exceeds federal loan limits. Your credit score generally must exceed 700 and you are required to make a larger down payment. However, it allows you to borrow more money to purchase a more expensive home.

New Conforming Loan Limits! Lunch & Learn w/Me & Anne Toth from Loan Depot @ Coach’s Grille Dublin

New Conforming Loan Limits! Lunch & Learn w/Jason featuring Anne Toth from Loan Depot @ Coach’s Grille in Dublin (https://www.thecoachsgrille.com/)

New loan limits for 2022 are being announced, and we want to make sure you don’t miss out on any information that can help you.

The updated limits for each loan program are listed below:

2022 FHFA Conforming and VA Loan Limits Baseline loan limit: $647,200 Ceiling limit for high-cost areas: $970,800

Although the VA eliminated loan limits effective in 2020, the VA follows loan limits set by the Federal Housing Finance Agency (FHFA) on conforming loans for VA-eligible borrowers with less-than-full (referred to as ‘remaining’) entitlement. There are no loan limits for Veterans and service members with full entitlement; however, they still must qualify for the requested loan amount based on their credit profile, income, and assets.

Watch this video and please feel free to reach out anytime 😁 👍 🏡 📱 (925) 899-0825 📧 Jason@JasonCaskie.com Cal BRE# 01347068

SALE PENDING W/MULTIPLE OFFERS WITHIN 1 WEEK!!!

3075 Kittery Ave, San Ramon, CA 94583

$1,198,000 | 3 Beds | 2 Baths | 1,025 SqFt

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FULL LISTING

JUST SOLD IN SAN RAMON FOR $200K OVER ASKING PRICE!!!

504 Summer Valley Ct, San Ramon, CA 94582

$1,865,000 | 4 Beds | 3 Baths | 2,570 SqFt

Great location in the desirable Bent Creek Community in San Ramon! Situated in a court, open floor plan, 3 car garage, vaulted ceilings, hardwood floors, dual pane windows, bedroom and full bathroom on the main level! Plenty of room to roam with a living room, dining area, family room, kitchen with an island, approx. 2,570 square feet of living space situated on an approx. 7,200 square foot lot. Minutes from highly rated San Ramon schools, restaurants, shops, commute access and much more!

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228 Jewel Ter, Danville, CA 94526

$874,888 | 3 Beds | 2.5 Baths | 1,559 SqFt

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FULL LISTING

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1085 Murrieta Blvd, Unit 122, Livermore, CA 94550

$449,000 | 2 beds | 2 baths | 995 SqFt

Move in ready 2 bedroom/2 bath condo in the heart of Livermore! Gated community, open floor plan, single level, located on the first floor. Updated flooring, kitchen (stained cabinets with pull-out Lazy Susan), window coverings (shutters), fresh interior paint, recently remodeled master bath, charming patio, dual pane windows and much more! Close proximity to the HOA amenities…community pool, laundry facility, exercise room, club house and greenbelt. Location, location, location! Just minutes from the heart of downtown Livermore…loaded with restaurants, shops, award winning wineries, movie theater, commute access, schools and more! Great opportunity for first time home buyers, empty nesters and investors!

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