Get Approved Now 
with LOAN CENTERS
 of AMERICA
NMLS ID 346449 CA DRE 01852334
Get Approved Now: 805.915.1612
Loan Centers of America NMLS ID 346449 CA DRE 01852334
​Phone - 805-915-1612
Email -loans@loancentersusa.com
Fax - 805-915-1615

  Loan Centers of America © 2013 All Rights Reserved


Conventional Loans

A conventional loan is any mortgage that is not guaranteed or insured by the federal government.

The fixed-rate mortgage is the most common mortgage program in the industry. It is the easiest to understand and provides the security and peace of mind of a set monthly payment (principal and interest) that will remain the same throughout the term of the loan.

The most common term (length or duration of the loan) is 30 years.The payment is amortized over the term of the loan. Amortization is the repayment of a loan with periodic payments (monthly in this case) of both principal and interest calculated to pay off the loan at the end of a fixed period of time (term). Since the interest rate does not change, the principal and interest portion of the payment remain the same, and the loan is paid in full at the end of the term. No prepayment penalty. You may pay some or all of your loan balance in advance without a penalty.

Loan Centers of America offers fixed-rate mortgage terms of 30, 25, 20, 15, and 10 years. Call us today for your free quote. 


Adjustable rate loans

With a conventional adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. Conventional Loans mainly use the Constant Maturity Treasury Index (CMT) or the London Interbank Offered Rate Index (LIBOR) to calculate the changes in interest rates. Conventional ARMS are offered with initial fixed rate periods of 3 years, 5 years, 7 years and 10 years. 


Jumbo Loan Programs

No matter what type of mortgage you need, Loan Centers of America is here to help. From determining what loan is best to guiding you through the entire home loan process, you can count on us for home loans made easy. Ranging up to $2 million, jumbo mortgages allow buyers the option to either purchase or refinance the home of their dreams.



Government Loan Programs

FHA

When you apply for a mortgage backed by the Federal Housing Administration (FHA), you'll still want to determine how much you can afford on a monthly basis and shop for competitive interest rates, just as any potential homeowner would. The FHA then steps in to assist homeowners by insuring their loans. This insurance gives lenders the confidence to offer more competitive rates, lower down payments, and more flexible qualifying criteria, knowing the loan will be backed by the FHA.
FHA mortgages offer lower down payments, more favorable qualifying criteria, and options for those with less-than-perfect credit or no formal credit history.

  • You may be interested in an FHA mortgage if you have less than 20% of the home value to contribute as a down payment or less than 20% equity in your current home
  • Purchase a new home with a down payment of as little as 3.5%
  • Borrowers can choose from 30, 25, 20, 15, and 10-year loan terms on a fixed-rate FHA mortgage
  • Borrowers can also choose a 30-year adjustable-rate mortgage with an option for either a 3- or 5-year initial fixed period
  • There is no maximum income limitation on an FHA loan; however, maximum loan sizes do vary by county/property location
  • No prepayment penalty. You may pay some or all of your loan balance in advance without a penalty.


VA Loans

When you apply for a mortgage backed by the VA, you'll still want to determine how much you can afford on a monthly basis and shop for competitive interest rates, just as any potential homeowner would. The VA then steps in to assist homeowners by insuring their loans. This insurance gives lenders the confidence to offer more competitive rates, lower down payments, and more flexible qualifying criteria, since they know the loan will be backed by the VA.

We offer fixed and adjustable-rate mortgages that can accommodate no down payment on many purchase transactions. VA mortgages offer lower down payments, more favorable qualifying criteria, and options for those with less-than-perfect credit or no formal credit history. You may be interested in a VA mortgage if you have less than 20% of the home value to contribute as a down payment or less than 20% equity in your current home. Purchase a new home with no down payment. No prepayment penalty. You may pay some or all of your loan balance in advance without a penalty.Borrowers can choose from 30 or 15-year loan terms on a fixed-rate VA mortgage. Borrowers can also choose a 30-year adjustable-rate mortgage with an option for either a 3- or 5-year initial fixed period. There is no maximum income limitation on VA loans; however, maximum loan sizes do vary by county/property location.



What is a Reverse Mortgage?

An introduction to reverse mortgages

A Reverse Mortgage allows seniors age 62 or older to convert the equity in their home into cash without ever having to make a monthly mortgage payment. It’s called a Reverse Mortgage because it amortizes in reverse. That is, its balance grows over time because you don’t make any payments. This means that when you no longer live in the home or otherwise choose to payoff the mortgage, you’ll owe whatever you borrowed plus interest and predetermined fees.
It works the same way as a regular mortgage, however you will never be asked to make a monthly payment. You still own title to the home, you still pay taxes and insurance on your residence, and when you pass away you still leave your home to your heirs. And like a regular mortgage, if you convey title, for instance by passing away or selling, you have to payoff the mortgage.

Today’s Reverse Mortgage is known as the Home Equity Conversion Mortgage, or HECM, and it’s insured by the Federal Housing Administration, a division of HUD (the U.S. Department of Housing and Urban Development). It was authorized under HUD by the Housing and Community Development Act of 1987 and signed into law by President Ronald Reagan. Since then, hundreds of thousands of people have benefitted from a Reverse Mortgage.
To get a Reverse Mortgage, you need to be age 62 or older and you must own a home, condominium, or manufactured home. The purpose behind this program is to let seniors stay their home, therefore full time residency is required. And because you don’t make a payment, there are no income or credit qualifications!

The primary benefit of a Reverse Mortgage is that you do not make a monthly mortgage payment. However, to keep your Reverse Mortgage you must live in the home as your primary residence, maintain your home in good repair, and pay your property taxes and homeowner’s insurance.
You get to decide how you want to take the tax-free money provided by your reverse mortgage. You can take the funds as a lump sum upfront, keep it in a line of credit, or take a monthly payment paid to you for as long as you live in your home. Once you have your Reverse Mortgage you can use the money however you want!



HomePath Mortgage

HomePath allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal, and no mortgage insurance. Expanded seller contributions to closing costs are allowed.

  •   Purchase a new home with a down payment of as little as 3%
  •   Borrowers can choose from 30, 25, 20, 15, and 10-year loan terms on the fixed-rate HomePath Mortgage
  •   Borrowers can also choose a 30-year adjustable-rate mortgage with an option for either a 3- or 5-year initial fixed period
  •   Available for primary residences, second homes, and investment properties**
  •   Down payment can be funded as a gift, a grant, or a loan from a nonprofit organization, state or local government or employer

Builder/Developer Services

We can provide complete residential home mortgage services for your new Condo or Single Family Buyers. In conjunction with our affiliated Project Consultants we can also assist Builders in obtaining FHA or Fannie Mae Condo Project Approvals. 

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To see which mortgage program is right for you, give us a call or fill out our simple form above and one of our licensed loan officers will help you or your client get the proper loan program.  805.915.1612
We Have Loan Program Services For All Walks Of Life