Your Trusted Mortgage Loan Agency

Specializing in all types of mortgage loans in Nevada County.

Conventional Loan

• Description: These are traditional loans not insured by the government.

• Eligibility: Generally requires a higher credit score (around 620 or higher), a stable income, and a down payment (usually 5-20%).

• Pros: Can have lower interest rates if you have good credit. Flexible loan terms (15, 20, 30 years).

• Cons: Typically requires a larger down payment.

  Private Mortgage Insurance (PMI) is required if the down payment is less than 20%.

• Description: A government-backed loan aimed at first-time homebuyers or those with less-than-perfect credit.

• Eligibility: Requires a lower credit score (usually 580 or higher), and a down payment as low as 3.5%.

• Pros: Low down payment. Easier qualification compared to conventional loans.

• Cons: Mortgage insurance is required for the life of the loan, which can increase the overall cost. Limits on how much you can borrow.

• Description: A loan program available to current and former military service members and their families.

• Eligibility: Must meet certain service requirements and be a veteran, active-duty service member, or eligible family member.

• Pros: No down payment required.

  No PMI. Competitive interest rates.

• Cons: Must be eligible for VA benefits. A funding fee may apply, though it can be rolled into the loan.

FHA Loan (Federal Housing)

VA Loan (veteran)

• Description: A government-backed loan aimed at rural and suburban homebuyers who meet certain income requirements.

• Eligibility: The property must be in an eligible rural area, and the borrower’s income must fall within the limits set by the USDA.

• Pros: No down payment required. Competitive interest rates.

• Cons: Property location must be in a USDA-designated area. Income restrictions.

USDA Loan

Home Equity Loan

Adjustable-Rate Mortgage

• Description: A loan that allows homeowners to borrow against the equity in their current home.

• Best for: Homeowners looking to finance large expenses, such as home improvements, debt consolidation, or education.

• Pros:Fixed interest rate.You can borrow a large sum based on home equity.

• Cons: Your home is collateral, so failure to repay could result in foreclosure.

• Description: The interest rate is initially fixed for a period (typically 5, 7, or 10 years).

• Best for: Buyers who plan to sell or refinance before the rate adjusts, or who expect interest rates to stay low.

• Pros: Lower initial interest rates than fixed-rate mortgages. Potential savings if interest rates remain stable or decrease after the adjustment period.

• Cons: Payments can increase significantly after the initial fixed period.