Loan Programs

Purchase Loan vs. Refinance Loan

Purchase Loan:

Time to buy a new home? California Dream Homes will help you find the best loan.

Refinance Loan:

Need a lower rate? California Dream Homes can provide the lowest possible rate to reduce the payment.

Fixed Rate Mortgage:

Most popular program where interest rates do not change over time (30 years, 20 years or 15 years). Payment is the same with unchanging interest rate over the life of your loan.

Adjustable Rate Mortgage (ARM):

It is a type of loan in which the interest rate changes over the life of the loan. The rate floats based on an index (see below). Final interest rate is determined by adding margin to an index. (ARM rate = index + margin). Margin is set by the lender.

ARM Indexes:

  • LIBOR: London Interbank Offered Rate
  • COFI: FHLBB 11th District Cost of Funds Index
  • CMT: Constant Maturity Treasure

FHA / VA Loans:

These are typical government loans serviced by GNMA (Ginnie Mae) which is a government owned entity. FHA and VA loans are more lenient on the requirements than conventional loans.

 

Loan Amount Limits

 ConformingHigh BalanceJumbo
1 UnitUp to $484,350Up to $726,525> $726,525
2 UnitsUp to $620,200Up to $930,300> $930,300
3 UnitsUp to $749,650Up to $1,124,475> $1,124,475
4 UnitsUp to $931,600Up to $1,397,400> $1,397,400

Available Programs

ProgramsFixedARM
Conforming30 Year5/1 LIBOR ARM
20 Year7/1 LIBOR ARM
15 Year10/1 LIBOR ARM
High Balance30 Year5/1 LIBOR ARM
15 Year7/1 LIBOR ARM
10/1 LIBOR ARM
Jumbo30 Year5/1 LIBOR ARM
15 Year7/1 LIBOR ARM
10 Year10/1 LIBOR ARM
FHA / VA30 Year5/1 ARM
15 Year

High Balance (Super Conforming) Limits per County

CountyMaximum Amount
Los Angeles$726,525
Orange$726,525
Riverside$484,350
San Bernardino$484,350
San Diego$690,000


 

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