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A loan specifically designed for military members, the U.S. Department of Veterans Affairs insures all VA loans. The loans are issued by lenders who are VA-approved. When approving these loans, lenders tend to be more flexible with terms, conditions, and qualifying guidelines. That’s because the loans are backed by the United States government, making them stronger than other loan options. There is 100% financing available for the loans, and there is no mortgage insurance requirement. Active duty military members, veterans, and surviving spouses are all eligible for a VA loan as long as they have a Certificate of Eligibility, adequate income, and proper credit.

As a first-time home buyer looking to move to the Sacramento, CA area, you may be intimidated or overwhelmed by numerous factors. Securing a loan with reasonable rates is likely one of the things with which you’re most worried. At AP Mortgage, we understand how stressful the process is, which is why we work with you through the entire mortgage process. Not only will we explore home loan options together, but we’ll also educate you on the home buying process. As a first-time homebuyer, one of the things could take advantage of is down payment assistance, which is funded by your state or local government.

Jumbo loans are just as their name describes, in that they are bigger loans for bigger goals. As you search for a new home, you may find the ideal one in one of the higher-priced areas of Sacramento, CA. Or, you may know that you soon have children on the way, which could require more space in your home. Regardless the reason, situations like these could need a jumbo loan, otherwise known as a non-conforming loan. These loans, which come in a variety of adjustable and fixed-rate terms, exceed the conforming loan limit of $417,000. Laws regarding jumbo loans vary from county to county. Our team can help with your jumbo loan no matter where you plan to move.

Another loan option backed by the United States government, these loans are specifically intended for rural properties outside of metropolitan areas. To service these loans, lenders must meet strict federal guidelines. USDA loans are the only loan options that offer 100% financing to those buyers who are not veterans. To secure 100% financing, you’ll need to meet numerous criteria, some of which are very specific. But, even if they don’t obtain 100% financing, many more people are eligible for a USDA loan than they realize. A common misconception is that the loans are intended explicitly for farmers, but this is not the case. Any land outside of a major metropolitan area could be eligible for a USDA loan.

A reverse mortgage loan is made by a lender to a homeowner and is generally not paid back during the time the borrower(s) live in the home. With a standard traditional mortgage a borrower will use their income to pay down the debt of the loan, but with a reverse mortgage the owners of the home will receive payments until the last borrower moves out or decides to sell the home. This allows homeowners to cash in on the equity that they have in their home without having to sell it. This loan is ideal for people who may not have a job, are retired, or would like to take out a loan that does not require immediate payback.

If you are not eligible or interested in any of the standard loan options, AP Mortgage can still work for you. That’s because we have numerous innovative programs that can help you meet your mortgage needs. Additionally, because these are special loan programs, we have the flexibility needed to combine more than one loan offer. We offer a Keys on Time guarantee where we will work with you to get full underwriting loan approval to ensure your loan will close lightning fast, even if you have not yet identified the property.