Hawaii and California Home Loan Programs
Both Conventional and Government loans are considered Agency Loans because they are backed by one of the following government agencies:
- Federal National Mortgage (Fannie Mae)
- Federal Home Loan Mortgage Corp. (Freddie Mac)
- Government National Mortgage Association (Ginnie Mae)
A Conforming Conventional Loan is one that is saleable to Fannie Mae or Freddie Mac with a loan amount up to the conforming limit, which is $970,800 throughout the state of Hawaii and $647,200 in most California counties. Once the loan amount exceeds the conforming limit, it becomes a Jumbo loan. Conforming Conventional loans are available in terms of 15-year and 30-year fixed and 3-year to 7-year Adjustable Rate Mortgages (ARMs).
Government Loans are saleable to Ginnie Mae and include the following loan categories: VA loans, FHA loans, and USDA loans. There is a variety of loan terms available for Government loans – inquire when you speak with you Pacific Home Loans Loan Officer for more detailed information.
Non-Agency Loans, those loans that are not backed by Freddie, Fannie, or Ginnie, are called Portfolio Loans. These loans are available for financing when a loan scenario does not fit within the Agency guidelines. Pacific Home Loans is able to extend these loan programs in terms of 15-year and 30-year fixed and 1-year to 10-year Adjustable Rate Mortgages (ARMs).
Your Pacific Home Loans Loan Officer will be able to guide you in selecting the loan program and term that is best for you.
The following guides will help you to determine the minimum down and the corresponding loan programs available for your loan scenario.
- Minimum Down
- Maximum Price
- Loan Program