Types of Loans Offered by Hillhurst Mortgage

We make finding a loan simple because we have virtually every loan program available, regardless of the type of mortgage you are looking for. Whether you are dealing with bad credit, foreclosure, bankruptcy, or low credit scores, we can help you. It only takes us five minutes to find the right program that fits your needs.

Speak with a Loan Consultant now: 323-522-1020 (LOAN)

FHA LOANS

• As little as 3.5% Down Payment
   
• Recent Bankruptcy or Foreclosure is OK
   
• 1 - 4 Unit properties including condominiums and PUDs
   
• 203K Renovation loans

This loan from the Federal Housing Administration has a lower threshold for credit qualifying criteria than most convetional loans.

VETERANS (VA) LOANS

• No Down Payment Required
   
• Primary Residence Only (no investment properties)
   
• No Mortgage Insuance!
   
• Purchase or Refinance

These loans are specifically geared toward Veterans and their spouses including those on active duty.With down payment options as low as 'ZERO' down, VA loans are available for both purchase or refinance purposes.

CONVENTIONAL/CONFORMING/JUMBO LOANS

• As little as 3% down payment with conforming loan amounts
   
• Conforming (within county loan limits) follow Freddie Mac or Fannie Mae Guidelines
   
• Jumbo (above county limits) follow POrtfolio guidelines
   
• Lowest market interest rates
   
• Loan Amounts up to $10,000,000

A conventional loan is any loan other than a government insured loan (FHA or VA).

NON-QUALIFIED (NON-QM) LOANS

• Resembles the Alt-A or Sub-Prime loans of the past
   
• Based on the borrowers ability to repay theloan
   
• Alternatve documentation allowe

A relatively newer type of loan to the market, the Non-QM loan most closely resembles the Alt-A or Sub-Prime loan of the past.

INTEREST ONLY LOANS

• Optional payment of "interest only" for an initial period of the loan
   
• Offered on Fixed and Adjustable mortgages

An interest-only loan gives homeowners the option of paying only the interest on the loan for a designated period of time (typically the first 10 years).

HOME EQUITY BASICS

• Line of credit (similar to a credit card secured against your property)
   
• Usually a 2nd trust deed loan behind an existing 1st trust deed
   
• Goes up to 89.9% of your property's value when combined with your existing 1st trust deed loan
   
• Can be used for both purchases and refinances

Homeowners can borrow on the equity in their home either with a home equity line of credit (HELOC), which works similar to a credit card (but secured by a 2nd trust deed on your property.)

FIXED RATE LOANS

• No risk of interest rate increasing over the life of the loan
   
• No pre-payment penalty
   
• Fully amortized

Fixed rate loans are offered in terms ranging from 10 to 40 years.  The interest rate and payment remain fixed the entire term of the loan regardless of principal reduction.

VARIABLE (ADJUSTABLE RATE) LOANS

• The interest rate you pay is based on a fixed margin plus a variable index
   
• Most ARM loans adjust every 6 months
   
• There are caps as to how muh your rate can increase at any one time

Known as variable or adjustable rate mortgages (ARM’s) are loans whose interest rate can vary during the term of the loan.