Fannie Mae & Freddie Mac are private corporations that guarantee most of the mortgages made in the U.S. This guarantee reduces investors risk, which allows lenders to offer credit at lower costs and with better terms than may otherwise be available. 

Advantages of conventional conforming mortgage loans include low down-payment options, low fixed-rates and specialized financing options for first-time homebuyers. First-time buyers are encouraged to take a homeownership education course. A free homebuyer education course provided by Freddie Mac can be accessed here: http://www.freddiemac.com/creditsmart/tutorial.html  

Conforming loan limits for homes in San Clemente are $970,800.00 for a single-family residence, $1,243,050.00 for a duplex, $1,502,475.00 for a triplex and $1,867,275.000 for a fourplex.

Lumen Mortgage Jumbo Loans provide San Clemente borrowers access to some of the best jumbo mortgage rates in the nation. Lumen Mortgage Jumbo Loans are available for home purchase, mortgage refinance and cash-out mortgage refinance of a primary residence, second home or investment property.  

Non-conforming portfolio loans are available for borrowers with unique circumstances, such as those with complex self-employment, gig, or seasonal income. Portfolio mortgage loans are also available for unique property types and purposes, such as non-warrantable condominiums (condos) and investment properties being purchased business purposes. Our portfolio financing for investment properties allow San Clemente & Orange County borrowers to qualify for mortgages based on a property's debt-service-coverage-ratio (DSCR) or net real estate income. Construction, renovation (fix-and-flip), private mortgages (hard money loans) and bridge loan financing are also available for investment properties.  

What is an FHA loan? 

The Federal Housing Administration (FHA) administers a program of loan insurance to help expand homeownership. The FHA provides mortgage insurance to FHA approved lenders to protect them against losses, if homeowners default on their mortgage loans. The cost of mortgage insurance is passed along to the homeowners by way of mortgage insurance. Qualifying standards for for FHA loans are generally more flexible than conventional conforming loans, making them a great option for first-time homebuyers, borrowers with less than perfect credit, borrowers qualifying with a non-occupying co-borrower or those using gifted funds for their down-payment. The 2020 FHA loan limit for a home in San Clemente is now $822,375.00 for a single-family residence, $1,053,00.00 for a duplex, $1,272,750.00 for a triplex and $1,581,750.00 for a fourplex.   

What is a VA loan?

The U.S. Department of Veterans Affairs (VA) guaranteed mortgages are intended to help servicemembers, veterans and their families buy homes. The VA guarantees a portion of the loan to reduce the risk of loss to the lender. Advantages of VA mortgage loans include low and no down-payment options, no requirement for private mortgage insurance and limitations on the closing costs which the veteran can be charged. 

To learn more about VA loan limits in San Clemente, please call us today. Military Financial Readiness offers helpful tips for veterans, including financial considerations for deployment, ways to avoid financial schemes and additional insights into the VA home loan program. Our VA Jumbo Loans are some of the most competitive loans available for home in San Clemente. 

What is a USDA loan?

The Rural Housing Service (RHS) offers mortgage programs that can help low-to moderate-income rural residents purchase, construct, and repair homes. The RHS both lends directly to qualified borrowers and guarantees loans that meet RHS program requirements made by approved lenders.