Torrey Pines Mortgage Broker

Conventional Loan

Conventional loans are best for those with good credit and a low debt-to-income (DTI) ratio. Also, when you pay 20% down, you’re not required to pay for private mortgage insurance (PMI).

• Potential to save money with a down payment of 20% of more
• Possible down payments as low as 3%
• Flexible payment terms, 45% DTI ratio
• Best for homebuyers looking for a mortgage with low fees

FHA Loan

FHA loans are backed by the government and are popular with first-time homebuyers looking for a low down payment. The credit score requirements are also more lenient.

• Low down payment requirement (as low as 3.5%)
• Lenient credit score
• Less strict income requirements, DTI ratio of 50% or less
• Best for home buyers recovering from financial setbacks or have thin credit

VA Loan

If you're a qualified service member, veteran, reservist, or surviving spouse, a VA loan requires no money down, and you do not have to pay private mortgage insurance.

• 0% down payment required
• No private mortgage required
• Loan can be used to purchase property, refinance, or improve current home
• Only for service members, veterans, reservists, or surviving spouses may be eligible

Rehab Loan

A rehab loan covers the cost of the home you're purchasing and provides additional funds for renovations. Both costs are wrapped up into one convenient loan.

• Down payment as low as 3.5%, DTI ratio of 45% or less
• Streamlined loan that can cover both the cost of the home and improvements
• Access to more affordable homes
• Best for home buyers who need capital for a fixer-upper

Reverse Mortgage Loans

A reverse mortgage loan is a loan taken against home equity. It’s paid back when the borrower no longer lives in the home, and the amount due increases over time with interest and fees.

• No credit score required
• No income necessary
• Suitable for borrowers who need to convert part of their home equity into cash
• Only for borrowers age 62 and above, and must own home outright or have at least 50% equity in home

Non-QM Loan

Non-QM (Non-Qualified Mortgage) loans are for non-traditional borrowers, such as self-employed or seasonal workers, those who are credit-challenged, or those who have difficulty qualifying for a traditional loan.

• Borrowers with non-traditional financial situations may qualify
• Flexible credit score requirement, DTI ratio of 43% or less (higher numbers may be negotiable)
• Alternative payment terms available
• Best for home buyers who are self-employed, have fluctuating income, or own significant assets

Jumbo Loan

Jumbo mortgage loans are for those interested in purchasing a higher-priced property that exceeds the area’s maximum loan amount set by Fannie Mae and Freddie Mac.

• Borrow a bigger loan compared to conventional loans. Underwriting may be stricter.
• Alternative qualification available
• Fixed or adjustable rate mortgage rates available
• Best for home buyers that live in an expensive area or need loans that exceed county limits.