USDA Loans are supervised by the United States Department of Agriculture (USDA) and are used for home purchases in rural areas. It does not require a downpayment. It does require that the property qualify by being in a rural area and does have moderate income limits that borrowers must meet.
California Housing Finance Agency (CalHFA) has supported the needs of renters and first-time home buyers by providing financing and programs that create safe, decent, and affordable housing opportunities for low and moderate income Californians. Estabilished in 1975, CalHFA was chartered as the State's affordable housing bank to make low interest rate loans through the sale of Tax-Exempt Bonds.
The Veteran Administration's mission is to provide veterans the world-class benefits and services they have earned. Regarding home loans, they do this by setting loan standards and providing a loan guarantee to the lender when a VA loan is made.
Loans are made directly by Cal-Vet and offer features and benefits with a Cal-Vet loan that will save you money and help you protect your investment for your family. They offer competitive market interest rates with low or no down payment options that increase your purchasing power and keep your payment down. Cal-Vet has expanded eligibility so that nearly any veteran wanting to buy a home in California is eligible.
Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a mission to provide liquidity, stability, affordibility to the U.S. housing market. Rather than making home loans directly to consumers, they work with mortgage bankers, brokers, and other primary mortgage market partners to help ensure they have funds to lend to home buyers at affordable rates. FNMA funds mortgage investments primarily by issuing debt securities in the domestic and international capital markets.
Freddie Mac was chartered by Congress in 1970 with a public mission to stabilize the nation's residential mortgage markets and expand opportunities for homeownership and affordable rental housing. Their statutory mission is to provide liquidity, stability, and affordability to the U.S. housing market.
Prior to the financial crisis that occured several years ago, any mortgage above the Fannie Mae and Freddie Mac conforming loan limit was considered a non-comforming jumbo loan. With the Housing and Economic Recovery Act of 2008, the comforming loan limit was raised to $729,750 or 125% of the median home value within a metropolitan area, whichever is less. Due to the change in the conforming loan limit, banks are saying that there is a big benefit to those refinancing a jumbo conforming "high mortgage" at today's rates.
855 Harter Parkway, Suite 230
Yuba City, CA 95993
“Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act”
Office: (530) 755-0890
Fax: (530) 755-0893
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