Conforming loans are fixed rate or adjustable rate loans that meet Fannie Mae or Freddie Mac loan limits and property and borrower guidelines.  Traditional conforming loans are available up to $417,000.  "Jumbo" conforming loans are available up to $729,750 in high cost counties.  In January 2008 the jumbo conforming loan limit is being reduced to $625,500.  The maximum loan amount varies by county.  Call us to verify the maximum amount for your county.  Traditional conforming loans are available with 5% down payment for single family homes and 10% down payment for condominiums; jumbo conforming loans require a minimum of 10% down payment.

Jumbo loans are sometimes called non-conforming loans because they do not meet Fannie Mae or Freddie Mac guidelines, primarily due to loan size.  Jumbo loans are available from $417,001 up to $5,000,000 or more.  The down payment required for jumbo loans is determined by several factors, including sales price, appraised value, property type as well as the borrower's income (verified or stated) and credit risk score.

Flagship Mortgage Company offers a variety of loan options for 1st time home buyers.  Special loans for low income buyers as well as properties in designated census tracts are available.  In addition, we can arrange Cal HFA and California PERS loans for qualifed buyers.

No income verification loans are ideal for borrowers with good credit who have complicated financial statements especially those that are self employed.  Reduced documentation loans generally require a significant down payment for a purchase.    In the case of a refinance, significant equity is necessary.  Stated income home loan programs have been evolving, like all other parts of the financial market.  Call us for an update on which programs are currently available. 

A home equity line of credit, often referred to as a HELOC, can be obtained through Flagship Mortgage Company.  This type of loan is secured by the available equity in your home.  The program is designed to act as a revolving line of credit and once secured, can be accessed at the borrower's descretion.

A reverse mortgage allows borrowers 62 years of age or older to retain ownership of their property and receive a lump sum, line of credit or monthly check representing a portion of the equity in the property.  No monthly payments or other money is due until the property is sold, the owner dies or does not occupy the property for over one year.

Flagship Mortgage handles loans for all types of residential properties located in the state of California.  We can secure funds for new construction or construction to perm.  In addition, we provide loans for vacation/2nd homes or investment properties, including 2-4 unit multiple family dwellings.