When it comes to financing a home purchase, many are unfamiliar with the products available. Understanding the options available to you is the first step in finding the best match for your home ownership goals.

At West Coast Mortgage Group, our loan products include:
FHA Mortgage Loans
Conventional Mortgage Loans
USDA Mortgage Loans
Down Payment Assistance Loans
VA Mortgage Loans
Reverse Mortgage
Jumbo Mortgage Loans

Each loan product has different requirements so we want to break them down for you to understand which might fit your needs best. We are also available by phone or in person to help you gain more insight into your personal needs.

FHA Mortgage Loans
The FHA (Federal Housing Administration) mortgage loan is one of the easiest loans to qualify for with less than perfect credit. This loan is the most popular amongst first time home buyers because it allows for a low down payment. For just a 3.5% down payment your credit score can be as low as 580. Some other advantages of this loan include a shorter waiting period, little to no down payment required, as well as flexible credit guidelines.

Conventional Mortgage Loans
The Conventional loan is a mortgage loan that is not insured or guaranteed by the government, instead the loan is backed by private lenders and its insurance is usually paid for by the borrower over time. This provides the buyer with more flexibility. Some other advantages of this loan include lower mortgage payments for those with higher credit scores, no mortgage insurance with more than 20% down, and can also be used for investment properties or second homes.

USDA Mortgage Loans
If you’re planning on moving to a small town or the countryside, this loan is a great match for you! The USDA Mortgage Loans is designed for home buyers to improve the economy and quality of life. It is perfect for standard, single family homes in suburbs or rural areas and you do not need to be a first time home buyer. The loan amount is based on income and there is no limit to the amount you can qualify for. Since this loan is through USDA it guarantees you a mortgage with no money down. Low monthly mortgage insurance, flexible credit guidelines and competitive interest rates are additional advantages to this loan.

Down Payment Assistance Loans
Need some help making a down payment on your home? Look no further. With down payment assistance we are able to provide financial aid for homebuyers to help cover down payment costs when buying a home. Some more reasons to look into this loan would be that moderate credit scores are welcome, you can put your hard earned money elsewhere and there is little to no down payment required.

VA Mortgage Loans
Here at West Coast Mortgage Group we honor those who have served our country. With the VA (Veteran’s Affairs) Loan, veterans, active military, and their families are guaranteed to qualify for this loan or can qualify for mortgage refinancing with no down payment. Some more reasons to look into this loan if qualified include: no monthly mortgage insurance, lower rates than FHA or conventional loans, and flexible credit guidelines.

Reverse Mortgage
If you are 62 years of age or older, you may qualify for a Reverse Mortgage. This allows homeowners of age to convert part of your home’s equity into cash. With a reverse mortgage you may not have to make any more monthly mortgage payments and you receive funds as a lump sum, fixed monthly payment or a line of credit from your lender. You also don’t need to pay back the loan until the home is sold or vacated. This is a great opportunity to cash out on your home value to pay for living expenses or other bills.

Jumbo Mortgage Loans
Jumbo loans allow borrowers to secure financial loans that would normally exceed the traditional lending limits set by FHA. You can be qualified for this loan if you have a credit score above 700 and a low debt to income ratio. Some more reasons to look into this loan would be that the requirements are more flexible than big banks and the down payments could be as little as 5%.

Here at West Coast Mortgage Group we have over 15 years of experience in mortgage loans and want to help you every step of the way. If you have questions about our mortgage products we are always here to help!

We greatly value being your trusted home financing resource!

Robert Vellanoweth
West Coast Mortgage Group President

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