Broker vs Bank

Meet your local licensed mortgage broker.
He is not a big corporation or a bank.
He does not advertise on TV.
He does not do car loans, trade stocks or offer checking accounts.
He does one thing, and does it better than anyone else.
He shops for great deals on mortgages.
And a better mortgage can save you time, frustration and most importantly money.
Get an expert who shops on your behalf.

For more information please visit www.crestico.com or call (818) 784-2929

Mortgage Loan Programs for Different Borrowers

Mortgage Loan Programs for Different Borrowers. More Products Means Selling More Homes The real estate market can be intimidating. Mortgages, down payments and interest rates can seem like a foreign language.

And to be a truly outstanding mortgage broker, you need to be a source of information for your clients. That means being able to advise them on everything about the home-buying process, including the different loan options that are available to them. 

At Crestico, we are here to guide you. We will help you identify all your options and then explain each situation and answer all your questions along the way.

We can get you where you want to be. Home.

Adjustable Rate Mortgages (ARM Loans)

Great mortgage option for borrowers looking for shorter fixed term loans, offers lower interest rate and lower monthly mortgage payments.

Down Payment Assistance Home Loan Programs

Buy your first home with little money out-of-pocket using down-payment assistance mortgage programs. 

With as little as Half Percent (1/2% ) Down Payment for your loan and additional options to help you with your Closing Cost we help to increase HOME ownership. The Program combines 30-year fixed interest rate FHA or Conventional First Mortgage Loan with down payment and/or closing cost assistance.

95% LTV JUMBO LOANS WITH NO Mortgage Insurance (MI)

95% LTV to 1.5 MM, with a 680 FICO, 95% LTV Cash Out to 1.5 MM, with a 720, No FICO No Mortgage Insurance on any loan. No Maximum Cash Out

BANK STATEMENTS LOAN PROGRAMS OFFERING MORE FLEXIBILITY FOR SELF-EMPLOYED BORROWERS

No tax returns required, SFR’s and Condos, PUDs and 1-4 Units, Owner & non-Owner Occupied, Loan amount up to $3M, LTV up to 80% Fixed & ARM Options and Gift Funds Allowed.

 

FHFA Announces Conforming Loan Limits for 2021

The Federal Housing Finance Agency announced a new baseline conforming loan limit for Fannie Mae and Freddie Mac in 2021: $548,250.

The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021.  In most of the U.S., the 2021 maximum conforming loan limit (CLL) for one-unit properties will be $548,250, an increase from $510,400 in 2020. 

  • $548,250 for 1-unit properties
  • $702,000 for 2-unit properties
  • $848,500 for 3-unit properties
  • $1,054,500 for 4-unit properties

Baseline limit
The Housing and Economic Recovery Act (HERA) requires that the baseline CLL be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price.  Earlier today, FHFA published its third quarter 2020 FHFA House Price Index® (FHFA HPI®) report, which includes estimates for the increase in the average U.S. home value over the last four quarters.  According to the seasonally adjusted, expanded-data FHFA HPI, house prices increased 7.42 percent, on average, between the third quarters of 2019 and 2020.  Therefore, the baseline maximum CLL it in 2021 will increase by the same percentage. 

High-cost area limits
For areas in which 115 percent of the local median home value exceeds the baseline CLL, the maximum loan limit will be higher than the baseline loan limit.  HERA establishes the maximum loan limit in those areas as a multiple of the area median home value, while setting a “ceiling” on that limit of 150 percent of the baseline loan limit.  Median home values generally increased in high-cost areas in 2020, driving up the maximum loan limits in many areas.  The new ceiling loan limit for one-unit properties in most high-cost areas will be $822,375 — or 150 percent of $548,250. 

  • $822,375.00 for 1-unit properties
  • $1,053,000.00 for 2-unit properties
  • $1,272,750.00 for 3-unit properties
  • $1,581,750.00 for 4-unit properties

Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam, and the U.S. Virgin Islands.  In these areas, the baseline loan limit will be $822,375 for one-unit properties.

As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum CLL will be higher in 2021 in all but 18 counties or county equivalents in the U.S.   

Questions about the 2021 CLLs can be addressed to LoanLimitQuestions@fhfa.gov and more information is available at https://www.fhfa.gov/CLLs.

Source: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Conforming-Loan-Limits-for-2021.aspx 

Mortgage can help you save

Check your refinancing options in minutes… Low interest rates & refinance today!

For more information please visit www.crestico.com or call (818) 784-2929

Self Employed Borrowers

Self-Employed borrowers can get mortgages without providing Tax Returns or pay stubs.

Self-employed borrowers who have good credit and great income qualify for great mortgages.

If you pay your mortgage on time, have money saved up for down-payment but still can’t get a loan because your tax returns and finances are complicated, we can help!

At Crestico Funding, we believe there is a suitable mortgage program for every borrower and we have just the right mortgage program for borrowers that don’t want to or can’t show tax returns!

Some of our mortgage programs are designed specifically with you in mind!

For more information, please click below or call today! 

Home Mortgage Loan Professional

Thinking of Buying Your First Home?  

Crestico Funding’s mortgage advisors are here to help you with the process. We will answer your questions, provide solutions and walk you through each step.   

Mortgages Made Easy! We offer hassle free, no obligation consultations!

For more information please visit www.crestico.com or call (818) 784-2929