Lighthouse Home Loans
Purchase or Refinance

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WHY IS A MORTGAGE LOAN THE BEST OPTION FOR YOU?
Becoming a homeowner is what many people want but do not think it is possible because of their financial situation. Obtaining a mortgage opens up a path to the life you have dreamt about.

You can become a homeowner as soon as you are ready to take that next step and we will guide you through the loan process with as much simplicity as possible.

WE ARE EXCITED TO HELP YOU GET INTO YOUR FIRST HOME!
Lighthouse Home Loans has the perfect loan for you and at great rates. We have counseled homeowners for years and we will be able to provide guidance for you based on your own set on financial concerns or goals. Nothing quite like a plan that works for you.
 
No "Out of Pocket" Cost Loan - Lender Credit Program - Purchase or Refinance
3% Down Payment - Conforming Loan
5% Down Payment "or More" Conforming Loans
FHA Loans - 3.5% Down
VA Loans - No Money Down
Jumbo Loans
Self-Employed: Bank Statements Program
Non Prime Loans

No "Out of Pocket" Cost Loan - Lender Credit Program - Purchase or Refinance

So what does this mean? Well let's say your purchasing a home with a low down payment and you are short of funds to pay for closing costs. Or possibly you want to refinance, but you don't want to raise your loan amount. We can price your loan out to receive a lender credit that will cover most and maybe all of your closing costs!!

How does it work? We determine what the normal closing costs will be. Then we raise the interest rate to obtain the lender credit desired. For example, say your loan is $400,000 and the lender is paying 1% towards your closing costs. This equates to a $4,000 credit. This normally would cost about 1/4%. The trade off is your payment is about $60.00 higher on a 30 year loan. This puts the breakeven period at around 5 1/2 years or so.

Why consider this loan? Well, nobody knows the future, but here are some ideas:

  • You have the down payment, but not the closing costs.
  • Take advantage of interest rate reductions.
  • You may have a predefined need like tying to remove mortgage insurance.
  • You plan to move sooner than 5 years.
  • Future remodeling or College expenses that may require a refinance.

There is a reason that banks and major finance lenders don't promote these loans. It's not in there best interest, which means, it probably is in yours.
Call or text Chris at 818-438-5488 and let's talk.


3% Down Payment - Conforming Loan

This is a conventional conforming loan that allows you to put as little as 3% down when purchasing a home up to a maximum loan limit of $484,350. You can refinance with as little as 3% equity without taking cash out of home. If you purchase a home in a low to moderate income area or your income is under the area median income, you may obtain a lower interest rate and a lower private mortgage insurance premium. You can call or text Chris at 818-438-5488 to find out more.


5% Down Payment "or More" Conforming Loans

This is a conventional conforming loan that allows you to put as little as 5% down when purchasing a home up to a maximum loan limit of $726,500. You can refinance with as little as 5% equity without taking cash out of your home. A conforming mortgage is a loan that conforms to established guidelines. These guidelines are set by Freddie Mac and/or Fannie Mae, which are sponsored by the Federal Government. The conforming loan amounts vary based on where the property is located, but it is not lower than $484,350. Underwriting guidelines for conforming loans tend to be a little easier than jumbo loans, which are not sponsored by the Federal Government. The conforming loan limits vary from county to county.

  • Los Angeles County is $726,500.
  • Ventura County is $713,000.
  • Orange County is $726,525.
  • San Diego County is $690,000.
  • Santa Barbara County is $625,500.
  • San Luis Obispo County is $667,000.
  • San Bernardino County is $484,350.
  • Riverside County is $484,350.
  • Kern County is $484,350.

If you put less than 20% down, the private mortgage insurance (PMI) can be built into the interest rate, but this is probably not the best option. When you build up equity, you could potentially get the PMI removed. However, when you make PMI part of your interest rate, the extra interest (PMI portion) you pay, remains no matter how much equity you have built up. Call or text Chris at 818-438-5488.


FHA Loans - 3.5% Down

An FHA loan is partially insured by the Federal Housing Administration, an agency of the Federal Government. The FHA’s insurance lessens a lender’s risk when offering loans to buyers with limited funds for a down payment and/or for imperfect credit.

You may qualify to buy with a low, 3.5% down payment. Credit scores from 580 are allowed for fixed-rate loans without affecting the mortgage insurance premium. FHA loans tend to qualify a borrower for a higher purchase price than conforming loans and are more liberal on gift funds, credit scores, and co-signers. You may finance a single-family home, 2-4 unit property, FHA approved condominium, or a home in a Planned Unit Development as long as you will occupy the property. You are able to finance the mandatory Up Front Mortgage Insurance Premium, but will have to pay monthly mortgage insurance. FHA loans may allow you to refinance and pull cash out of your home when conventional loans may not.

  • Los Angeles County is $726,500.
  • Ventura County is $713,000.
  • Orange County is $726,525.
  • San Diego County is $690,000.
  • Santa Barbara County is $625,500.
  • San Luis Obispo County is $667,000.
  • San Bernardino County is $484,350.
  • Riverside County is $484,350.
  • Kern County is $484,350.

Sometimes an FHA loan is the best option and other times it is not. It depends on various factors. Feel free to call or text Chris at 818-438-5488 to find out more.


VA Loans - No Money Down

Welcome Veterans and thanks for protecting us all !! As a veteran, you are entitled to VA financing that is partially guaranteed by the U.S. Department of Veterans Affairs. It is a valuable benefit for military veterans and active servicemen and women. This federal guaranty enables lenders to offer easier qualifying guidelines and no down payment options. The VA will waive the funding fee if you have a service connected disability. Here are some of the great things about a VA loan:

  • There is No Down payment up to the County conforming limits.
  • No Mortgage Insurance.
  • Credit Scores as low as 580 may be acceptable.
  • Cash out to 100% of your County conforming limits.

Allowable property types include single-family residences, 2-4 unit properties, VA-approved condominiums, and properties in Planned Unit Developments. Financing for primary residences and second homes are available. This is probably the best loan for a veteran to take if they are putting less than 20% down or want to take cash out over 80% of the value of their home. Call or text Chris at 818-438-5488 to discuss.


Jumbo Loans

Jumbo loans are larger loan amounts in order to purchase higher priced homes. Generally, any loan that is over the conforming limits in the county the property is located is a Jumbo loan. Each investor sets their own guidelines. These guidelines tend to be more conservative as the investor has no government backing.

Typically, these loans require higher cash reserves and higher credit scores. They want your debt to income ratios a little lower than conforming loan guidelines.

  • Loan amounts to $2,500,000 are available.
  • Down payment of 10% may be available up to $1,500,000.
  • Loans with fixed and adjustable rates (ARMs) are available.

A variety of loan terms are available – you’re not limited to 30 year or 15 year terms. Allowed property types include single-family residences, condominiums, properties in Planned Unit Developments. Call or text Chris at 818-438-5488 and let's get your loan approved.


Self-Employed: Bank Statements Program

If you're a self-employed borrower that can't quite verify income through federal tax returns, this loan may be for you. It allows you to provide bank statements to verify your income. Interest rates will depend on the down payment or equity you have in your home in combination with your credit scores. Basically, if you have been in business 2 years and your business shows deposits that would verify your ability to repay, you would be good to go.

  • Using funds from the business is okay.
  • 10% Down to $1,500,000.
  • 15% Down to $2,000,000.
  • 20% Down to $3,000,000.

Let's chat about your situation and see what we can come up with. Call or text Chris at 818-438-5488.


Non Prime Loans

Non Prime loans are making a comeback allowing borrowers, who may have had some credit issues, to obtain financing. Whether you have had some credit issues, a short sale, or even a recent bankruptcy, you may be able to obtain financing. These loans have increasingly become available to borrowers with lower credit scores, the self-employed, and other types of borrowers that have been left out from getting a mortgage for almost a decade.

Generally speaking, you will have to pay a higher interest rate and have more equity or down payment than a conforming loan. You can always refinance when your credit improves. The loan will allow you to purchase a home for your family or take some cash out. They can be used for investment or business purposes, as well. There are so many options that it is best to call to text Chris at 818-438-5488.



Call or text Chris at 818-438-5488 for interest rate quote. It just takes a few minutes.

We don't post interest rates online for several reasons. Sometimes there are promotions for Government loans, Purchase Loans, or the size of the loan. To quote an interest rate accurately, we need several things as we don't want to misquote the interest rate. Here are some factors that influence a rate quote.

Your Credit Score(s). If you know, you could just tell us verbally.
Loan-to-Value (The new loan in relation to the value of the property.)
Property Type (house, condo, units)
Property Use (primary residence, rental, second home)
If refinancing, are you taking cash out or paying off an equity line?
Do you have another loan on the property you want to subordinate? (keep on the property)
Do you want to have your property taxes and insurance made part of your monthly payment?