Home / Loan programs
Compare mortgage loan types
Every loan we offer, in one place. Use the table to narrow the field, then open a program for the details, or let Mike price the two or three that fit your situation.
| Loan type | What it is | Best for | Key term |
|---|---|---|---|
| HELOC | A line of credit on your equity | Owners with a low first mortgage who want cash | Up to 90% CLTV |
| HELOC vs cash-out refinance | Side-by-side cost of the two | Deciding how to tap equity | Your numbers |
| Bank statement HELOC | HELOC qualified on deposits | Self-employed owners | Bank statements |
| Investment property HELOC | Equity line on a rental | Landlords and investors | Lower CLTV |
| Closed-end second mortgage | Fixed-rate lump-sum second | A one-time cash need | Fixed rate |
| Conventional | Fannie Mae and Freddie Mac loan | Good credit, 3% to 20% down | 3% to 5% down |
| Fixed-rate | Same rate for the whole term | Long-term owners | 10 to 30 years |
| Adjustable-rate | Fixed 5, 7 or 10 years, then adjusts | Shorter expected stays | Caps limit changes |
| Jumbo | Above the conforming limit | Higher-priced homes | Often 10% down |
| FHA | Government-insured mortgage | Lower down payment or credit | 3.5% down |
| VA | Government-guaranteed for veterans | Eligible veterans and service members | 0% down |
| USDA | Rural development loan | Eligible rural areas, income limits | 0% down |
| Reverse mortgage | Borrow against equity, no monthly payment | Homeowners 62 and older | Age 62+ |
| Non-QM | Outside standard guidelines | Self-employed and unique income | Bank statements |
| DSCR investor | Qualify on the rent | Real estate investors | No personal income docs |
| Foreign national | For non-US citizens | Foreign buyers | No US credit needed |
Home equity loans
If you already own a home and want cash, start here. A HELOC lets you borrow against your equity while your first mortgage stays exactly as it is, which matters when that first mortgage carries a rate far below today’s. A closed-end second does the same with a fixed rate and a lump sum. Our HELOC vs cash-out refinance page shows which one costs less for your balance and rate.
Conventional loans
Conventional loans follow Fannie Mae and Freddie Mac guidelines and are not backed by the government. They usually offer the lowest total cost for borrowers with good credit, allow as little as 3% down for first-time buyers, and carry mortgage insurance that ends once you reach enough equity. They come as a fixed rate mortgage or an adjustable rate mortgage. Above your county’s conforming limit you move to a jumbo loan.
Government loans
FHA loans allow 3.5% down and more flexible credit. VA loans offer zero down and no monthly mortgage insurance to eligible veterans and service members. USDA loans offer zero down in eligible rural areas within income limits. A reverse mortgage (HECM) lets homeowners 62 and older turn equity into income with no required monthly mortgage payment.
Non-QM loans
Some borrowers do not fit standard boxes. Non-QM loans qualify self-employed borrowers on bank statements, DSCR loans qualify investors on a property’s rent, and foreign national loans serve buyers who are not US citizens or residents. Rates are higher than conventional, but the loan gets done when a conventional one cannot.
How to choose
Three questions narrow it quickly: how much you can put down, how strong your credit and documented income are, and how long you expect to keep the loan. From there, the honest way to decide is to price the finalists on the same day for your exact scenario. Our rates page does that live, and Mike can walk you through the trade-offs by phone.
Whatever you choose, ask for the full picture: rate, APR, points or credit, and the itemized closing costs. Two loans with the same rate can cost very different amounts to close, and the cheapest payment is not always the cheapest loan.
Questions people ask
Which type of mortgage loan is best?
The one that fits your down payment, credit, property and how long you plan to keep it. For strong credit and 10% or more down, conventional is usually the lowest cost. For a low down payment, FHA or VA. For homes above the conforming limit, jumbo. For self-employed income, non-QM.
Can you compare two loan types for me?
Yes. We regularly price FHA next to conventional, fixed next to adjustable, and a HELOC next to a cash-out refinance so you can see the real difference in payment and cost.
Do you offer loans outside California?
This site and our pricing focus on California. Call us if your property is in another state and we will tell you what is available.
Not sure which loan fits?
Send a few details about the home and your situation. Mike will tell you which two or three programs make sense and price them side by side.
Prefer to talk? Call 800-801-5626.