Home Purchase in Orange County, CA

Living in the sunny state of California is a dream come true for many Americans, but houses don’t come cheap in The Golden State. You can opt for a mortgage for a home purchase in Orange County, CA to help you finance your dream house.

Different Mortgages for a Home Purchase in Orange County, CA

There are multiple types of mortgages for a home purchase in Orange County, CA. They come with different requirements, payment schemes, and other factors.

Conventional Mortgage for Your Home Purchase in Orange County, CA

The most common mortgage plan for a home purchase in Orange County, CA is the conventional mortgage. It also has the best rates, which makes it attractive to a lot of clients.

The down payment is typically at 10% of the total costs, though it can also be as little as 3%, and mortgage terms can be paid in 15 or 30 years. It also requires you to have a good credit score. Here are other factors to note about the conventional mortgage for a home purchase in Orange County, CA:

  • Most lenders require you to have a middle credit score of at least 620 to qualify for the mortgage for a home purchase in Orange County, CA.
  • Down payment on your mortgage for your home purchase in Orange County, CA can be relative. It can go for as low as 3% or as high as 10%.
  • The conventional mortgage for a home purchase in Orange County, CA has an insurance called Private Mortgage Insurance (PMI).
  • First-time homebuyers must attend the Homebuyer Education counseling before being deemed eligible for the mortgage for a home purchase in Orange County, CA.

FHA Mortgage in California for a Home Purchase in Orange County, CA

Though rates in an FHA mortgage for a home purchase in Orange County, CA is not as attractive, this first time home loan program is available for everyone. In addition, those looking for mortgages for their home purchase in Orange County, CA but are worried about their low credit scores, are still qualified for the FHA Mortgage.

Adjustable Rate Mortgage (ARM) for Your Home Purchase in Orange County, CA

ARM is for homeowners who are comfortably paying relative mortgage rates for their home purchase in Orange County, CA after a fixed rate period. If you have plans of selling your California home after five or seven years, this is your best choice.

USDA Rural Housing Loan for a Home Purchase in Orange County, CA

Only specific towns, areas, and properties are covered by the USDA rural housing loan for a home purchase in Orange County, CA. It requires a minimum 640 credit score, a clean record for participation in federal programs, and the ability to meet credit obligations on time.

CalHFA Mortgage for Your Home Purchase in Orange County, CA

Unlike the previous mortgages for a home purchase in Orange County, CA, the mortgage under CalHFA is not readily available to the public. An approved lender must qualify you for the loan. To be an eligible CalHFA borrower for a home purchase in Orange County, CA, you must:

  • Be a citizen of the US or be a “Qualified Alien”
  • Meet the credit, income, and loan requirements set by CalHFA

California VA Loan for a Home Purchase in Orange County, CA

The VA Mortgage program for a home purchase in Orange County, CA is a zero down payment mortgage option open to all qualified California veterans. It is advisable for veterans to enlist the help of a California VA Home Loan specialist to make the process of their home purchase in Orange County, CA easier.

Purpose Funding Can Help You With Your Home Purchase in Orange County, CA

Living the Californian dream starts with the right home purchase in Orange County, CA. Purpose Funding is your partner for secure and trustworthy mortgages for your home purchase in Orange County, CA. Contact us today.