General Mortgage Capital Corporation
☰
 Catherine Sun
1350 Bayshore Highway
Suite 740
Burlingame, CA 94010
 
Phone (650) 340-7800 x 269
Facsimile (650) 340-7898
Cellular (650) 269-3917
Email csun@gmccloan.com
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Residential Loan Programs


Loan Programs Program types Advantages Disadvantages
Conventional Loans (Follow Fannie Mae & Freddi Mac guidelines) Fixed Rate Loans:
30, 25, 20, 15, and 10 year options

Adjustable Rate Loans:
10/1, 7/1, 5/1, and 3/1 ARM options
Down payment can be as low as 3% for First Time Homebuyers with credit score of 620 or above.

As low as 5% down for other qualified buyers.

Advantages associated with the program type.
Could be harder to qualify for as compared to other options (based on credit requirement, etc.).

Disadvantages associated with the program type.
Jumbo Loans Fixed Rate Loans:
30, 25, 20, 15, and 10 year options

Adjustable Rate Loans:
10/1, 7/1, 5/1, and 3/1 ARM options
Offer options when loan amount is over the conforming loan limit, especially helpful in higher cost areas.

Advantages associated with the program type.
Even stricter requirement on credit, reserves, etc. than conventional loans.

Disadvantages associated with the program type.
Portfolio Loans (Asset depletion, stated income, etc.) Fixed Rate Loans:
30 and 15 year options

Adjustable Rate Loans:
7/1 and 5/1 ARM options
Offer more flexiblity for qualification for both primary and investment homes.

Advantages associated with the program type.
Higher rates, limited choices on fixed/adjustable rate option.

Disadvantages associated with the program type.
FHA (Government backed loans for all who qualified) Fixed Rate Loans:
30, 25, 20, 15, and 10 year options

Adjustable Rate Loans:
5/1 and 3/1 ARM options
As low as 3.5% down payment.

Minimum credit score 620 for Purchase.

Advantages associated with the program type.
Upfront and monthly mortgage insurance required.

Might be harder for condo buyers if the project is not already on the FHA condo approved list.

Disadvantages associated with the program type.
VA (Government backed loans for Veterans) Fixed Rate Loans:
30, 25, 20, 15, and 10 year options

Adjustable Rate Loans:
10/1, 7/1, 5/1, and 3/1 ARM options
0% down payment allowed.

Lower interest rate.

Advantages associated with the program type.
Funding fee can be costly.

Disadvantages associated with the program type.

Program types Advantages Disadvantages
Fixed Rate Loans Monthly payments are fixed over the life of the loan while allowing the flexibility to pay down the balance at any time.

Interest rate does not change.

Protected if rates go up.

Can refinance if rates go down.
Interest rate could be higher as compared to an adjustable rate loan.

Mortgage payments could be higher as compared to an adjustable rate loan.

Rate does not drop if interest rates improve.
Adjustable Rate Loans Initial monthly payment could be lower.

May qualify for higher loan amounts.
More risk.

Payment may change over time after the fixed rate period is over. Potential for high payments if rates go up.



(BRE License # 01368972)
(NMLS # 238926)
M.B.A.


General Mortgage Capital Corporation
1350 Bayshore Highway
Suite 740
Burlingame, CA 94010
 
Phone: (650) 340-7800 x 269
Facsimile: (650) 340-7898
Cellular: (650) 269-3917
Email: csun@gmccloan.com

General Mortgage Capital Corporation Burlingame Headquarter, licensed by CA Department of Real Estate, Real Estate Broker license #01509029. NMLS #254895. Rates and programs are subject to change without notice. Trade/service marks are the property of General Mortgage Capital Corporation and/or its subsidiaries. Rates subject to lender approval of the property.

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