Home Refinance Loans from Delta Home Loans

Types of Refinance Loans Available Today

• Conventional refinance loans allow a Rate and Term refinance as well cash-out up to a specified Loan to Value ratio (LTV).  This program is also available for second home financing and investment property purchase up to 4 units.
  • Long term fixed rate as well as short term fixed rate at a lower interest rate is available as well as adjustable loan programs.
     
• Jumbo and Non-Conforming Jumbo programs are for loan amounts over the current conforming loan limit of $417,000 and current loan limits are determined by areas to a maximum of $729,000 currently. These typically have a slightly higher interest rate and may have different qualifying criteria.
   
• FHA loans are insured by the Federal Housing Administration and allow rate and term as well as cash out transactions.
  • Non-occupant co borrowers are allowed to assist in the loan qualification for this mortgage type.
  • Fixed rate and adjustable rate programs are available.
     
• Fannie Mae Relief Refinance and Freddie Mac Relief Refinance programs are available up to 125% Loan to Value (LTV) of an existing loan held by either institution.
   
• VA loans are insured by the Veterans Administration and allow rate and term refinances as well as cash out.
   
• Cal PERS (Public Employee Retirement System) members are eligible for this program as well as a combination of this program and FHA for a 0 down payment purchase loan.  The 3.5% down payment is secured by the PERS retirement account. PERS loans are available with 5% down payment.
   
• STRS (State Teachers Retirement System) retirement members are allowed to purchase a home with as little as 3% down payment.
• USDA Rural Guarantee loan program is available in “rural” communities that are more than 60 miles from a major city and the property address must be verified through USDA for it eligibility.  Loans currently held by USDA are allowed to be refinanced at a lower rate under the USDA program.
  • Mortgage insurance is not a cost associated with this loan however the USDA does charge a funding fee of 2.125% of the loan amount/sales price and this is financed in the loan amount.
  • 30 year fixed rate is currently offered for this program
  • Maximum income guidelines do apply and are up to 115% of the median income for the area.