Purchase Home Loans in Los Angeles, California

Purchase Home Loans in Los Angeles, California

Helping You Purchase Home Loans in Los Angeles, California

Buying your dream home is the biggest decision you will ever make in your life. It makes sense to back it up with a secured home loan from a trusted provider. Real Estate by Joshua, will help you with our experience and expertise. We will get you the best rate on the most common home loans in the US.

Joshua & Tony

How We Help

Once your offer has been selected, one of our trusted mortgage bankers works with you closely to get the loan process started. We offer you the right advice whether it is about choosing the right lender, prequalifying for mortgage credit or opting for the correct loan. We have every mortgage product available to help you buy your home in 30 days or less.

FHA Loan Requirements

  • FICO® score of at least 580.
  • Minimum 3.5% down payment required.
  • FICO® score between 500 and 579 = 10% down payment.
  • MIP (Mortgage Insurance Premium ) is required for the life of the loan.
  • Debt-to-Income Ratio must be no higher than 57%
  • The borrower must intend to occupy the property as his/her primary residence.
  • Borrower must have steady income and proof of employment.
  • 100% of down payment can be given as a gift.

FHA Loan Benefits

  • Low downpayment requirement of 3.5%
  • The downpayment and closing costs can be given as a gift.
  • Easier to get approved for than conventional loans.
  • Lower credit scores accepted (580 credit score and higher)
  • Lower mortgage interest rates than conventional loans.
  • Reserve funds not required.

FHA Loans Disadvantages

  • MIP required for the life of the loan regardless of equity or down payment.
  • Mortgage insurance required even if putting 20% down.
  • Can only purchase condos that are FHA approved.
  • Mortgage insurance monthly cost is typically higher.

Conventional Loan Requirements

  • Minimum credit score of 620.
  • Higher interest rates than FHA Loans.
  • Minimum down payment of 5%
  • Home Ready & Home Possible programs available for 3% down payment. *certain restrictions may apply
  • Debt-to-Income Ratio must be no higher than 50%

Conventional Mortgage Benefits

  • No up-front private mortgage insurance (PMI).
  • Flexible guidelines on the homes condition.
  • PMI payments cancel when the LTV reaches 78%
  • NO PMI with 80% loan-to-value ratio.
  • Mortgage insurance is typically less expensive (0.51% vs 0.85% with FHA).
  • 3% down payment for Conventional 97% LTV loan.
  • Home Ready and Home Possible

Conventional Mortgage Disadvantages

  • Reserve funds are often required.
  • 620 credit score requirement (higher than FHA).
  • Large downpayment 5%-20% (Unless you qualify for a Conventional 97 loan which requires a 3% down payment).
  • Higher interest rates.
  • More difficult to qualify for than FHA.
  • Stricter guidelines than FHA.

VA Loan Requirements

  • Must have satisfactory credit(minimum of 580) and sufficient income.
  • Must have valid certificate of eligibility(Form DD-214).
  • Borrower must intend to occupy the property as his/her primary residence.
Joshua & Tony

VA Loan Advantages

  • 0% Down payment
  • Cash out up to 100% LTV refinance
  • No mortgage insurance required ever
  • Low interest rates

Eligibility Requirements for VA Home Loans

Service during wartime

World War II - September 16, 1940 - July 25, 1947
Korean War - June 27, 1950 - January 31, 1955
Vietnam War - August 5, 1964 - May 7, 1975


Service Requirements:
At least 90 days active duty - with other than dishonorable discharge Less than 90 days active duty - if discharged for a service-connected disability

Gulf War - August 2, 1990 - to be determined

Service Requirements:
24 months continuous active-duty - with other than dishonorable discharge
At least 90 days or completed the full term that he or she was ordered to active duty with other than dishonorable discharge
At least 90 days active duty - and discharged for hardship, early out, convenience of the Government, reduction in force, condition interfered with duty or compensable service-connected disability
Less than 90 days active duty - if discharged for a service-connected disability

Service during peacetime

All - July 26, 1947 - June 26, 1950 and February 1, 1955 - August 4, 1964
Enlisted - May 8, 1975 - September 7, 1980
Officers - May 8, 1975 - October 16, 1981
Service Requirements:
At least 181* days continuous active duty - with other than dishonorable discharge
Less than 181 days active duty - if discharged for a service-connected disability

If you were separated from service

Enlisted - After September 7, 1980
Officers - After October 16, 1981
Service Requirements:
24 months continuous active duty - with other than dishonorable discharge
At least 181 days or completed the full term that he or she was ordered to active duty with other than dishonorable discharge
At least 181 days active duty - and discharged for hardship, early out, convenience of the Government, reduction in force, condition interfered with duty or compensable service-connected disability
Less than 181 days active duty - if discharged for a service-connected disability
* 90 days applies for wartime

Active-duty service personnel

If you are now on active duty, eligibility can be established after 90 days of continuous active duty. Upon discharge or release from active duty, eligibility must be reestablished.

Selected Reserve or National Guard

If you are not otherwise eligible and you have completed a total of six credible years* in the Selected Reserve or National Guard (member of an active unit, attended required weekend drills and two-week active duty for training) and one of the following:
Were discharged with an honorable discharge
Were placed on the retired list
Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable service
Continue to serve in the Selected Reserve
*Individuals who completed less than six years may be eligible if discharged for a service-connected disability.

You may also be determined eligible if

You are an un-remarried spouse of a Veteran who died while in service or from a service-connected disability
You are a spouse of a Servicemember missing in action or a prisoner of war
You are a surviving spouse in receipt of Dependency and Indemnity Compensation (DIC) benefits in cases where the Veteran's death was not service-connected

Note

A surviving spouse who remarries on or after age 57 and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after age 57, must have applied no later than December 15, 2004, to establish eligibility.