HOME PURCHASE
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CONVENTIONAL LOAN
Conventional loans are not a part of any government program like FHA or VA, but most are guaranteed by Government Sponsored Enterprises (GSE’s) like Fannie Mae and Freddie Mac.
THERE ARE TWO TYPES OF CONVENTIONAL LOAN PROGRAMS:
1. Conforming Loan – Loans have a minimum and maximum loan limit set for each county in the United States by the Federal Housing Finance Agency (FHFA).
2. Non-Conforming or Jumbo Loan – Jumbo loans are typical in Los Angeles, Ventura, and Orange County because of the high price of properties. The terms are less standardized, there is no government-set loan limit, and rates can vary by lender. Working with Marcel Garcia will save you from calling multiple lenders for rates because we have access to most banks and investors.
Conforming Loan Limits - Los Angeles County*
1-unit
$1,209,750
2-unit
$1,548,975
3-unit
$1,872,225
4-unit
$2,326,875
Conforming Loan Limits - Orange County*
1-unit
$1,209,975
2-unit
$1,548,975
3-unit
$1,872,225
4-unit
$2,326,875
Conforming Loan Limits - Ventura County*
1-unit
$1,17,750
2-unit
$1,302,900
3-unit
$1,574,900
4-unit
$1,957,250
Conforming Loan Limits - Santa Barbara County*
1-unit
$913,100
2-unit
$1,168,950
3-unit
$1,413,000
4-unit
$1,756,000
Conforming Loan Limits - San Diego County*
1-unit
$1,077,550
2-unit
$1,379,450
3-unit
$1,667,450
4-unit
$2,072,250
*as of 2024/2025, source – FHFA
NON CONVENTIONAL LOANS / Alternative Document (Alt Doc)
The purpose of non-conventional loans is to encourage single family, condo, townhouse, land, or multi-family homeownership for those who may not have qualified under traditional criteria.
We are experts in this area of lending and can help you secure and close on a loan product that fits your circumstances.
A non-conventional loan can be an excellent opportunity to obtain home financing for borrowers who fall into these categories.
Self-employed (Non-QM loan)
Limited proof of income (one-year of tax return history).
Poor credit history, recent short sales, or foreclosures
Foreign nationals
Service members, veterans and surviving spouses of the armed forces (VA, CALVET loans)
Low and moderate-income (FHA Loan)
Good neighbor next door (formerly teacher/officer/firefighter next door)
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