Find Various Loan Types and Competitive Mortgage Rates in Stockton, CA

Ralph Gresham provides local borrowers with several loan options that have some of the most competitive mortgage rates in Stockton, California and surrounding areas including Modesto and Sacramento. Interested homebuyers may apply for fixed- or adjustable-rate mortgages with payment terms spanning 15 to 30 years.

Ralph Gresham’s expertise amounts to more than that, though. He is also an approved lender for FHA and VA loans; a certified FNMA Desktop Underwriter; and lender for reverse mortgages, construction and rehab loans. Count on him and his team to help you choose and apply for home loans in Stockton and surrounding areas that match your financing needs.

Browse some of the mortgage loans available through PRMI’s Ralph Gresham and team.

Conventional rehab/ remodel loans

WHAT IS THE HOMESTYLE PROGRAM?

The Fannie Mae Homestyle Renovation loan is our standard renovation program for the conventional borrower (up to 95% Loan To Value).  With this program you can perform all of the same renovations as with the FHA 203(k) loan, but without all of the limitations FHA guidelines has.

This product does allow for luxury items that FHA does not, as in a swimming pool, a detached garage, or a gazebo.

The Homestyle renovation loan contains one application, one closing and one set of fees.  In the end all of the costs will be financed (up to 97% on a principle residence, 90% on a secondary home, or 85% on a ONE unit investment property).  That being said, if you wish to only finance 80%, you will have the option to avoid mortgage insurance.

Depending on the size of the project, changing a floor plan, or adding square footage, a consultant could be required. 

The types of improvements that borrowers may make using Fannie Mae Homestyle financing include:

·         Structural alterations and reconstruction

·         Modernization and improvements to the home's function

·         Elimination of health and safety hazards

·         Repairs to pools that are in need of health and safety hazards

·         Installing a new pool

·         Adding a detached garage

·         Changes that improve appearance and eliminate obsolescence

·         Reconditioning or replacing plumbing; installing a well and/or septic system

·         Adding or replacing roofing, gutters, and downspouts

·         Adding or replacing floors and/or floor treatments

·         Major landscape work and site improvements

·         Enhancing accessibility for a disabled person

·         Making energy conservation improvements

·         Conversion of a property of any size to a one-to-four unit structure

Another added benefit of the Fannie Mae Homestyle loan, like the FHA Standard 203(k) is in the event that the home will be uninhabitable during renovation, you can finance up to 6 mortgage payments into the loan, while waiting for the home to be in a condition that is it inhabitable again. (restrictions to apply).

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FHA Rehab/ Remodel loans

 

WHAT ARE THE OPTIONS?

  Wheelbarrow

WHAT IS THE LIMITED  203(k) PROGRAM? 

HUD has developed a new FHA insured mortgage program called the 203k Limited Repair Program that permits homebuyers to finance up to an additional $35,000 for TOTAL repair cost into their mortgage, to purchase and improve or upgrade the home before move-in, or to refinance an existing mortgage and add up to $35,000 for repairs or improvements.

With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

The following repairs can be financed with this program:

  • Repair/Replacement of roofs, gutters and downspouts

  • Repair/Replacement/upgrade of existing HVAC systems

  • Repair/Replacement/upgrade of plumbing and electrical systems

  • Repair/Replacement of existing flooring

  • Minor remodeling, such as kitchens, which does not involve structural repairs

  • Exterior and interior painting

  • Weatherization: including storm windows and doors, insulation, weather stripping, etc

  • Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwaves

  • Improvements for accessibility for persons with disabilities

  • Lead based paint stabilization or abatement of lead based paint hazards

  • Repair, replacement or the addition of exterior decks, patios and porches

  • Basement remodeling which does not involve structural repairs

  • Basement waterproofing

  • Window and door replacement and exterior siding replacement

  • Well or septic system repair or replacement

  • Solar and Wind Energy

This program can also be used with the purchase of a HUD home, and in coordination with the Good Neighbor Next Door program.

WHAT IS THE STANDARD 203(k) PROGRAM?

The Standard 203(k) program offers everything that can be completed in the Limited 203(k) program, but even more. 

The extent of the rehabilitation covered by Section 203(k) insurance may range from relatively minor (though exceeding $5,000 in cost) to virtual reconstruction: a home that has been demolished or will be razed as part of rehabilitation is eligible, for example, provided that the existing foundation system remains in place.

The types of improvements that borrowers may make using Section 203(k) financing include:

  • Structural alterations and reconstruction

  • Modernization and improvements to the home's function

  • Elimination of health and safety hazards

  • Repairs to pools that are in need of health and safety hazards

  • Changes that improve appearance and eliminate obsolescence

  • Reconditioning or replacing plumbing; installing a well and/or septic system

  • Adding or replacing roofing, gutters, and downspouts

  • Adding or replacing floors and/or floor treatments

  • Major landscape work and site improvements

  • Enhancing accessibility for a disabled person

  • Making energy conservation improvements

  • Conversion of a property of any size to a one-to-four unit structure

Another added benefit of the Standard 203(k) loan, is in the event that the home will be uninhabitable during renovation, you can finance up to 6 mortgage payments into the loan, while waiting for the home to be in a condition that is it inhabitable again. (restrictions to apply).

This program can also be used with the purchase of a HUD home, and in coordination with the Good Neighbor Next Door program.

 

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Pre-Qualification

Have a loan professional review your financial situation and determine your readiness to buy a home. If you are looking for a home in the Stockton, Modesto, or Sacramento areas, talk to use about mortgage pre-qualification.  With our help, you’ll learn how much you can borrow and the price range you have to work with. It is a non-binding process and can help you as you prepare to become a homebuyer. Submit your documents for pre-qualification today. 

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Refinance

Get your monthly mortgage payments lowered by applying for mortgage refinancing in Stockton, CA. Refinancing pays off your first loan and lets you start afresh with a new one. You can get a better interest term and rate on this second loan. Talk to Ralph Gresham and find out if refinancing is the best solution for your needs. 

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Low Credit Loan

A low credit score can be a hindrance for many aspiring homebuyers, but it doesn’t necessarily have to be. With a low credit loan, you don’t have to wait until your credit score improves before you can buy a house. As long as you meet the relevant requirements, you can own a home in the Stockton, CA area. Contact us to learn more about low credit loans.

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Down Payment Assistance

What if you want to buy a house but don’t have enough money saved up for the down payment? Applying for down payment assistance is a great option. With this loan, you can set your closing date and get your name on the title of your new home as soon as possible. Contact Ralph Gresham to apply for down payment assistance in Stockton, CA.

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Reverse Mortgage

Convert part of your home’s equity into cash with a reverse mortgage. If approved, you won’t have to make any monthly mortgage payments. You may apply for this loan if you’re at least 63 years old. Learn the rest of the requirements for a reverse mortgage in the Stockton, CA area and see if it might be a good fit for you. Give PRMI’s Ralph Gresham  a call to learn more.

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Construction Loan

Get the financing you need to build the house of your dreams. Pay only the interest on your loan during the construction period, and once your home is built, you’ll have reduced your subsequent monthly amortizations. Get in touch with PRMI’s Ralph Gresham to apply for a construction loan in Stockton, CA and surrounding area. 

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VA Loan

Apply for a home loan guaranteed by the U.S. Department of Veterans Affairs if you are an eligible veteran or the surviving spouse of a service member. A VA loan lets you buy a house with zero down. You can also ask the seller to pay all of your closing costs and get in with very little out-of-pocket. You also pay lower monthly amortizations with no mortgage insurance premiums.

You may also be able to refinance up to 100%and get cash out for whatever purpose you may have.

We have made qualifying easier.... credit scores as low as 600!

Ralph Gresham can help you find out if you’re eligible for a VA loan in the Stockton, CA area. Contact us to get started.

and... "Thank you for your service"

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FHA Loan

Already found a house you want to buy? With a Federal Housing Administration (FHA) loan you only have to put down 3.5% of the purchase price.  Learn more about the requirements and application process for an FHA loan in Stockton, Modesto, Sacramento, or surrounding areas. Contact Ralph Gresham today.

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USDA Loan

Buying a home in rural communities or the outskirts of urban centers is a great fit for the USDA loan program. As part of the Rural Development Guaranteed Housing Loan Program, this loan lets you buy a house with zero down.  Contact Ralph Gresham — he’ll walk you through the process of applying for a USDA Loan in the Stockton, CA area. 

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Conventional Mortgage

Speed up the home buying process by applying for a conventional mortgage. Although not secured by a government agency, this type of home loan offers benefits, such as shorter processing time, low-to-zero private mortgage insurance (PMI) and affordable interest rates. Talk to Ralph Gresham and apply for a conventional mortgage in Stockton, CA and surrounding areas.

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