Jumbo Loans

To buy a home in the Bay Area where house prices often exceed $1 million, a jumbo loan may be needed. These loans can be fixed rate or variable interest depending on your financial situations and goals. However, jumbo loans can be slightly difficult to qualify for, with more stringent credit requirements and a larger down payment necessary.

Choosing the right home purchase loan can be confusing, whether you’re a first time home buyer or looking to add properties to your portfolio. Experienced Bay Area mortgage consultant Snow Narksompop offers unique insights to find the right solution for you.

Foreign Nationals allowed. 10% down payment with no MI.

First-Time Homebuyers

What is a FHA Loan?

Families can now buy their dream home after being excluded from the housing marking. This is in thanks to the Federal Housing Administration (FHA). In 1934, the Federal Housing Administration was established to improve housing and to provide an adequate home financing system.

FHA does not create home loans, it insures the loan. If for some reason the homebuyer defaults, the lender is paid from the insurance fund.

• First-time homebuyers who are unable to make larger down payments.
• Buy a house with as little as 3.5% down.
• Assistance programs for down payments can be added to the FHA loan for additional savings.
• For those who may not qualify for a conventional loan, this may be the right mortgage solution.

Hard Money Lending

Investment property only
At BlueCrest, we understand the need for investors to be able to have a reliable source of funds to pivot and use in the real estate business. If investors do not qualify for normal loan channels due to occupation, credit scores, or others, a hard money loan from Bluecrest can provide the necessary financing.

Non-Qualified Mortgages

VOE only, NO 4506C, P&L, CPA letter, 3, 12, and 24 bank statements. DSCR and Foreign Nationals allowed.
A non-qualified mortgage (Non-QM) is a home loan designed for a homebuyer who doesn’t meet specific criteria for a qualifying home loan. If you are someone who doesn’t have the correct documentation or is self-employed, a non-qualified mortgage loan might be the direction you should go. BlueCrest offers non-qualified mortgage home loans up to $10MM.

FHA Loans vs. Conventional Home Loans

A Conventional Bay Area Home Loan relies upon credit scores. If your score is below the minimum standard, you may not qualify for a loan. A FHA Bay Area Home Loan requires a lower down payment and the credit qualifying criteria isn’t as strict. This allows borrowers who may not have any credit history, or with minor credit problems, to qualify for the loan. The FHA requires an explanation of any derogatory items, this will be used for credit underwriting.

First Time Home Buyers and Foreign Nationals allowed. Down payment as little as 3%, 5%, 10% with no MI. Get in touch for more information and loan scenarios.

VA

VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms. Benefits:

• No downpayment required
• Competitively low interest rates
• Limited closing costs
• No need for Private Mortgage Insurance (PMI)
• Up to $2M loan amount