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HOME LOAN FINANCING

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Home Loan Financing

Having a home loan in place before you begin your home search will allow you to know exactly how much you will qualify for, prior to touring homes for sale. This is the signle biggest key in the homebuying process.

If you are already approved for a home loan, you likely will have everything I will need to immediately schedule your new first home tour. Simply click here to schedule your no obligation 15 minute consultation to see if we are the right fit for each other.

However, if you have not yet been approved, it is imperative that you begin the process of selecting the best financing for your situation. Once you have discovered what type of loan(s) may be best, I can help (if needed) to direct you to a Mortgage Loan Originator (MLO) that is well qualified for the job.

Below is a comprehensive list of home loan options which can assist you in purchasing a home. Not mentioned in this list are:

Self-Employed Loans
Equity Based Loans
Other Non-Conforming Loan Options

These types of loans also require their own MLO specialist that I would be glad to refer to you, if needed.

Let’s start with the more common types of financing.

Financing

FHA Financing

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. FHA home loans require lower minimum credit scores and down payments than many conventional loans. This makes FHA loan especially popular with homebuyers with limited funds for a down payment.

Check out these FHA home loan highlights:

Limited Down Payment of 3.5% Required
No Prepayment Penalty
Non-Owner Cosigners Allowed
Flexible Credit Standards

FHA loan written on the model of home.

Financing

Home Loan Financing

FHA home loans typically have slightly higher interest rates than conventional mortgages and require Private Mortgage Insurance (PMI) determined by the borrower's credit score and amount of money used in the down payment. FHA loans also allow for higher debt-to-income ratios and as mentioned above they have flexible credit guidelines. Qualifying for an FHA loan is not overly difficult however, it takes a certain skill set from a team of real estate professionals to assist anyone who is pushing their limits or has credit challenges.

However, if you have not yet been approved, it is imperative that you begin the process of selecting the best financing for your situation. Once we know what type of loan is best, you can then know what kind of Mortgage Loan Originator (MLO) that is needed for the job.

Home Loan Financing

FHA home loans typically have slightly higher interest rates than conventional mortgages and require Private Mortgage Insurance (PMI) determined by the borrowers credit score and amount of money used in the down payment. FHA loans also allow for higher debt-to-income ratios and as mentioned above they have flexible credit guidelines. Qualifying for a FHA loan is not overly difficult however, it takes a certain skill set from a team of real estate professionals to assist anyone who is pushing their limits or has credit challenges.

I am here to assist you with:

FHA Eligibility Requirements
An Explanation of Mortgage Insurance
Debt To Income Requirements
Loan Limits Set for the County

Financing

VA Financing

Use the VA Benefits You Earned! For those who qualify, the VA loan program can be the best loan option. Backed by the U.S. Department of Veterans Affairs, VA loans are designed to help active-duty military personnel, veterans and some others become homeowners at an affordable cost. VA homes loans have a more lenient credit guideline compared to traditional loans making it easier to qualify for a mortgage. This is a great loan option, especially for first-time homebuyers.

Check out these VA home loan highlights:

Limited Down Payment of 3.5% Required
No Prepayment Penalty
Non-Owner Cosigners Allowed
Flexible Credit Standards

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VA home loans typically have lower interest rates than conventional mortgages, allow for higher debt-to-income ratios and as mentioned above they have flexible credit guidelines. Plus, VA loans do not require monthly private mortgage insurance. Qualifying for a VA loan is easier than you may think, however, it takes a certain skill set from a team of real estate professionals to assist anyone who isn’t at the tip of the spear.

By the way, I am also a certified MRP®, Military Real Estate Professional®, who understands the needs of both veterans and active-duty personnel.

I am here to assist you with:

VA Eligibility Requirements
Disability Waivers
Local BAH Rates Requirements
Debt To Income Requirements

Financing

Conventional Loan Options

Conventional mortgages (typically the interest rates you hear about on TV/radio) are the most common type of home loan financing. These types of home loans do not have any kind of government backing, like an FHA loan or VA loan, so they typically have more stringent credit requirements and financial standards.

Homebuyers with excellent credit and solid assets can often tap into the best interest rates and terms of a conventional loan. I suggest looking very closely at this loan when putting down a minimum of 20% of the purchase price. Anything less down, should your require careful consideration.

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Homebuyers with excellent credit and solid assets can often tap into the best interest rates and terms of a conventional loan. I suggest looking very closely at this loan when putting down a minimum of 20% of the purchase price. Anything less down, should require your careful consideration.

I am here to assist you with:

VA Eligibility Requirements
Disability Waivers
Local BAH Rates Requirements
Debt To Income Requirements

LOANS

Jumbo Loans

This is the most common type of financing done by luxury home buyers. These types of loans allow you to buy at much higher purchase prices. However, with greater sales price flexibility you will also have greater loan restrictions.

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Check out these JUMBO home loan highlights:

Down Payment of 20% Required
No Prepayment Penalty
Higher Interest Rates
Tighter Credit and Income Requirements

Jumbo loans give you tremendous purchasing power. Depending on how much money you put down over the minimum, it will greatly influence the credit requirements and the interest rate of the loan. It takes a solid team of real estate professionals to assist anyone who wants to get the best possible options in these types of loans. The better your credit the more options you will have.

Now let’s look at more loan options.

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Reverse Mortgage

If you’re age 62 or older, you can receive money from your mortgage company by borrowing against the value of your home (your equity) through a reverse mortgage. Most reverse mortgages are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program.

Reverse mortgage home loans typically have no payment and depending on your situation could provide you with a monthly income. This loan can also be used to purchase both new and existing homes. All that is required is a larger down payment (typically 50%) and enough provable income to pay your on going expenses like utilities, taxes and insurance (some exceptions may apply). Qualifying for a Reverse Mortgage loan is not difficult however, it is a bit more complicated than a typical home loan. This type of loan requires a certain skill set from a team of real estate professionals who are VERY familiar with the process from start to finish.

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Check out these Reverse Mortgage loan highlights:

A reverse mortgage can be a great loan for the right borrower so, it’s important to talk with a team of professionals to see if it’s the right loan for you. Both your Realtor® and Mortgage Loan Originator (MLO) need to be on the same page and completely understand this type of loan to make your buying process a smooth and successful one.

By the way, I’m also a designated SRES®, Seniors Real Estate Specialist® who understands the needs of seniors and their needs at all stages of life.

Credit Score Not Required
Limited to NO Income Required
No Monthly Payment s
No Prepayment Penalty

I am here to help explain:

Reverse Mortgage Eligibility Works
How to Decide if a Reverse Mortgage is Right for You
Buy A Home Using a Reverse Mortgage
Debt To Income Requirements

EEM

Energy Efficient Mortgages

Using an energy efficient mortgage means living comfortable with more predictable energy costs. When buying a home, you can increase your comfort and savings by using an Energy Improvement Mortgage (EIM). Sometimes also referred to as an EEM, it is easy to use, federally recognized, and can be applied to most home mortgages, including FHA, VA and Conventional financing. EIMs provide the borrower with special benefits when purchasing a home that is energy efficient or can be made efficient through the installation of energy-saving improvements.

Homeowners with lower utility bills have more money in their pocket each month. Plus they potentially can reap a greater tax deduction for their old energy costs. (Talk with a tax professional for more details.)

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Check out these Energy Improvement Mortgage loan highlights:

When you do not have the cash on hand or would rather not spend it, an EIM/EEM mortgage can pay for energy efficient improvements easily. Your Mortgage Loan Originator (MLO) can adjust your maximum loan amount to cover many GREEN improvement costs. Monthly mortgage payments will increase slightly however, you will actually save money because your energy bills will be lower!

An energy efficient mortgage can be a great loan for the right homebuyer so, it’s important to talk with a team of professionals to see if it’s the right loan for you. Both your Realtor® and Mortgage Loan Originator (MLO) need to be on the same page and completely understand this type of loan to make your buying process a smooth and successful one.

Qualify for a larger loan amount with flexible debit-to-income requirements
Works for both NEW and RESALE homes
Available in FHA, VA, and Conventual loan options
No Private Mortgage Insurance
Increase the potential resale value of your home.

I am here to help explain:

How it all works and what to ask your lender
How to obtain a home energy assessment from a Qualified Energy Assessor
How Energy-efficient homes can cost less to own than non-efficient homes

Rehab

Rehab Loans

There is a reason not as many homebuyers want to purchase a “fixer upper”. However, for the right homebuyer a home that needs some TLC, can be an excellent option. The main issue with an imperfect home is that it will require work to make it suitable for your specific needs.
When shopping for a home you will begin see that destressed and even some non-destressed homes, need a little bit of vision and elbow grease to make things right. If you have this vision, you it is possible to find great opportunities in our local high desert market. Once you have made any necessary improvements, not only will your home become more suitable for your living situation, but it will have an increased market value as well.
Many homebuyers, especially first-time home buyers, have only saved enough for a down payment and closing costs. This is where an FHA 203(k) loan comes into play:

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What’s different about a 203(k) loan:

Perfect for buying a “fixer upper”
You can buy a home, other homebuyers cannot
All work is done by the contractor of your choice
The money you use for improvements comes from the loan itself

A rehab FHA 203(k) mortgage can be great for the right homebuyer. It will be crucial for you to talk with a team of professionals, to see if this is the right loan for you. Both your Realtor® and Mortgage Loan Originator (MLO) will need to be on the same page and completely understand this type of financing, if they are going to make your homebuying process a smooth and successful one.

Some additional loan highlights:

3.5% down payment
Flexible credit requirements
Generous debit to income limits
Builds equity quickly

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About

Josh Beauchamp

First and foremost, I am a family man who loves my dogs, grandchildren and spending as much time as possible with my very talented wife. These are the 3 reasons I have the passion and energy to live each day to the fullest.

When I am not fishing, I am an avid BBQ guy. I grill, I smoke, and I eat! My passion for cooking comes straight from the heart. It allows me to share my love in an edible way. To me it doesn’t get much better than having a great tasting meal with the people I love. I am truly obsessed with putting the same love and attention to detail into every plate as I do with every real estate transaction.

Finally, I want to share with you an idea that has been in my mind for decades now. An idea that has shaped my life in almost every way:

If, I can make enough people’s dreams come true, then my dreams can come true too. 

Let’s dream big together! I look forward to hearing about your dreams and helping them to become a reality.

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Client Success Stories

Highly likely to recommend

Joshua was indispensable [from] my initial visit and afterwards. He was [both] candid and well informed. Joshua was also instrumental in my contingency coordination [giving us] the option to reside in your current home while awaiting your new home’s construction. It has been my lengthen experience, over the course of 6 months, and frequent interactions with him that lend to this commendatory endorsement of him...
Eliysha Y
So excited to move… the views are amazing and it's so peaceful! I have to give a big shoutout to Josh. I'm 28 and [I] was interested in buying my first home in the near future but no one has ever taken me seriously or given me the time of day (I'm assuming because I look so young lol). Well Josh didn't care that I looked young and didn't judge me off of that and I truly appreciate that he took me seriously and believed that I could get my dream home. He made my dream a reality! He took us all over...
Erika C
We went out a few times to check out the land and homes. Joshua Beauchamp, has been the one we decided to make [a purchase with] and [he] has been very helpful. He has taken the time to talk with us about our options as well as show us other homes. Even after us signing the paperwork on our own home he has followed up with us to make sure that everything is going smooth with the sell of our current home...
Tiffany A
We have had such a positive experience from the first time and all the way through submitting an offer. Joshua has made this experience stress-free, easy, and fun. From the moment we told him what we wanted and was looking for he instantly knew the perfect home for us. He took us around, allowed us to compare and contrast homes we were considering, and sure enough, his first recommendation was spot on. We fell in love with the home and homesite. From that moment on Joshua has taken care of us...
Kiandra J
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