Chris Lamm offers over 15 years’ experience as a seasoned and trusted mortgage lender. Chris Lamm: Redding Mortgage Lender is located in Shasta County in the city of Redding, California.
Chris Lamm offers the following loan programs for Redding residents:
Conventional Mortgages
Conventional MortgagesA conventional mortgage is a loan that is not guaranteed or insured by any government agency. It is typically fixed in its terms and rate.
Government agencies such as the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA) can insure or guarantee loans. The FHA is a part of the Department of Housing and Urban Development and insures residential mortgage loans made by private lenders. The FmHA provides financing to farmers and other qualified borrowers who may have trouble getting loans. VA loans are for veterans or members of the military and can have mora lower down payment.
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VA Loans
A mortgage loan made by an approved lender and guaranteed by the Department of Veterans Affairs. They are made available to eligible veterans, those currently serving in the military, and, in some case, their spouses.
A VA loan differs somewhat from a standard mortgage. Even though it is provided through a private lender, the federal government guarantees a portion of the principal. That means that the Department of Veterans Affairs backs the loan, so if the borrower defaults on it, the lender is protected. Borrowers who are eligible for a VA loan are permitted to have a small, or sometimes non-existent, down payment and still get a mortgage. This is the biggest advantage of a VA loan. Be sure to ask your lender what its down payment requirements are when requesting a VA loan.
More on Redding VA Loans and Government Loans
FHA Loans
The Federal Housing Administration is an agency established by the United States government. Their primary function is to insure residential mortgage loans.
FHA loans typically offer options for first-time home buyers, senior citizens, and home improvements. One of the most difficult elements of the home buying process is saving up enough money for a down payment. If you are a first-time home buyer, an FHA loan may allow you to make a down payment of 3 percent. You may also be able to roll your closing costs and other fees into the loan amount.
USDA Loans
More families are taking advantage of the USDA loan.
In 2009 the USDA enacted changes that made millions of borrowers eligible for their rural mortgage programs. Many home buyers dream of purchasing a home but don’t necessarily have the cash on hand to make the hefty 20% down payment required by a conventional home loan.
USDA mortgages stand alone as the only zero money down program available to borrowers that have not served in the military. Eligible borrowers will be hard pressed to find a loan program that offers more favorable terms.
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CAL HFA Loans
The California Housing Finance Agency announced Tuesday the launch of a new fixed-rate, 30-year mortgage to help low and moderate-income California families purchase their first home.
The new mortgage was in partnership with the Federal Housing Administration and provides access to mortgages with below-market interest rates.
Steven Spears, executive director of CalHFA, said California real estate prices are attractive for first-time homebuyers, but many cannot meet the loan requirements of conventional lenders.
More on Redding Cal HFA Loans and 30-year Fixed Mortgage Rates
Reverse Mortgage Loans
Facing the reality of retirement can be challenging. If you are a homeowner 62 years of-age or older, with moderate to significant equity in your home, a reverse mortgage may be right for you.
The HECM (Home Equity Conversion Mortgage) is a federally insured reverse mortgage program and is the most prominent reverse mortgage product in the market. There are a few program options available under the FHA insured HECM Program.
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Homepath Loans
Homepath mortgage financing is the mortgage vehicle that is available to REO foreclosure buyers of Fannie Mae homes. There are thousands of REO foreclosures available nationwide through Fannie Mae and a Homepath mortgage is a really great mortgage with extremely low fees, low rates, and very lenient qualification terms. Check this stuff out:
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FHA 203(k) Rehab Loans
The FHA 203(k) loan is a government loan that is designed for you to more easily finance the rehabilitation and repair of your single family home. The FHA, part of HUD (which is what makes this a government loan), considers the 203(k) loan to be an important catalyst to revitalize neighborhoods, communities, and towns. It also offers increased home ownership opportunities. Pretty cool right?
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CHF Loans (CRHMFA Homebuyers Fund)
Redding CHF loans (CRHMFA California Homebuyers Fund) is a grant for California homebuyers that acts as a “gift” toward the home buyer’s down payment on the purchase of their home in California.
The CHF loan (grant) is primarily used in conjunction with an FHA loan and allows a homebuyer to get into a property with less than 1% down.
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HARP Refinance Loans
The goal of the HARP Refinance loan program is to assist Redding homeowners in Shasta County who are current on their mortgage payments, but upside down in equity position, to refinance into to lower payments or shorter terms, and provide incentive to stay in their homes.
The HARP Refinance loan has, as of 10/24/2011, made some significant changes that will help triple the refinance rate of Redding homeowners.
More on Redding HARP Refinance Loans
Contact Chris Lamm: Redding Mortgage Lender for professional assistance with your Redding or Shasta County loan program.
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