Purchase Loans
More Options For Home Buyers
Don’t let the myth of needing a 20% down payment deter you from purchasing your dream home. At Island Legacy, we understand that every buyer’s situation is unique, and we’re here to explore all your options. Whether you have less than 20% to put down or are seeking alternative solutions, we’ll guide you through the process with expertise and care. Consider conventional loans, FHA-insured loans, or VA loans, each offering distinct benefits tailored to your needs. With our support, you’ll discover that homeownership is within reach, regardless of your down payment amount. Let’s work together to find the perfect financing solution for you and turn your homeownership dreams into reality.
Conventional Loans
- Down payment as low as 3%
- Good or excellent credit
- Ability to eliminate mortgage insurance over time and with home equity
FHA-insured Loans
- Down payment as low as 3.5%
- Flexible credit requirements
- Higher amount of monthly debt in proportion to income permitted
VA Loans
- Down payment as low as 0% (if eligible)
- No mortgage insurance
- Available to active or retired military service members
Non-QM Purchase Loans
For borrowers with unique needs, traditional home loans may not always fit the bill. That’s where non-traditional home loans come in. At Island Legacy Mortgage, we recognize that each individual’s circumstances are different, and we’re dedicated to finding innovative solutions that meet your specific needs. Whether you’re self-employed, have a lower credit score, or require alternative documentation, we offer a range of non-traditional loan options designed to provide flexibility and accessibility.
Reverse For Purchase Loans1
Want to buy a new home that meets your changing needs or lifestyle? Maybe you’d like to live closer to family— or to the golf course? If you’re looking to upsize or downsize from your existing home and you are at least 62 years old, you can use a reverse mortgage to buy a home without having to dip into your retirement savings.
With a Reverse Mortgage:
- There are no monthly mortgage payments, just pay taxes and insurance.
- The loan is only due when you move out permanently, sell the home, or pass away.
- You never owe more than what the home is worth.
Down Payment Assistance Programs
Don’t let the myth of needing a 20% down payment deter you from purchasing your dream home. At Island Legacy, we understand that every buyer’s situation is unique, and we’re here to explore all your options. Whether you have less than 20% to put down or are seeking alternative solutions, we’ll guide you through the process with expertise and care. Consider conventional loans, FHA-insured loans, or VA loans, each offering distinct benefits tailored to your needs. With our support, you’ll discover that homeownership is within reach, regardless of your down payment amount. Let’s work together to find the perfect financing solution for you and turn your homeownership dreams into reality.
CalHFA Down Payment Assistance Programs2
Borrowers may qualify with these CalHFA programs:
- California Dream For All Shared Appreciation Loan
- MyHome Assistance Program
- CalHFA Conventional Loans
Enhanced DPA Program3
First-time home buyers, first-responders, medical personnel, educators, or civil servants may qualify4. Program benefits include:
- Down payment assistance is in the form of a grant, equal to either 2% or 3.5% of the purchase price
- No repayment required
- No need for a second lien on the property
- Can be used with standard FHA or many renovation programs
- No resale restrictions
- Reverse mortgage borrower must meet all loan obligations, including living in the property as the principal residence, maintaining the home and paying all property charges, including property taxes, fees, and hazard insurance. ↩︎
- Information is subject to change. Certain restrictions apply. Subject to borrower qualifications and program eligibility requirements. Not all borrowers will qualify. Contact your Island Legacy Mortgage VIP Home Loan Specialist for more information.
For full program details, visit CalHFA. ↩︎ - Not currently permitted in HI or WA ↩︎
- Other eligibility criteria may apply. ↩︎
