Loan Options

What are my options?

Loan Options in SoCa - Andres Giraldo Mortgage Lender

FHA home loans

Here are the main advantages of this type of loan in Southern California:

  • You would have a minimum down payment of 3.5%
  • Relaxed credit score requirements
  • You would have low monthly mortgage insurance

You can apply for an FHA loan if you meet the following requirements:

  • You must have been working with the same employer (preferably) for at least two years.
  • You must have had less than two 30-day late payments to debtors in the last two years
  • 30% of your gross (before taxes) income must be available to cover mortgage payments
  • Your monthly debt must not exceed 43% of your monthly income
  • You should be interested in keeping monthly payments as low as possible.

If you were to refinance an FHA loan in SoCal, you would get:

  • Better rates
  • Lower monthly mortgage payments (than you’re currently paying)
  • No appraisal if you already have an FHA loan


15 Years Mortgage

Characteristics of a 15-year mortgage

  • Lower interest rate
  • Fixed payment that never changes
  • Reduced payoff term so you own your home faster
  • Faster access to home equity
  • Minimizes your total borrowing costs.
  • A larger part of your monthly payment goes toward paying down the loan principal instead of interest owed.


30 Years Mortgage

  • Competitive interest rates
  • Low monthly payments
  • A fixed rate over the life of the loan
  • Down payment options as low as 5%
  • What you need to know
  • It’s safe.

With a down payment of less than 20%, you’ll have to pay private mortgage insurance (PMI) until you’ve reached 78% loan to value (LTV).


VA Home Loan

Serving Southern California.

If you are an active-duty service member, National Guard or Reserve, or veteran, you may be entitled to VA home loan benefits that provide significant homebuying advantages. Veteran mortgage loans offer benefits such as:

  • Easier qualification guidelines
  • Competitive interest rates
  • No down payment requirement
  • No Private Mortgage Insurance (PMI) required
  • No prepayment penalties
  • Reduced Closing Costs

At Andres Mortgage Lender, we are dedicated to helping you succeed. We take a customer-focused approach to our work and are committed to doing all that we can to provide you with a positive experience and simplify the home loan process.


USDA Loans

If you are thinking of buying, building or repairing a home in a rural area, then this information can be very useful:

  • It is a program offered by the United States Department of Agriculture.
  • USDA loans do not require a down payment.
  • The USDA lends money directly to homebuyers, specifically through the Section 502 direct loan program.
  • These loans have a fixed interest rate, depending on current market rates. The effective rate could be as low as 1%.
  • Loan terms are typically 33 years, although very low-income borrowers may have up to 38 years to repay the loan.

Loans offered through the Section 504 Home Repair Program provide funds to improve homes, make needed repairs, or remove health or safety hazards.

In this type of loan, loans cannot exceed $20,000, and borrowers have up to 20 years to pay it off. The interest rate remains at 1% for the life of the loan.

To obtain a USDA loan, the home you want to buy or repair must be located in an area generally with a population of less than 20,000, although in some cases homes can be obtained in areas with a population of up to 35,000.


We will be happy to help you with any questions you may have about existing loan products, the status of an application or any other loan questions you might have.

I am ready to guide you in each phase of the process

I look forward to hearing from you!

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