Not all lenders are created equal

Purchase Loan Types

FHA Loans

FHA Loans allow you to purchase a home with as little as 3.5% down payment. FHA allows for lower credit scores and higher monthly obligation percentages than conforming loans. Credit scores can be as low as 580. The borrower is required to pay a monthly Mortgage Insurance. The maximum loan limit for Menifee for FHA Loans is $562,350.

VA Loans

Backed by the Department of Veterans Affairs, VA Loans allow Veterans, Active Duty Service Members, Reservists, National Guard Members and Qualified Surviving Spouses to purchase homes without the requirement of a down payment. Active Duty can use BAH to help qualify. Veterans can use VA Disability to help qualify. While there isn’t a credit score requirement, a score of 580+ will likely be needed to get an approval. As of January 2020, there are NO LOAN LIMIT REQUIREMENTS.

Conforming Loans

Conforming loans are loans that adhere to loan limits set forth by the Federal Housing Finance Agency (FHFA). Conforming loans can be used with as little as 3% down payment. The credit requirements are stricter than FHA loans. Mortgage Insurance is required is less than 20% down payment is used. Loan limits for Menifee for 2022 are $647,200.

Down Payment Assistance

Down Payment Assistance programs allow borrowers that don’t have the funds to cover down payment and closing costs, but may otherwise, qualify.

Refinance Loan Types


If you haven’t refinanced in the last 2 years, chances are you could lower your payment with a lower interest rate or payoff your home sooner by switching to a 15 year loan.

Drop Your Mortgage Insurance

If you purchased your home more than a year ago and are paying Mortgage Insurance, you may have enough equity to refinance your home into a conventional loan and eliminate the Mortgage Insurance Payment.


The Lakewood Home Team does not originate or fund home loans. Dan Evans, Broker of The Lakewood Home Team, is a loan officer for Franklin Loan Center. If you would have loan questions you can call for a free consultation. If you are ready to begin a loan application, you can do so by clicking here.

NMLS # 237653 – Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, 4131316.

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