BRE License #01408011
BRE License #01408011
Sherry Kupper, Realtor for Century 21 M&M, serves the Oakdale, Stanislaus County area. Sherry has over 15 years experience working with investors, first-time home buyers, negotiating short sales and foreclosure sales, selling and listing luxury homes, investment properties, bare land and new home sales/subdivisions.
Ms. Kupper feels that her strength is in taking the time to discern the individual needs of her clients and then utilize that information to help her clients fulfill their home ownership dreams and desires. BRE License #01271033
1414 East F Street, Building B, Suite 201Stanislaus Oakdale CA
Cell Phone: 209-765-7929Work
Email: [email protected]
Scott Abell has become known as a problem solver, both in his real estate career and within his community. His credo is Success Through Effort, and his ability to envision practical solutions, combined with an intense inner drive to make things happen have helped build his reputation into the areaâ€™s top agent for well over 20 years.
BRE License #01064059
The United States Department of Agriculture (USDA) Rural Development creates opportunities for families in rural areas to own safe and sanitary homes through housing assistance programs. Depending on the situation, the USDA may guarantee a home loan offered by a local lender, or they may offer financial assistance directly to a borrower. At Megastar Financial, we offer both guaranteed and direct USDA loans to California residents throughout Oakdale, Modesto, Sonora, and Manteca.
The USDA Single Family Housing Guaranteed Loan Program is a program designed to make homeownership easier for low and moderate income families. USDA guaranteed loans are offered by approved lenders and then insured by the USDA. USDA Single Family Housing Direct Home Loans on the other hand are tailored to low and very-low income households and are offered directly by the USDA as subsidies.
USDA Rural Development Single Family Housing Guaranteed Loan Program
By insuring home loans, the USDA makes it possible for families to purchase homes with zero money down, very low interest rates, and the ability to finance closing costs. To be eligible for the USDA Guaranteed Loan Program, a few requirements will need to be met.
USDA guaranteed home loans require that two types of mortgage insurance be paid. The first is an upfront premium of 1% of the purchase price which is typically added to the loan balance. The second is an annual premium which equals .35% of the annual mortgage balance. While this is calculated annually, the annual premium is paid in monthly installments as part of your mortgage payment.
USDA Rural Development Single Family Housing Direct Home Loans
The USDA Direct Loan Program, also referred to as the Section 502 Direct Loan Program, is a loan offered by the USDA directly to low and very-low income families. Direct loans are designed to help families that are without safe and sanitary housing and that cannot obtain alternative financing. The USDA defines low income as being between 50 and 80 percent of the area median income (AMI) whereas very-low income is below 50% of the AMI. As with guaranteed loans, certain requirements will need to be met in order for a borrower to be eligible for the USDA direct loan program.
USDA Rural Development loans help make it possible for low and moderate income families throughout California to own safe and affordable homes. At Megastar Financial, our goal is to make homeownership a reality for all families throughout Oakdale, Modesto, Sonora, and Manteca. Contact us today for more information on California USDA loans.
The Servicemen’s Readjustment Act, passed by Congress in 1944, was developed to provide various benefits to veterans and their surviving spouses including the VA loan. The VA loan program was created to help American veterans purchase homes with no down payment and in situations where alternative financing may not be available. This is made possible by the U.S. Department of Veterans Affairs (VA) guaranteeing home loans made to eligible veterans. Megastar Financial is proud to offer VA financing to the many veterans living throughout Oakdale, Modesto, Sonora, Manteca, and all of California.
Most veterans, military, and spouses of deceased military members will be eligible to apply for a VA loan however service status will determine when someone will become eligible. If minimum active duty service requirements are met, veterans will be eligible without any delay. Active-duty members will need to complete approximately 6 months of service before becoming eligible. Applicants in the National Guard and reservists will need to wait 6 years before becoming eligible, however if they are called to active duty, they will become eligible after only 181 days of service. A Certificate of Eligibility (COE) will be required by all applicants so it is best to obtain this prior to beginning the application process.
The VA loan program provides many benefits to veterans when compared with alternative mortgage options.
VA Loan Benefits:
VA Loan Limits
Lenders will typically require borrowers to have a credit score of 620 or higher but there is no required minimum score imposed by the VA. This means that at Megastar Financial, we can be flexible with each borrower depending on their unique financial situation. In some cases, a lower credit score can be approved in exchange for slightly higher rates or down payment requirements. W-2 statements, recent paystubs, and documentation of checking accounts, savings accounts, and other financial investments will be needed at the time of application. Being prepared with this information ahead of time can expedite the application process.
Veterans are also able to use the VA loan program to refinance an existing VA loan they may have. Cash-out refinances are available for those in need of extra cash for various expenses such as home improvements or high-interest debt consolidation. Interest Rate Reduction Refinance Loan (IRRRL) are also available for veterans who want to improve their current interest rate. The IRRRL is also referred to as the streamline refinance loan.
At Megastar Financial, our goal is to help veterans throughout Oakdale, Modesto, Sonora, and Manteca purchase a home or refinance their existing home loan at a great rate through the VA loan program. For more information on California VA loans, contact Megastar Financial today.
Any mortgage loans that are not guaranteed by a government agency, such as the Federal Housing Administration, are considered conventional loans. Government-backed loans are limited to specific loan amounts and are often tailored to buyers with average credit scores and limited down payment availability. Borrowers with above average credit and income, or borrowers shopping for more expensive homes often look to conventional loan options for their needs. Megastar Financial offers a variety of conventional loan options designed to meet the needs of California residents located throughout Oakdale, Modesto, Sonora, Manteca and all of California.
The majority of mortgages are not kept by lenders, rather they are sold to government sponsored entities such as Fannie Mae and Freddie Mac. Before these entities will purchase a loan, the loan must meet specific criteria. Loans that meet these criteria and that are eligible for purchase are called conforming loans. Those that do not are considered non-conforming. One of the first factors looked when determining eligibility is the size of the loan. Loans that exceed a total amount of $424,100 are ineligible for purchase. In specially designated high-cost areas, loan amounts can reach up to $636,150 and still be eligible for purchase. There are debt-to-income (DTI) requirements and documentation guidelines that lenders must adhere to as well.
Borrowers in need of a loan that exceeds the conforming loan limits will need to look to conventional loan options. The jumbo loan is a very popular choice among homeowners looking to purchase higher-priced homes. A jumbo loan is a conventional loan that exceeds the conforming loan limit for a particular area. Most government-backed loans can only be used if a borrower will be occupying the home as their primary residence. If you are looking to purchase a second home or an investment property, a conventional loan may be the right loan for you.
Conventional loans are available as fixed-rate mortgages, adjustable-rate mortgages (ARM), or hybrid ARMs which combines both a fixed-rate and adjustable-rate mortgage. Depending on your personal goals and future housing plans, each option will have its benefits.
Most fixed-rate mortgages will be available as 15-year, 20-year, or 30-year loans. As the name suggests, the rate on a fixed-rate mortgage will never change regardless of loan term. Fixed-rate mortgages are often preferred as they offer the homeowner peace of mind knowing their mortgage payment will remain constant.
Adjustable-rate mortgages on the other hand have interest rates that will fluctuate. Hybrid ARMs are a combination of fixed rate and adjustable rate mortgages. A 5/1 Hybrid ARM, for example, begins with a 5-year fixed period followed by yearly adjustments. ARMs will often start with a lower rate than comparable fixed-rate mortgages meaning you will pay less at the start of the mortgage. This can make ARMs and Hybrid ARMs a great choice for someone who plans to relocate in the near future.
Megastar Financial offers a variety of conventional loan options throughout Oakdale, Modesto, Sonora, Manteca, and all of California. Whether you are refinancing your current mortgage, or looking to purchase your very first home, we can customize a conventional loan to meet your exact needs. For more information on the conventional loan products available, contact us today.