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Purchase Loans Refinances FHA & VA Loans
Conventional & Jumbo Loans


Frequently Asked Questions About Home Loans



Home loan programs all vary in their requirements for loan approval. Some government backed loans such as VA loans and FHA loans require lower down payments, and are more flexible in regards to credit requirements. Other loans, such as Jumbo loans generally have less flexibility in their requirements for approval. Orange County based Summit Lending is both a mortgage broker and a direct mortgage lender. This means that we can guide you to the lenders that best fit your needs. In other cases, if there isn't a loan available for your unique circumstances, we can make the decision to lend directly to you.


Summit Lending welcomes the opportunity to work with first time homebuyers throughout Southern California. Government loans available in Orange County, Riverside County, San Bernardino County, San Diego County, Los Angeles County and Ventura County are often a terrific option for first time homebuyers because they typically have lower down payment requirements, and lower credit requirements.


Yes! Government home loan programs for Southern Californians are available through Summit Lending, and include FHA Loans and VA Loans. These are mortgage loans which are backed at least partially, though sometimes fully, by the United States Government.

Government loans available in Orange County, Riverside County, San Bernardino County, San Diego County, Los Angeles County and Ventura County are often a terrific option because they typically have lower down payment requirements, and lower credit requirements.

Some government home loan programs will have higher interest rates, or require you to purchase mortgage insurance. Be sure to check with a top mortgage broker to determine if a government home loan is right for your home purchase in Southern California.


The easiest way to get approved for a home loan is to contact a top mortgage broker who can help you with the process. Applying for a mortgage loan only takes a few minutes. You'll just need to answer a few questions, and the top reviewed Orange County mortgage brokers at Summit Lending will be able to guide you through the process.


Your best chance for getting a great rate on your mortgage in Orange County, or throughout Southern California is to engage the help of an experienced mortgage broker. Top mortgage brokers will work with numerous lenders, and can therefore shop for the best rates for your home loan for you. Because the mortgage professionals at Summit Lending in Huntington Beach work with borrowers every day, we can quickly assist you in finding the most suitable loan for your needs.


Orange County based Summit Lending's team of experienced mortgage consultants specialize in helping California homeowners and homebuyers to obtain FHA loans. FHA loans are those that are issued by federally qualified lenders, and are insured by the U.S. Federal Housing Authority. For many first-time homebuyers and homeowners in Orange County and surrounding areas, an FHA loan is the perfect loan for buying a first home. Benefits of FHA loans include low down payment requirements, and less stringent qualification requirements. As a direct lender, Orange County based Summit Lending can underwrite and fund loans directly, which enables us to provide you with approval for your FHA loan very quickly.


If you're ready to refinance your home, Orange County based Summit Lending is here to help. We just need basic information, including how long you've been in your home, how long it has been since you have refinanced, and a few other details, and we'll be able to help you get started on saving money, or getting cash out of your home through a refinance.


Military members currently on Active Duty are required to have fulfilled 90 consecutive days during wartime, or 181 consecutive days during peacetime to be eligible for a VA loan for a purchase, or to refinance an existing VA loan. Veterans who were honorably discharged and served 90 consecutive days of Active Duty during wartime, or 181 consecutive days during peacetime may also be eligible for a 100% financing with no money down loan.

In addition, Reservists who have served at least 6 years of service in the Army Reserve, Army National Guard, Air National Guard, Coast Guard Reserve, Navy Reserve, Marine Corps Reserve or Air Force Reserve may be eligible for a VA loan. Spouses of active duty or reservists may also be eligible for a VA loan in Southern California.

If you're seeking a VA loan in Southern California, Summit Lending can help. We are proud to count veterans amongst our team of top reviewed mortgage brokers, and we are honored to help our veterans to obtain VA loans for a home purchase or refinance.


A cash out loan, also known as a cash-out refinance in Southern California, is the refinancing of your existing mortgage, to obtain a new loan. If you choose to refinance your loan for more than you owe, you may keep the difference in cash, to use to pay off other higher interest debts, make home renovations, or put towards other purchases. Huntington Beach based Summit Lending is available to help you to refinance into a cash-out loan, when you are ready.


Conventional loans in California are available through Summit Lending, a direct mortgage lender based in Orange County, California. These loans are backed by Fannie Mae or Freddie Mac and are typically ideal for Californians seeking a fixed rate mortgage loan for 10-30 years. Benefits of conventional loans for those looking to buy a home or refinance a home in Southern California include low interest rates, and the security of knowing that your mortgage payment will remain consistent for a set number of years. Conventional loans in Southern California have varying loan limits. In Los Angeles and Orange Counties, conventional loans currently have a limit of $679,650. To speak with one of Summit Lending's top reviewed Southern California mortgage professionals about conventional loans available contact us today.


Jumbo loans are loans in excess of the conventional loan limits in California set by Fannie Mae and Freddie Mac. In many areas of Southern California, a Jumbo loan will be required for any loan over $453,100. However, in Los Angeles and Orange County, Jumbo loans are only required for loans in excess of $679,650. Jumbo loans may have higher interest rates than a conventional or conforming loan, and they will typically require a larger down payment, and require proof of reserves. Summit Lending's Orange County based team of top rated mortgage brokers have decades of experience in helping homeowners and home-buyers throughout Southern California to obtain Jumbo loans.


The length of time it takes to get a home purchase loan or a refinance loan in Southern California will vary. However, obtaining a prequalification from a top reviewed mortgage broker will only take a few minutes.


A Home Equity Line of Credit (HELOC) is a line of credit, similar to a credit card. You may choose to open a HELOC in case of emergency, and only use it if necessary. A HELOC uses your home as collateral and you may borrow what you need, when you need it. Contact our top reviewed mortgage brokers at Summit Lending if you'd like to learn more about opening a home equity line of credit.


The fastest way to determine if you will be approved for a home equity loan or a home equity line of credit, is to contact a top rated Southern California mortgage broker. Within a matter of just a few minutes, you'll know if you are able to borrow a lump sum (home equity loan), or if you qualify for a home equity line of credit (HELOC).


HARP stands for the Home Affordable Refinance Program. This program was created by the Federal Housing Finance Agency (FHFA) in effort to help existing homeowners who are current on their mortgage payment, but have little equity, to be able to refinance. Eligibility for HARP loans is limited to homeowners who currently have a mortgage held by Fannie Mae or Freddie Mac. You must have gotten your mortgage after May 31, 1999, and you must not have any 30 days+ late payments in the last six months, or no more than one late payment in the last 12 years.

There are also restrictions on the loan-to-value ratio that must be met. At Summit Lending, we're happy to help you determine your loan-to-value, and to help you to secure a HARP loan, if all eligibility requirements are met. The benefits of HARP loans include lowering your monthly mortgage payment, building equity quicker, lowering your interest rate, and ensuring you have a fixed rate mortgage that won't increase over time.


In Southern California, reverse mortgage loan are available to homeowners 62 and over. This unique loan allows eligible homeowners to convert equity they have accrued in their home, into cash. Designed to help retirees with fixed or limited incomes, this loan is aptly named, as it truly is a mortgage in reverse. Instead of making monthly mortgage payments to a lender, in a reverse mortgage loan the lender makes payments to the homeowner. This loan generally does not need to be paid back until after the home is sold or vacated. The homeowner, however, is required to keep homeowner's insurance and property taxes current, maintain the home, and otherwise comply with the loan terms.

* These materials are not from HUD or FHA and were not approved by HUD or a government agency.


A Home Equity loan is a loan for a set amount of money, that is secured by your home. If you're borrowing a lump sum of money at once, you'll repay the loan each month, just like you pay your mortgage. In general, home equity loans are available in amounts up to 85% of the equity in your home. However, it's worth noting that income, debt, credit, and market value of your home will ultimately be deciding factors in determining how much you can borrow through a Home Equity loan in Southern California.


Fannie Mae plays a vital important role in the nation's housing finance system. Created by Congress it serves to provide liquidity, stability and affordability to the mortgage market. It provides liquidity to banks, and mortgage companies that make home purchase and refinance loans available to consumers.

In short, Fannie Mae buys mortgages from lenders and either holds these mortgages in their portfolios or packages the loans into mortgage-backed securities (MBS) which may be sold. Lenders who have sold mortgages to Fannie Mae are then able to use that cash to lend to additional consumers. Fannie Mae was created to ensure that consumers are able to get home loans when they need them. Conventional loans in Southern California which are backed by Fannie Mae, are available through Huntington Beach based Summit Lending.


Freddie Mac was chartered by Congress to provide liquidity, stability and affordability to the mortgage market. Like Fannie Mae, Freddie Mac provides liquidity to banks, and mortgage companies that make home purchase and refinance loans available to consumers.

Freddie Mac buys mortgages from lenders and holds them in their portfolios or packages them into mortgage-backed securities (MBS) which can be sold. Lenders who have sold mortgages to Freddie Mac are then able to use that cash to lend to other consumers. Conventional loans in Southern California which are backed by Freddie Mac, are available through Orange County based Summit Lending.


To find out if a mortgage broker is licensed, you may check their status through the Nationwide Mortgage Licensing System & Registry (NMLS).