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Purchase

Home Purchase

Consumers have a lot of choices when it comes to financing a single-family home, condo, townhouse, land, or multi-family dwellings. Choice is good, but sorting through different loan programs, lenders, and rates can be overwhelming. Check out our loan guide and then speak with an expert at Cohen Financial Group to help lead you through the process.

Buying a home now and need a pre-approval for a mortgage? Jump to pre-approvals to learn more and start the process.

conventional loans

Conventional loans are not a part of any government program like FHA or VA, but most are
guaranteed by Government Sponsored Enterprises (GSE’s) like Fannie Mae and Freddie Mac.

THERE ARE TWO TYPES OF CONVENTIONAL LOAN PROGRAMS:

  1. 1. Conforming Loan – Loans have a minimum and maximum loan limit set by the
    Federal Housing Finance Agency (FHFA).
  2. 2. Non-Conforming or Jumbo Loan – Jumbo loans are typical in Los Angeles and Orange County
    because of the high price of properties. The terms are less standardized, there is no government-set
    loan limit, and rates can vary by lender. Working with Cohen Financial Group will save you from
    calling multiple lenders for rates because we have access to most banks and investors.
Minimum Conforming Loan limits for Los Angeles and Surrounding Counties*
1-unit
$548,250
2-unit
$702,000
3-unit
$848,500
4-unit
$1,054,500
Maximum Conforming Loan Limits for Los Angeles and Orange County*
1-unit
$822,375
2-unit
$1,053,000
3-unit
$1,272,750
4-unit
$1,581,750
Maximum Conforming Loan Limits for Ventura County*
1-unit
$739,450
2-unit
$946,650
3-unit
$1,144,250
4-unit
$1,422,050
Maximum Conforming Loan Limits for Santa Barbara County*
1-unit
$660,100
2-unit
$845,050
3-unit
$1,021,450
4-unit
$1,269,450
Maximum Conforming Loan Limits for San Diego County*
1-unit
$753,250
2-unit
$964,300
3-unit
$1,165,600
4-unit
$1,448,600
*as of 2021, source – FHFA

non-conventional loans

The purpose of non-conventional loans is to encourage single family, condo, townhouse, land, or multi-family homeownership for those who may not have qualified under traditional criteria.

We are experts in this area of lending and can help you secure and close on a loan product that fits your circumstances.

A non-conventional loan can be an excellent opportunity to obtain home financing for borrowers who fall into these categories.
  • Self-employed (Non-QM loan)
  • Limited proof of income (one-year of tax return history).
  • Poor credit history, recent short sales, or foreclosures
  • Foreign nationals
  • Service members, veterans and surviving spouses of the armed forces (VA, CALVET loans)
  • Low and moderate-income (FHA Loan)
  • Good neighbor next door (formerly teacher/officer/firefighter next door)

multi-family and construction loans

  • Construction Loans – We can facilitate loans for new, owner-occupied property and financing for the expansion and
    rehabilitation of an existing facility.
  • Multi-Family – Acquisitions, refinances, and new construction loans for owner-occupied and investor multi-family properties
    (up to five units) are available through conventional and non-conventional residential loan programs.