Ocean Mortgage Inc.

Mortgage Programs


The following are the loan programs available through Ocean Mortgage.

Conforming Programs (conform to the guidelines as set by Fannie Mae & Freddie Mac):

95% financing up to $417,000 on Purchase

90% financing up to $417,000 on Rate & Term (no cash out) refi

85% financing up to $417,000 on Cash Out refi.  Keep in mind that any financing over 80% will require Private Mortgage Insurance (PMI).

Conforming loans come in a multitude of programs and generally offer the widest range of options including traditional fixed rates (40 year, 30 year, 20 year, 15 year, 10 year), and hybrid ARMs (3/1, 5/1, 7/1, 10/1).  Interest only payments are allowable on some programs too.

Jumbo Conforming Programs, San Diego's limit is $546,250:

90% financing up to $546,250 on Purchase

85% financing up to $546,250 on Rate & Term (no cash out) refi

60% financing up to $546,250 on Cash Out.

FHA Programs (conform to the guidelines as set by FHA):

96.5% financing up to $417,000 on Purchase.

96.5% financing up to $417,000 on Rate & Term (no cash out) refi.

85% financing up to $417,000 on Cash Out refi.  ALL FHA loans carry Mortgage Insurance irregardless of the loan to value. 

Jumbo FHA Programs (the guidelines are the same as above for FHA, except that the maximum financing on a purchase is the standard 96.5%).  The maximum loan amount for San Diego properties is $546,250.

True Jumbo Programs:

80% financing to $2,000,000 on Purchase and Rate & Term (no cash out) refi

Call or email for guidelines on cash out as these vary and depend on the loan size and actual cash out received. 

HARP 2 is now available:  unlimited loan-to-value will allow under-water homeowners to refinance at favorable rates, call for details.

Equity Lines of Credit/2nd Mortgages:

75% financing up to $350,000

Private Money ("Hard Money") and Commercial Loans:  We do have investors for these programs so please call or email with your scenario as there are no standard guidelines we can publish.  Every loan is looked at on a case-by-case basis.

Call or email with questions: 

Lance can be reached at (858) 705-2698 or LNowak@OceanMortgage.net

Mark can be reached at (858) 518-1728 or MarkMoore@OceanMortgage.net

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