Purchase Loans

Purchase Loans

Pacific Trust Mortgage offers a variety of loan programs for purchasing 1-4 unit residential properties including Condominium, Planned Unit Development (PUD), and Single Family Residence (SFR). These programs are available with little or even no money down and less than perfect credit. Whether you are a first time buyer, looking to step up in size, or buy an investment property, our knowledgeable Mortgage Bankers provide professional consultation from the early planning stages to your successful close of escrow.

Loan Types

There are 3 general categories for mortgage loans:

  1. Conventional – Loans underwritten to Fannie Mae, Freddie Mac, FHA/VA, or USDA standard underwriting guidelines and saleable on the secondary market.  These are most common amongst all mortgage loan options.
  2. Portfolio Loans – Loans underwritten to a specific bank’s guideline and also serviced by that bank.  These loans are less common, but useful in situations where a unique underwriting consideration is required.  Home equity lines of credit are also available under our portfolio options.
  3. Private Loans – Loans underwritten by an individual investor for situations where conventional and portfolio lending is not an option.  These are typically higher in both cost and interest rate.  Our sister company, San Luis Capital, specializes in private lending for both investors and clients.

Loan Amounts

There are 3 tiers for mortgage financing that are distinguished by the mortgage loan amount:

  1. Conforming Minimum loan amount of $25,000 up to $417,000
  2. Conforming High Balance $417,001 up to the current County high balance loan limit *
    1. San Luis Obispo = $561,200
    2. Santa Barbara = $625,500
    3. Monterey = $483,000
    4. Kern = $417,000 (no high balance available)
    5. Non-Conforming, or Jumbo loans that are greater than the County loan limit listed above. Pacific Trust Mortgage offers a maximum loan amount of $3,000,000 on Conventional loans, but can offer up to $10M loans on specific portfolio loan options.

* Click here to link to HUD.gov and search a specific County Loan Limit (https://entp.hud.gov/idapp/html/hicost1.cfm)

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