209.668.7000 info@goapm.com

Specialty Loans

American Pacific Mortgage offers several specialty loan options:

Down Payment Assistance
  • California Housing Finance Agency – California MyHome Down Payment Assistance Program
    • This is a low interest rate second mortgage with no payments ever required. Designed to assist buyers with the down payment and extra left over to help with closing costs!
    • Income maximums apply by area
  • Golden State Finance Authority (GSFA) Grant Program
    • This is a true grant requiring no repayment and no lien on the home.
    • Can be used with Conventional, FHA or VA loans!
    • Income limits apply.
Reverse Mortgage

Common Myths about Reverse Mortgages:

  • The Bank owns your home: NO, you retain tile to your home!
  • You can be forced to sell your home: NO, not if you pay the property taxes, insurance, live in the home and do normal maintenance.
  • You pay taxes on monthly income: NO, all income is currently tax free.
  • The house must be free and clear: NO, it can have a mortgage balance; however, all liens must be paid off from the loan proceeds and any funds left are eligible to take in a lump sum, monthly income or left in a credit line account to draw as you need it.
  • Debts from the reverse mortgage pass to your heirs: NO, FHA fully insures the loan so that no debt can ever pass to your heirs.
  • There are guidelines on how you can use the money: NO, you may use the funds for any reason you choose.
  • The bank sells your home when you are gone: NO, the heirs have up to one year to either, refinance what is owed or sell the home, pay off the loan and keep whatever equity is left.

Features and Benefits:

  • YOU keep title to your home so you can continue to control your home
  • You can keep your home in a living trust so you can direct where your assets go
  • All income is tax-free so it doesn’t create a tax burden
  • Live the life you want to live (traveling, helping family members, maintaining you dignity and independence).
  • Make no loan payments while living in your home!
  • No changes to property taxes
  • All borrowers must be at least age 62 years of age or older.
  • You must have enough equity in your home
  • You must plan to keep your home as your primary residence
  • You must pay the property taxes and home owners insurance for the home

How Much Can I Qualify For?

What you qualify for is based on the youngest age of the borrower(s), the value of your home, your capacity to pay taxes and insurance and the current interest rate. The loan amount is specific to each individual’s situation.

There is NO cost and NO obligation for us to check for how much you may qualify!

FHA 203(k) Rehabilitation Loan
  • FHA 203(k) programs allows for the purchase of a home in less than HUD standard condition and finance the rehabilitation of the home at the same time the purchase loan is made.
  • 3.5% down payment and normal FHA qualification standards apply.
  • Up to 110% of the value of the property may be financed.
  • Be aware there are reimbursable upfront costs associated with this program.
  • This program can also be used to fix up your existing home.
Jumbo (Non-Conforming) Loans

Jumbo (Non-Conforming) Loans

  • Loans greater than $424,100.00.
  • Loans available up to $2.5 million

Contact Us Today

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Contact Us

American Pacific Mortgage
222 South Thor Street # 3 & #10
Turlock, CA 95380
Phone: 209.668.7000
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