Loan Programs
A wide variety of mortgage programs, competitive financing and a world-class client experience — based in San Diego.
Tracie Schmidt is licensed in California, Florida and Washington. Through Barrett Financial Group, our team can help homebuyers and homeowners in every state except New York — reach out and we’ll connect you with the right loan officer.
Conventional Loans
A conventional loan is any mortgage that isn’t guaranteed by the Department of Veterans Affairs (VA) or insured by the Federal Housing Administration (FHA). Most conventional loans are eligible for sale to Fannie Mae and Freddie Mac or to private investors.
There are two kinds: conforming loans, which meet Fannie Mae and Freddie Mac guidelines and loan limits, and non-conforming loans, which don’t.
Good to know
- Down payments as low as 3% for qualified buyers
- Mortgage insurance can be removed as you build equity
- Fixed and adjustable-rate options
Works for
- Primary homes, second homes and investment properties
- Buyers with established credit
- Purchase and refinance
Jumbo Loans
A jumbo loan finances a home that costs more than the conforming loan limit. Conforming limits are set each year by the Federal Housing Finance Agency (FHFA) and are higher in high-cost areas like San Diego County — ask us for this year’s limit where you’re buying.
Because jumbo loans can’t be purchased by Fannie Mae or Freddie Mac, guidelines vary by lender. They’re available with fixed or adjustable rates and a variety of terms.
VA Loans
A VA loan is guaranteed by the U.S. Department of Veterans Affairs. Created in 1944 as part of the GI Bill, the program has helped millions of veterans, service members and eligible surviving spouses buy homes.
Advantages
- $0 down payment for eligible borrowers
- No monthly mortgage insurance
- Limits on certain lender fees and closing costs
- Closing costs can be paid by the seller
- Can be used more than once
Things to know
- You’ll need a Certificate of Eligibility (COE) — we can help you get it
- A one-time VA funding fee applies unless you’re exempt (for example, veterans receiving service-connected disability compensation)
- VA refinance options include the IRRRL and cash-out refinance
Visit BuyAHomeWithAVALoan.com for VA home buying guides and to schedule a complimentary VA Home Buying Strategy Session.
FHA Loans
The Federal Housing Administration was created in 1934 to help more Americans become homeowners. FHA doesn’t lend money — it insures loans made by approved lenders, which allows for more flexible qualifying.
Advantages
- Down payment as low as 3.5% with qualifying credit
- Flexible credit guidelines
- Down payment can be a gift from a family member
- Sellers can contribute up to 6% toward closing costs
- A past bankruptcy isn’t an automatic disqualifier
Things to know
- Upfront and monthly mortgage insurance (MIP) are required
- FHA loan limits are lower than conventional limits
- Waiting periods generally apply after bankruptcy (2 years) or foreclosure (3 years)
- For primary residences
First-Time Homebuyer Programs
Programs like Freddie Mac Home Possible® and Fannie Mae HomeReady® offer low down payment, fixed-rate financing for first-time buyers and low-to-moderate income borrowers. State and local down payment assistance may also be available.
- Down payments as low as 3%
- 15- and 30-year terms
- Owner-occupied primary residences: 1–4 unit homes, PUDs and condos
- Income limits and other requirements apply
Refinance Options
Rate & term refinance
Pay off your current loan with a new one on the same property to change your rate, monthly payment and/or loan term. Cash back at closing is limited.
Cash-out refinance
Replace your current mortgage with a larger one and receive the difference in cash — for home improvements, debt consolidation or other goals.
Not sure if it makes sense? Try our refinance calculator or home equity calculator.
Investment Property & DSCR Loans
A Debt Service Coverage Ratio (DSCR) loan qualifies you based primarily on the rental property’s income rather than your personal tax returns — a flexible option for real estate investors growing a portfolio of long-term rentals.
Renovation Loans
Buy a home and finance the improvements with a single loan — or refinance and renovate the home you already own. A great fit for fixer-uppers and homes that need updating.
Our Loan Process
You’ll always know where your loan stands. Here’s how we get from application to keys.
Application
We meet in person, by phone or online. We review your credit, pre-qualify you, send required disclosures and customize loan options to fit your needs.
Loan set-up
We send your initial disclosures, order the appraisal and request the verifications needed for your file.
Processing
Your processor gathers and organizes your documents and is your point of contact while your file is prepared for underwriting.
Underwriting
The underwriter reviews your credit, income, assets and property to confirm the loan meets lending guidelines.
Closing
You’ll receive your Closing Disclosure at least three business days before closing. We coordinate final figures and send loan documents to the title/escrow company for signing.
After closing
We’re still here. Call us anytime — for questions, a future refinance, or when you’re ready for your next move.
Ready to get started?
Get pre-qualified online or book a no-cost, no-obligation consultation.