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You Want To Be
Our Home Loan Programs Qualifying
Scores Range from 620+ to 850 for:
We Are Your Home Loan Experts That Will Get You The Right Home Loan Program You Want & Qualify For.
Why Choose Us?
At Northern Mortgage, The Rick Herrera Group, we have more lenders offering the best rates and lowest closing costs.
We are not limited to one lender’s products and pricing. We have access to multiple choices of national lenders, making us your one stop for getting you the most savings on your home loan, be it a purchase or refinance, with FREE pre-approvals, low rates and closing costs.
Our team of home loan experts will answer your questions and be with you from pre-qualifying to your closing, providing you with V.I.P. service throughout the entire loan process.
1st Time Home Buyer’s Programs
Quick Summary of (8) Types of Purchase/Refinance Home Loans. See us for more home loan information in addition to below.
FHA Home Loans
For The Best Rates Minimum Credit Score: 640+
Popular among first time home buyers because they allow a down payment of 3.5% of the Purchase Price. Up to 6% seller concessions.
FHA loans are only for primary residences.
Typically 2 years out of bankruptcy and have re-established good credit.
Borrower must be 3 years out of foreclosure and have re-established good credit.
Low closing costs with minimum out-of-pocket costs.
FHA loan does not have the strict standards of conventional loans. It requires two kinds of mortgage insurance premiums: one is paid in full up front or it can be financed into the mortgage and the other is a monthly payment called MIP, that will be figured into your mortgage payment.
VA Home Loans
For The Best Rates Minimum Credit Score: 640+
A Veteran can apply for a VA PURCHASE or REFINANCE home loan.
After establishing that you are eligible, you will need a Certificate of Eligibility. You can obtain your Certificate of Eligibility through us at Northern Mortgage The Rick Herrera Group or on your own.
No money down for qualified buyers. No private mortgage insurance (PMI). No pre-pay penalties with minimal out-of-pocket costs & up to 4% seller concessions.
VA loans are backed by the government. Banks have less risk and have less stringent qualification standards for VA loans.
Conventional Home Loans
Minimum Credit Score: 620
You can use a Conventional Loan to BUY or REFINANCE a primary residence, second home or rental property.
Conventional Loans are available in fixed rates, adjustable rates (ARM’s), and offer many loan terms usually from 10 to 30 years.
New 1st time home purchase down payment as low as 3% of purchase price.
Seller concessions start at 3%. On more than 10% down, 6% seller concessions. With more than 20% down, 9% in seller concessions.
No monthly mortgage insurance with a down payment of at least 20%.
Mortgage insurance is CANCELABLE when home equity reaches 20% of purchase price.
USDA Home Loans
Minimum Credit Score: 640
For eligible buyers, they feature great benefits such as 100% financing with no down payment and excellent market rates, with up to 6% seller concessions.
There are several types of USDA home loans. The Single Family Direct Homeownership Loan, the Single Family Guaranteed Homeownership Loan, the Rural Repair and Rehabilitation Loan or Grant and Mutual Self-Help Loan. All of these USDA loans offer very low effective interest rates and don’t require a cash down payment.
Not all properties qualify for USDA loans. At Northern Mortgage The Rick Herrera Group, we check the USDA website to see if the property you are purchasing, qualifies.
FHA Reverse Mortgage Home Loans
- Payoff your current mortgage (if you have one) & retire in your home.
- No more house payments as you live in your home.
- Increase your household cash flow monthly.
- You always Own your Home.
- Reverse Mortgage is paid back when your home is Sold.
- Your social security is NOT Affected.
- Required Closing Costs in the Loan.
- Minimal out-of-pocket expenses.
- No prepay penalties.
FHA HECM for Purchase Home Loans
A Home Equity Conversion Mortgage HECM for Purchase is a Reverse Mortgage that allows seniors, age 62 or older, to purchase a new principal residence. HECM for Purchase Requires a down payment between approximately 39% and 63% of the purchase price, depending on buyer’s age or Eligible Non-Borrowing Spouse’s age, if applicable. The rest of funds for purchase come from the HECM loan. NO REQUIRED MONTHLY PAYMENTS after initial down payment.
- Occupy the home as your Primary residence.
- Keep your Property in good repair.
- Pay timely your property taxes.
- Pay timely your homeowner’s insurance.
- Pay other property charges including, but not limited to flood insurance, HOA dues, condo dues, etc if applied
Our Past Customers Have Said Choosing The Rick Herrera Group Has Been For Them…
“A most positive & life-changing decision”!
Our Pledge To You Is Simple.
At Northern Mortgage Services, LLC., The Rick Herrera Group, With Our Large Selection Of National Lenders, We Are Your Home Loan Experts That Will Get You The Right Home Loan Purchase Or Refinance You Want & Qualify For, With Best Rates & Lowest Closing Costs, From 1st Time Home Buyer’s Programs to FHA, VA, Conventional, USDA Home Loan Programs, FHA Reverse Mortgage Products Or FHA HECM Reverse Purchase Loan Products!
Meet Your Team
NMLS # 16442
Asst. Branch Manager
NMLS # 738064
Branch Manager's Asst.
Asst. Branch Manager
NMLS # 1808333
Michael Herrera Sr.
NMLS # 1808333
FAQs About Reverse Mortgages
We offer FHA insured HECMs (Home Equity Conversion Mortgages); a safe, secure loan that lets you access your home’s equity to get cash for your retirement funding needs.
The amount you receive is based on current interest rates, the age of youngest borrower and the lesser of the appraised value of your home, or sale price up to maximum lending limit.
The funds available to you may be restricted for the first 12 months after closing, due to HECM requirements. In general, the older you are, the more equity you have in your home and the lower your mortgage balance: the more money you can expect from HECM loan.
The HECM is available as either an adjustable or fixed-rate loan. With the adjustable rate, the rate is adjusted monthly or annually based on the LIBOR (London Inter Bank Offered Rate).
The fixed-rate HECM maintains the same interest rate over the life of the loan. You may need to set aside additional funds from loan proceeds to pay for taxes and insurance.
Loan repayment is not due UNTIL YOUR HOME IS SOLD….As long as you meet the loan obligations such as living in the home as your primary residence, continue to pay required property taxes and insurance , and maintain your home according to FHA requirements.
You or your heirs WILL NOT be required to pay more than the value of your home at time the loan is repaid; even if your loan balance exceeds the value of your home, provided you or your heirs decide to sell the home. BEST of ALL, any remaining equity goes to you or your heirs once the loan is repaid.
To be eligible for a reverse mortgage loan, some key requirements are:
- Primary borrower 62 years of age or older…(non-borrowing spouse on title IF under 62 year of age would be used).
- Live in your home as your primary residence and have sufficient equity.
- You must be able to pay off your existing mortgage through the reverse mortgage loan proceeds. (IF YOU HAVE ONE)
- Live in a single family home or two-to-four unit owner-occupied home or FHA-approved condominium or manufactured home that meets FHA requirements.
- Must meet financial eligibility criteria as established by HUD.
In addition to eligibility requirements, you must also meet the following conditions to obtain a reverse mortgage loan:
- Complete a HUD approved counseling session…(Can be done by phone or in person)
- Maintain your home according to FHA requirements.
- Continue to pay property taxes and homeowners insurance.
Northern Mortgage Services, LLC is licensed in the following states: CA 41DBO-46106 / CT ML-130662 / FL MLD1207 / IL MB.6761248 / IN 34700 / KS MC.0025510 / LA 130662 / MA MC130662 / MI FL0782 / MO 18-2360 / OH MB.804194.000 / TN 170724