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Types of Mortgage Loans Options Available

These are a few of the mortgage loan options available in and around Stockton, California.

Single Family Housing Guaranteed Loan Program: Through this governmental program, mortgage lenders can help low- and middle- income families borrow funds to purchase safe, sanitary homes in rural areas.

Mortgage Refinancing: Institutions that offer mortgage refinancing make the consumer a new loan that pays off an existing mortgage.

Reverse Mortgages: This type of mortgage loan doesn’t require the homeowner to make payments as long as he or she lives in the home. The loan is repaid when the homeowner permanently moves away, sells the home, or dies. Homeowners must be at least 62 years old to qualify for this type of loan.

Median House Prices

For 2015, the last year for which U.S. Census Bureau data are available, the median value of owner-occupied housing units in Stockton, California was $172,500. This is slightly lower than the U.S. median housing value of $178,600.

Median Income

The median income in Stockton, California, in 2015 dollars, was $44,797. This is lower than the national median income of $53,889. Stockton’s per capita income was $19,897, compared to the U.S. per capita income of $28,930. Stockton residents considered to be living at or below the poverty line make up 25.3% of the population, as opposed to the national percentage of only 13.5%.

School Systems and Local Rankings of Schools

In the 2015-2016 school year, Stockton Unified school district had an enrollment number of 40,324 students in grades K-12. According to National Center for Education Statistics data, the average pupil-to-teacher ratio for California was 23.58 to 1, higher than the national average of 16.06 to 1. For the Stockton Unified school district, the pupil-to-teacher ratio was 27.84 to 1. The Stockton Unified district’s total expenditures per pupil was $8,957, lower than the California state average of $9,557 and the national average of $10,811.

The U.S. Census Bureau reported that as of 2015, the percentage of persons in Stockton, California who were 25 years old or older and had at least graduated from high school or obtained higher education was 74.9%. This is lower than the national percentage of 86.7%. Nationally, 29.8% of the population has a bachelor’s degree or higher, while in Stockton the percentage was 17.4%.

Crime Rates Compared to State and National Average

Stockton is the county seat of San Joaquin County. In San Joaquin County, the U.S. Department of Justice reported a total adult probation caseload of 14,177 individuals for 2014. That same year, Stockton reported 3,445 arrests for felony offenses, including 29 homicides, and 4,461 arrests for misdemeanor offenses. Statewide, California’s violent crime rate was 426.4 crimes per 100,000 people as of 2015. For the same year, the national violent crime rate was 372.6 per 100,000, according to the Federal Bureau of Investigations.