Loan Programs

CONVENTIONAL

A conventional loan conforms to the standards set by government-sponsored entities Fannie Mae and Freddie Mac, and require a down payment as low as 3%. A conventional loan consists of fixed and adjustable rate mortgages. An Adjustable rate mortgage has various terms. These loans can help the borrower by providing a lower interest rate at the beginning of the loan term. CONVENTIONAL LOAN PROGRAMS INCLUDE; 1. PICK YOUR TERM. You can choose any term from 1-30 years fixed. 2. STANDARD CONVENTIONAL PROGRAMS. This includes terms of 30,20,15,10 year fixed Fannie Mae and Freddie Mac. 3. ADJUSTABLE RATE MORTGAGES. This includes 5/1, 7/1, 10/1 adjustable rate mortgages.

HOME READY

Home Ready mortgages are a type of conventional home loan offered by Fannie Mae that are meant to help low and moderate-income borrowers buy or refinance a home. Home Ready loans reduce the typical down payment and mortgage insurance requirements and they’re also more flexible about allowing contributions from other sources. HOME READY PROGRAMS INCLUDE; 30, 20, 15 year fixed

HOME POSSIBLE

Home Possible is a conventional loan created by Freddie Mac. They are affordable given their smaller 3% to 5% down payment requirements. Home Possible mortgages are designed for low to moderate –income home buyers and are well-suited for first time home buyers. HOME POSSIBLE PROGRAMS INCLUDE; 30, 25, 20 year fixed

HIGH BALANCE

A High-Balance Mortgage is defined as a conventional mortgage where the current loan amount exceeds the conforming loan limits published yearly by the Federal Housing Finance Agency (FHFA) but does not exceed the loan limit for the high-cost area in which the mortgaged property is located, as specified by the (FHFA). As of 2019, the conforming loan limits are $484,350 in all states except Alaska, Guam, Hawaii, and U.S. Virgin Islands where the limit is $726,525. HIGH BALANCE PROGRAMS INCLUDE; 30,20,15,10 year fixed.

VA

A VA Loan is a mortgage loan in the United States guaranteed by the Department of Veteran Affairs. VA Loans allow eligible veterans to refinance up to 100% Loan to Value and purchase a home with 0% down payment. VA LOAN PROGRAMS INCLUDE; 30, 25, 20, 15, 10 year fixed. Find more information on a VA Loan here.

FHA

An FHA insured loan is a US Federal Housing Administration mortgage backed mortgage loan which is provided by an FHA Approved lender. FHA Loans allow as little as 3.50% down payment. FHA LOAN PROGRAMS INCLUDE; 30, 20, 15, 10 year fixed

JUMBO LOANS

Jumbo Loans are those that exceed the loan limit that loan servicing puts in place by Freddie Mac and Fannie Mae. This makes them non-conforming loans. As of 2019, the conforming loan limits are $484,350 in all states except Alaska, Guam, Hawaii, and U.S. Virgin Islands where the limit is $726,525. JUMBO LOAN PROGRAMS INCLUDE; 40 Year Fix Interest Only, 30,20,15,10 year fixed as well as adjustable rates of 3/1,5/1,7/1,10/1.

NON – QM

A Non-Qualified Mortgage (Non-QM) is any home loan that doesn’t comply with the Consumer Financial Protection Bureau’s existing rules on Qualified Mortgages (QM). Non – QM loans are typically for borrowers with unique income qualifying circumstances. There are millions of people who have the income but don’t qualify with their tax returns, W2’s or paystubs. This type of mortgage loan also accommodates people who had credit issues in the past or currently such as foreclosures, bankruptcy, late payments or isolated credit issues. NON – QM PROGRAMS INCLUDE, 40 year fixed 10 year Interest only, 30, 20 year fixed as well as adjustable rates of 3/1,5/1,7/1.