What Is a Conforming Loan?
Conforming loans are mortgages that meet Fannie Mae and Freddie Mac guidelines. Conforming lenders underwrite and fund the loans and then sell them to investors like Fannie Mae and Freddie Mac. Once securitized, the loans are sold to investors on the open markets. Because of their liquidity and the government regulations, conforming loans often have lower interest rates than non-conforming loans.
CONVENTIONAL LOANS:
A conventional loan is a mortgage loan that’s not backed by a government agency. These loans come in all shapes and sizes, and while they don’t provide some of the benefits as FHA, VA and USDA loans, conventional loans remain the most common type of mortgage loan.
Credit Score: 620+
Maximum LTV: 97% (including condos)
Fixed and ARM Products Available
Lender Paid MI Option
W2 and 1 Year Self-Employed Program
Appraisal Transfer Allowed.
To apply, simply contact us today,
FHA LOANS:
An FHA loan is a mortgage insured by the Federal Housing Administration. FHA loans are helpful for buyers with limited savings or lower credit scores.
FHA: Credit Score: 580+
Maximum LTV: 96.5%
Fixed and ARM Products Available
W2 and Self- Employed Programs
Single-Unit Condo Approval
203(b), 203(k) and Reverse Mortgage
To apply, simply contact us today,
VA LOANS:
A VA loan is a kind of mortgage exclusively for military borrowers and their surviving spouses. These loans are issued by lenders and guaranteed by the U.S. Department of Veterans Affairs. Benefits of these loans include no down payment or private mortgage insurance (PMI) requirements and comparatively low interest rates.
Maximum CLTV : 100%
Loan Amounts up to $2,000,000
Fixed and ARM Products Available
Purchase, IRRL, and Cash Out Refinance
To apply, simply contact us today,
USDA LOANS:
A USDA loan is a mortgage that is either issued or guaranteed by the United States Department of Agriculture. Also known as Section 502 or 504 loans, these programs are specifically reserved for people with low or moderate incomes looking to buy in designated rural parts of the country.
Credit Score: 580+
Maximum LTV: 100%
Borrower’s adjusted annual income may not exceed the RD limit for the area
Owner Occupied Only
To apply, simply contact us today,
The following may apply for commercial loans:
- No Bankruptcy Chapter 7 or 11 in the last 4 years.
- No Bankruptcy Chapter 13 in the last 2 years from discharge date or 4 years from dismissal date.
- No Short Sale or Deed-in-lieu in the last 4 years.
