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Conventional Loans:
Fannie Mae Fixed Rate (FNMA):
The Federal National Mortgage Association is a Government owned organization that purchases mortgaged backed securities from lenders that service loans to re-capitalize so they can lend more money. FNMA then sells securities that are sold on Wall Street. These loans are also called conventional loans or conforming loans.
Freddie Mac Fixed Rate (FHLMC):
The Federal Home Loan Mortgage Corporation is a Government owned organization that purchases mortgaged backed securities from lenders that service loans to re-capitalize so they can lend more money. FHLMC then sells securities that are sold on Wall Street. Both FNMA and FHLMC do the same basic function in the secondary mortgage markets. They just have some different loan types they will securitize. These loans are also called conventional loans or conforming loans.
Guidelines:
FNMA and FHLMC 30, 25, 20, 15, 10, 5 year Conventional Fixed Rate Loans or Conforming loans:
These loans are fixed rate loans with no adjustments ever.
Loans can be use to refinance your home and or take cash out. (subject to LTV limitations)
Loan-To-Value (LTV) Ratios as high as 95% or 5% minimum down payment.
No pre-payment penalty
Non-assumable
Loan limits:
$417,000-$625,500 depending on county for Single family homes
$533,850-$800,775 depending on county for 2 family homes
$645,300-$967,950 depending on county for 3 family homes
$801,950-1,202,925 depending on county for 4 family homes
Minimum FICO score 640
Second homes are acceptable
Investors purchasing with intent to rent property will have a maximum of 80%LTV or have to put 20% down payment.
Government Loans:
FHA Fixed-Rate:
The FHA Loan is a HUD mortgage specifically designed for those that have little or no down payment or equity in the case of a refinance. These loans are insured by the Federal Government. This would be considered a Government Loan or a Government Loan program. For more information click here
Guidelines:
FHA 30, 15 year fixed rate loans:
FHA has both Fixed rate and Adjustable rate options but the with low interest rates the fixed rate loans are the most popular.
These loans can be use for purchasing Real Estate (owner occupied only) and refinancing existing FHA Loans which can be either owner occupied or non-owner occupied.
The maximum Loan-to-Value (LTV) is 96.5% or 3.5% minimum down
These loans are assumable to those who qualify.
Loan Limits vary per county and are as high as $625,500 and as low as $273,00 Click here to see limit for your county
Minimum FICO score 530
Refinances can be done with or without an appraisal and Income verification. Click here for more info.
VA Loans:
In order to qualify for a VA loan you must be either a veteran or currently serving in the military. This loan has no mortgage insurance as it guaranteed by the Federal Government. So with the federal guarantee a Veteran can purchase a home with no money out of their pocket. You will need to show your Separation papers or DD214 form or an "In Service Statement" from your commanding officer.
For more information click here to see our veteran's page.
Guidelines:
VA 30, and 15 Fixed Rate Loans:
The VA loan is for those who have served our country or are currently serving in our Armed Forces. These loans are fixed rate loans.
These loans can be use for purchasing Real Estate (owner occupied only) and refinancing existing FHA Loans which can be either owner occupied or non-owner occupied.
The maximum LTV is 100% or $0 Down payment
The Loan Limit for regular VA loans is $417,000 up to $1,050,000 per county (Note Loans over $417,000 will require a down payment). Click here to check your county.
Minimum Credit Score is 560, 620 is preferred
VA Interest Rate Reduction Refinance Loan (IRRRL):
IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a "Streamline" or a "VA to VA." Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate. When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase. Click here for more info.
USDA Rural Housing:
Applicants for loans may have an income of up to 115% of the median income for the area. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories. Loans are for 30 years. The promissory note interest rate is set by the lender. There is no required down payment. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt.
USDA Rural Housing:
This loan will only work in certain areas with minimal population.
Click here to see if the house qualifies
Jumbo Loans:
These are loans that have higher a loan amount than Conventional loans or Government loans allow. These loans vary in guidelines from lender to lender as these loans are not sold the same way into the secondary mortgage markets as are Conventional loans and Government loans. These loan have a higher risk associated with them in the shear size of the loan. Generally the interest rates on these loans, because of the higher risk, are higher.
Jumbo loan Guidelines:
The guidelines will require full income documentation.
Credit Scores generally should be above 680
Loan Amounts can go as high 2.5 million or higher
Down Payment requirements will go up as the loan amounts go up with a minimum down payment or equity position to be 80% loan to value (LTV) or a 20% down payment. With loan amounts over 1 million generally the LTV wil have to be 75% or less depending on the investor.
Private Loans:
These loans are funded by private sources and must not be an owner occupied transaction. These loans have to be used for business purposes, such as using property for; Rentals, flipping, commercial uses, or use the property for more than 51% for business. Click here to go to the Private lending page
Guidelines:
There is no Credit Score requirement
Down Payment will have to be at least 20% of the purchase price or have an 80% LTV for a refinance. That is the minimum and most cases will require a higher equity position and will vary from deal to deal.
Maximum Loan Amounts will vary from transaction to transaction but can go as high as 20 million and ins some cases higher than that.
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