Traditional Loans

Conventional Loans

Conventional loans are actually any type of creditor agreement that are not guaranteed by the Veterans Administration (VA), or insured by the Federal Housing Administration (FHA). In general, all conventional loans are eligible for sale to the government sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) or to private secondary market investors. There are two different types of Conventional loans; Conforming and Non-Conforming loans. Conforming loans have to meet the guidelines set by Fannie Mae and Freddie Mac. Any loan which does not meet guidelines is a non-conforming loan.

Jumbo Loans

A jumbo loan is a loan in which the amount borrowed is greater than the loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC). A loan amount greater than $424,100, is considered a jumbo loan.

Advantages:

  • Able to finance a home that is over the maximum loan amount of $424,100 established by Fannie Mae and Freddie Mac
  • Enables a borrower to purchase “more house”

Homeready Loans

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Lock and Look

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High Balance Loans

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