The Perfect Loan Built for You
A conventional loan is the type most people are familiar with and they are offered by most lenders. These loans often follow the guidelines for down payments and income set by two institutions that are sponsored by the U.S. Government: Fannie Mae and Freddie Mac.
Jumbo loans are a type of nonconforming conventional loan.
These loans are for those who want to borrow more than the conforming loan servicing limit permissible in their geographical area.
Jumbo loans are a type of nonconforming conventional loan. These loans are for those who want to borrow more than the conforming loan servicing limit permissible in their geographical area.
USDA loans are an excellent option for homebuyers who prefer to live in a rural setting. This program, which is administered by the United States Department of Agriculture, assists approved lenders in providing low- and moderate-income households the chance to own adequate, decent, and safe dwellings as their primary residence in eligible rural areas.
Much like FHA loans, VA loans are insured by the government. However, they are only available to current members of the Armed Forces or veterans of the Armed Forces (which includes the Reserves and National Guard). The reason is that the U.S. Department of Veterans Affairs is the government agency responsible for insuring these loans. This program has helped millions of members of the U.S. military buy a home ever since its inception in 1944.
The Latest Primary Mortgage Rates Breakdown
|Conventional||FHA||FHA Streamline||VA||VA Streamline||Jumbo||USDA||USDA - Streamline Assist|
|Income Documents||Needed||Needed||Not Needed||Needed||Not Needed||Needed||Needed||Not Needed|
|Appraisal||Needed (Waiver Available)*||Needed||Not Needed||Needed||Not Needed||Needed||Needed||Not Needed|
|Yearly Terms||10, 15, 20, 25, 30||Any (min. 10)||Any (min. 10)||Any (min. 10)||Any (min. 10)||10, 15, 20, 25, 30||Any (min. 10)||Any (min. 10)|
|Min Down Payment||3%||3,50%||N/A||0%||N/A||Please Call||0%||N/A|
|Min Credit Score||620||620||620||620||620||Please Call||500||500|
|Cashout from Equity||Up to 95% of the Value||Up to 97.5% of the Value||N/A||Up to 100% of the Value||N/A||Please Call||None||N/A|