A conforming loan is a mortgage that follows the strict guidelines of the housing GSEs (government-sponsored enterprises) such as Fannie Mae and Freddie Mac. The best-known guideline is loan size limit, which as of 2017 is $424,000 for single family homes in the continental USA.
A non-conforming loan, aka a Jumbo Loan, can be larger than the GSE limits, making it a prime choice for purchasing a luxury home or an expensive condominium or co-op. The highly experienced, professional and licensed Loan Originators.
A high-balance mortgage loan is a conventional loan with a higher limit of conformity, designed for certain high-cost areas in which a mortgaged property is located. For example, even with the $424,000 GSE limit, a homeowner in a designated high-cost area can procure a loan of $625,000 or more for a single-unit dwelling.
Fixed-rate mortgages are available in 10, 15, 20 and 30 year loans, and have an interest rate that is valid for the entire life of the loan. There are pros and cons to consider when deciding between a fixed-rate loan versus an adjustable-rate loan. Some of these trade-offs depend on current conditions within the housing and mortgage industry, and some will depend on your own financial circumstances.
FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better deal.
Buying Your First Home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price. Available on 1-4 unit properties.
Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.
Find out if you qualify for a NADL
It may sound complicated, but refinancing is an easy process if you have the right help. Our mortgage specialists will work with you to find the right loan for your situation. There’s no application fee and no obligation.