WE OFFER THE FOLLOWING LOAN TYPES
Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. A majority of the mortgage loans in the US are backed by one of these two institutions whether you go to a “big bank,” a local bank or mortgage broker. These two corporations purchase mortgage loans that comply with their guidelines, they package the mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, provide a continuous flow of affordable funds for home financing that results in the availability of mortgage credit for American mortgage consumers.
The most important difference between a loan that conforms to Fannie Mae/Freddie Mac guidelines and a JUMBO loan is the loan amount. Fannie Mae and Freddie Mac will purchase loans only up to a certain loan limit (currently $647,200.00). So, if your loan amount will be for more than the conforming loan limit of $647,200.00, you may need this type of loan.
A VA loan is a type of government loan, backed by the Department of Veterans Affairs (VA). The VA offers specific guarantees to private lenders that handle VA loans. Because of these guarantees, lenders will issue loans to candidates with no down payment or less stringent requirements than other loans…click here to learn more about VA Loans.
USDA Loans are a type of government backed mortgage loan. The goal of the USDA’s loan program is to provide insurance for mortgage lenders so that they can offer mortgages to low- to moderate-income home buyers in eligible areas who might not qualify for mortgages otherwise…..click here to learn more about USDA Loans.
FHA loans are backed by the Federal Housing Administration, an agency under the jurisdiction of the Department of Housing and Urban Development. FHA loans are insured by the FHA, which simply means that this organization protects your lender against loss if you default on your loan. FHA loans are available with low down payment options and lower minimum credit score limits, but you’ll also have to pay mortgage insurance…click here to learn more about FHA Loans.
We do have access to capital for commercial loans, please call with your scenario.