Conventional Loans
Conventional loans are loans not insured by a government program. Fixed rates, arms, balloons, 10, 15, 20, and 30 year terms available. Conventional financing is usually optimal with 80% or less loan-to-value for purchases or refinances.
Conventional financing is available with mortgage insurance over 80%. It would be the only option if income limits or loan amounts exempted government programs. Rate adjustments apply with credit scores under 740, and credit scores under 700 may warrant a look at the government options due to significant conventional rate adjustments.
100% USDA Guaranteed Loans
County properties only. Income limits for 4-family $74050, 5+ family $97750 adjusted up for child care expense. Financed guaranteed fee 3.5%, no monthly MI Fixed rate, 30 year term only.
Single family only, owner occupied only. Cannot own other residential properties.
FHA
FHA loans are ideal for first time homebuyers and are insured by the Federal Housing Administration. Down payments can be in the form of gifts. These loans can be either fixed or adjustable interest rate. Each area of the country has its own designated maximum loan amount, as determined by the Department of Housing and Urban Development (HUD).
FHA 3.5% down. 1-4 family residential. Owner occupied.
30, 25, 20 and 15 year fixed and adjustable rates
Max loan $290,150. Financed 1% MIP plus monthly MIP
No cash out refi 50 97.75% L/V, 85% L/V cash out refi
Veteran Loans
Available to individuals who have served or are currently serving in the U.S. armed forces who meet eligibility requirements.
VA mortgages may be provided with no down payment required, making them ideal for first-time borrowers. Loans are guaranteed by the Department Of Veteran Affairs. VA loans may be assumable with release of liability.
VA loans. Eligible military veterans (regular or reservist)
100% L/V purchase money, 90% L/V refinances
Financed VA funding fee 1.5% – 3.15%, No monthly MI
Owner occupied only, 1-4 family residential, $417,000 max
30, 25, 20 and 15 yr. fixed and adjustable rates
