by admin | Oct 7, 2024 | Loan Types
TYPES OF MORTGAGE LOANS Conventional: 2 types are conforming and non-conforming Conforming to the standards of Federal Housing Finance Agency (FHFA) Conforming loans are purchased/insured by Fannie Mae and/or Freddie Mac Typically for good to excellent scores, larger...
by admin | Dec 5, 2023 | Loan Types
An FHA loan, or Federal Housing Administration loan, is a government-backed mortgage designed to make homeownership more accessible, especially for first-time buyers. Established in the 1930s, the FHA aims to promote homeownership by insuring loans made by...
by admin | Dec 5, 2023 | Loan Types
The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. Fixed rate mortgages are available for 30...
by admin | Dec 5, 2023 | Loan Types
Conventional loans are secured by government sponsored entities such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes, single family to four family homes. The Conforming Loan Limits are published annually by the Federal...
by admin | Dec 5, 2023 | Loan Types
These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home. However, the interest rate changes at specified intervals (for example, every year) depending on changing...
by admin | Dec 5, 2023 | Loan Types
The GPM is another alternative to the conventional adjustable rate mortgage, and is making a comeback as borrowers and mortgage companies seek alternatives to assist in qualify for home financing. Unlike an ARM, GPMs have a fixed note rate and payment schedule. With a...
