Conventional Loan Products

Conventional loans are any mortgage that isn’t guaranteed or insured by the federal government. Conforming loans are mortgages that meet the guidelines set by Fannie Mae and Freddie Mac.

Conforming loan guidelines require the lender to pay very close attention to the borrowers credit history. Guidelines are set so that the higher the credit score is the better interest rate and more flexible the lending guidelines are.

Contact us to discuss the particulars of your scenario.

Current Conforming products available:

Fixed Rate Mortgage

30, 25, 20, 15, and 10 year terms available.

As straightforward as you can get. Fixed rate. Fixed payment. Fixed term.. No prepayment penalty.

Hybrid Adjustable Rate Mortgages (ARM)

3/1 Initial interest rate is fixed for 3 years then the loan becomes an annually adjusting loan for the remaining 27 years.

5/1 Initial interest rate is fixed for 5 years then the loan becomes an annually adjusting loan for the remaining 25 years.

7/1 Initial interest rate is fixed for 7 years then the loan becomes an annually adjusting loan for the remaining 23 years.

10/1 Initial interest rate is fixed for 10 years then the loan becomes an annually adjusting loan for the remaining 20 years.

Adjustable Rate Mortgages have a few other terms associated with them. When considering an ARM it is always a good idea to know what the initial start rate is, what index the loan is tied to, and what the Initial, Periodic, and Lifetime Adjustment Caps are. Also, depending on the situation, sometimes an Interest Only payment may be an option. Currently, these types of mortgages do not have a prepayment penalty.

Over the past couple years ARMs have been given a bad name. If you know how these programs work they can be a terrific way to enjoy reduced housing payments. Contact one of our experts for a complete explanation of ARM products and whether they are the best option for you.

Transaction Types

• Purchase
• Refinance
• Cash Out Refinance

Occupancy Types

• Primary Residence
• Investment Property
• Vacation Home

Property Types

• Single Family Residence and Planned Unit Developments
• Condominium (low rise and high rise)
• 2-4 unit properties