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| Conventional Lending |
| FHA Lending |
| Jumbo Loans |
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Conventional Lending
Conventions loans are those loans up to $417,000 with at least 10% down or equity. These loans follow guidelines from Fannie Mae and Freddie Mac. Qualifying for this type of loan takes into account your income, assets and credit score.
This type of loan can have an term of 30, 25, 20, 15 and 10 years.
Term: 30 years
Maximum Amount: $417,000
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FHA Lending
FHA loans are insured by the Federal Government. The loan limits are determined by the county you are purchasing or own your home in. There is an Up Front Mortgage Insurance Premium which is 1.75% of your loan amount. This premium can be added to your loan amount. In addition, there is a monthly premium of .55% of the the loan amount. Currently, FHA requires 3.5% down payment on a purchase.
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Jumbo Loans
Jumbo loans are those over $417,000. These loans typically have tighter guidelines since they are not backed by the Federal government.
Available loan are 30 Year Fixed, 7 Yr ARM, 5 Yr ARM
Term: 30 years
Maximum Amount: $2,000,000
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