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- PROGRAMS -

- No Money Down
- Conventional
- Pre-Approvals
- 103% home loans
- 100% home loans
- 97% home loans

- VA home loans
- FHA home loans

- Jumbo Mortgages
- Construction Loans
- Improvement Loans
- Bridge Loans
- Interest Only Loans

Conventional Loan Programs

Conventional loans are those that are not either insured nor guaranteed by the federal government (such examples of government loans are FHA, VA or Farmers Home loans.) Government loans have smaller maximum loan amounts, currently $291,650 for FHA & Farmers Home, & $240,000 for VA.

Typically the conventional loans are available with varying down payments from as little as 3% or 5% depending on the particular program. A "Conforming" loan is one which is below $451,050. If the loan amount goes above that, it is considered a "JUMBO" loan and is subject to higher interest rates, and stricter rules. The programs described below are available as of this writing, June 2001 , for loan amounts at or below $451,050.

The 30 year fixed rate loan is the most common loan obtained. Your loan repayment is based on a 30 year amortization. It carries with it, the highest interest rate among all programs available, in return for stable fixed monthly payments over the next 30 years.

The fixed rate program is available for owner occupants, 2nd homes, and investors.
The minimum down payment is 5%, IF all borrowers will live in the property being financed. However, condominiums are generally limited to 10% down, and leasehold properties are generally require a 15% down payment due to mortgage insurance guidelines. We have some lenders, and mortgage insurance companies who make exceptions to these general rules, so call us to find out if you meet the exceptions. Investor loans typically require a 30% down payment, however we have a couple lenders that will go with as low as a 10 to 20% down payment, of course, their rates are higher.

 
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