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Standard Fannie Mae and Freddie Mac loans up to a maximum loan amount of $548,250. Programs are available for cash out refinance, rate and term refinance, and purchases. Income, assets, credit and equity are all looked over by the underwriters when approving you for a conventional conforming loan.
Conforming high balance falls between jumbo loans and conforming loans. They offer lower rates than jumbos, but not as low as conforming loans. Each county in the US has its own maximum loan limit based on the average home price in that county. The maximum loan amount for high-end counties is currently $822,375.
Jumbo loans are loan amounts that are above the conforming limits set by Freddie Mac and Fannie Mae. Since these loans are not being purchased by Freddie Mac or Fannie Mae they are funded by portfolio lenders which hold their own loans instead of selling them to the government agencies. Since these lenders are taking on the risk of default themselves jumbo rates are slightly higher than conforming rates and lending guidelines are slightly stricter.
Federal Housing Administration loans are insured by the Department of Housing and Urban Development and protect the lender against part of their losses in case of a default. Since FHA loans are insured you can borrow up to 96.5% loan to value on rate and term refinances and purchases and up to 80% on cash out refinances.
Veteran administration loans are insured by the Department of Veterans Affairs and protect the lender against losses in case of a default. Since the lenders are insured against losses you can borrow 100% of the value of your property. In order to qualify for a VA loan you need to obtain a certificate of eligibility from the Department of Veterans Affairs.
Designed for borrowers that make money but don’t show it on their tax returns, this program will use 12 or 24 months bank statements to determine income as opposed to tax returns for conventional loans. This is a great fit for many self-employed borrowers as they many times write off a lot of their income to avoid paying extra taxes. Rates are slightly higher than conventional loans but still very reasonable given that income is not fully verified.
This program is designed for real estate investors with investment properties that can’t qualify for conventional loans. This program just looks at the cash flow of the subject property and ignores the borrower’s personal income. Ideally the property should cashflow, but in some cases we can even approve the loan with a negative cash flow on the property.
Reverse mortgages are designed for seniors over the age of 62. Instead of making a monthly payment a borrower can draw on their equity and receive money every month or as a lump sum. Income and credit are not as important on a reverse mortgage since you don’t have to make payments. In order to qualify for a reverse mortgage, you need to meet the age requirement and have substantial equity in your home.
Private money loans or hard money loans are loans made by private investors and are mainly based on the equity of the property. Borrowers seeking private money loans are usually credit challenged or have other qualifying challenges making them unable to qualify for any other type of financing. Private money loans are usually made at a loan to value of 70% or less because of the increased risk to the lender. Also, the rates and fees on a hard money loan are higher than on other types of financing because of the higher risk of default by the borrower.