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Also known as jumbo loans, non-conforming loans are loans that exceed the FHFA’s conventional mortgage financing limits. They generally have higher interest rates and higher down payments than conforming loans.
In addition to conforming and non-conforming loans, there are existing programs such as HomeReady and HomePossible by Fannie Mae and Freddie Mac. Many conventional loan options are specific to each state, so be sure to ask your realtor or mortgage broker about any additional options that exist where you are looking to buy.
Bank statements cover a specific period of time, such as 12 to 24 months, and show a consistent income stream. Interest rates on Bank Statement are higher than traditional...
Read More(MODIFY THIS TEXT) What Is a Jumbo Loan? A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal...
Read More(MODIFY THIS TEXT) If the phrase “hard money loan” makes you think of quick and easy business deals that end in “cold, hard cash,” you’re not too far off...
Read More(MODIFY THIS TEXT) Conforming loans WHAT ARE THEY?Conforming loans are the subset of conventional loans that adhere to a list of guidelines issued by Fannie Mae and Freddie...
Read More(MODIFY THIS TEXT) Even if you are just starting out on the journey to homeownership, you have likely heard about two of the most common mortgages: conventional and...
Read MoreThere are two main types of conventional loans: conforming loans and non-conforming loans. Conforming Loans Conforming loans refer to any conventional mortgage that adheres to the financing limits set...
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