Conventional loans are loans that are underwritten to meet Fannie Mae (FNMA) and Freddie Mac (FHLMC) guidelines. These are still the most common loans used in the marketplace today. This category includes fixed rate loans, adjustable rate mortgage (ARM) products, balloon loans and combination loans (1st & 2nd trust) to help reduce or eliminate down payment requirements while avoiding mortgage insurance (MI). Conventional loan limits are currently set by Fannie Mae/Freddie Mac at $417,000.00.
Below are some of the many conventional programs we offer. Many of these products have Interest-Only or Cash-flow features:
- 30-Year Fixed, 25-Year Fixed, 20-Year Fixed, 15-Year Fixed, and 10-Year Fixed
- 10/1, 7/1, 5/1, 3/1, and 1-Year ARMs
- COFI ARMs
- 7/23 and 5/25 Balloons
- 100% Financing (80% 1st Mortgage & 20% 2nd Mortgage – No M.I.)
- 80/15/5 (80% 1st Mortgage & 20% 2nd Mortgage – No M.I.)
- 80/10/10 (80% 1st Mortgage & 10% 2nd Mortgage – No M.I.)
- 103% Financing (allows you to include up to 3% of closing costs)
- 107% Financing (allows you to include up to 7% of closing costs)
- 100% Teacher Loans
- 97% Community Home Buyer
- 95% Rate/Term Refinance
- 90% Cash-Out Refinance
To find out more about conventional loans, or to see if a conventional loan is right for you, contact us at Corridor Mortgage Group.
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