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Standard Home Loans

Conventional mortgage loans, also known as conforming loans, are backed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Fannie and Freddie both have low, 3% down options with income restrictions while standard conventional loans require 5% down or more. 

The Conventional Loan limit is $510,400 in most Florida counties.

Jumbo mortgages, also referred to as non-conforming mortgage loans, are intended for luxury properties and those in the most competitive real estate markets. They exceed the conventional conforming limits set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

Non-Qualified Mortgage loans, or Non-QM loans, are more flexible than traditional mortgages. They require a bit more time and paperwork but are a good option for self-employed or 1099 borrowers who do not qualify for standard conventional loans.

 

Non-QM loans do not meet the standards of a qualified mortgage: ability-to-repay rule, debt-to-income ratio limits, point, and fee caps, and restrictions on risky loans.

An Adjustable-Rate Mortgage’s interest rate changes over the life of the loan. Usually, the loan has a fixed interest rate for a set period before adjusting.

 

The interest rate is made up of two parts: index, which adjusts, and margin, which stays the same.

Government Home Loans

VA mortgage loans are intended to assist Active Duty Military Members, Veterans, and selected spouses in obtaining home loans with no down payment and are guaranteed by the US Department of Veteran Affairs. 

Qualified VA borrowers can receive 100% financing with no money down and, as of January 1, 2020, the loan limits have been removed.

USDA mortgage loans, guaranteed by the United States Department of Agriculture (USDA),  provide low-income to moderate-income households with homeownership opportunities in eligible rural and suburban communities. Intended to stimulate growth in rural areas, USDA Loans require no down payment and lower mortgage insurance.

FHA mortgage loans are guaranteed by the Federal Housing Administration (FHA). There are several different types of FHA loans, all designed for low-income to moderate-income borrowers with lower down payments.

As of January 1, 2020 the FHA loan limit for most of the country is $331,760.

Refinance Loans

A Rate-and-Term refinance, as the name implies, allows a borrower to obtain a lower interest rate or more favorable loan term. This type of refinancing generally occurs after a decrease in interest rates. 

A Cash-Out refinance allows the owner of a property to take out a new loan, replacing the existing loan (if any) in order to convert equity to cash. At closing, the difference in the tow loans, less closing costs, is paid to the borrower.

A VA IRRRL provides VA borrowers with a streamlined refinancing option that involved less paperwork and costs less than the standard conventional refinance.  However, there is no "cash-out" option for VA IRRRLs.

A full appraisal is not always required and the funding fee is often rolled into the loan, meaning many VA borrowers are able to refinance with no out-of-pocket expenses. 

Douglas Kennell

NMLS #364758

Sovereign Mortgage Investments, Inc.

NMLS #222681

doug@financebydoug.com

(239) 542-6224

Cape Coral, FL 33904

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