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Conforming Products

Fannie Mae Fixed Rate: a mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.

Freddie Mac Fixed Rate: a mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.

Freddie Mac A Minus Program: With these mortgages, you can approve more borrowers with a less-than-perfect credit history or limited funds for a down payment. Typically, these borrowers are consigned to a limited choice of higher-cost financing options. In addition, borrowers in this segment get competitive rates and have a variety of down payment alternatives.

Fannie Mae Mycommunitymortgage: MyCommunityMortgage® (MCM) is a conventional, community lending mortgage that offers underwriting flexibilities to qualified borrowers who meet specific income criteria or properties that meet geographic location eligibility criteria (FannieNeighbors®). MCM also permits additional eligibility-based options: Community Solutions™ for public safety, education, military and health care professionals, and Community HomeChoice™ for individuals with disabilities.

Fannie Mae Expanded Approval Program: Fannie Mae’s expanded approval programs often can qualify consumers for loans at fixed rates that they would otherwise not qualify for. The biggest downfall of the Expanded approval loans is that if you go over 80% LTV, the PMI, Private Mortgage Insurance, can be extremely high, especially on an Expanded Approval Level 3 loan. However, this PMI can be removed once the home has at least 20% equity in it.

Fannie Mae Interest Only: Fannie Mae interest only mortgages must meet the following criteria: 1. The home must be a 1-unit property 2. The home must be a primary residence, or vacation home. 3. The borrower’s FICO must be 720 or higher. 4. The mortgage must be a purchase, or rate-and-term refinance. No “cash out” allowed. Furthermore, borrowers using interest only mortgages must show two full years of mortgage payments “in the bank” at the time of closing.Maximum conforming loan limits in 2017 will generally increase from levels in 2016 ( $424,100 for one unit property in Continental U.S.) as announced by the Federal Housing Finance Agency (FHFA). Loan limits are annually set by FHFA and apply to Conventional loans that Fannie Mae may acquire.

Agency 3/1, 5/1, 7/1, 10/1, and ARMS

Fannie Mae High Balance: Maximum conforming loan limits in 2017 will generally increase from levels in 2016 ( $424,100 for one unit property in Continental U.S.) as announced by the Federal Housing Finance Agency (FHFA). Loan limits are annually set by FHFA and apply to Conventional loans that Fannie Mae may acquire.

Fannie Mae Loan Limits

Freddie Mac Super Conforming: Freddie Mac’s super conforming mortgages are mortgages originated using higher maximum loan limits that are permitted in designated high-cost areas. These higher loan limits are intended to provide lenders with much-needed liquidity in the highest cost areas of the country, while also lowering mortgage financing costs for borrowers located in these areas.

Freddie Mac Super Conforming

Freddie Mac Super Conforming: Freddie Mac’s super conforming mortgages are mortgages originated using higher maximum loan limits that are permitted in designated high-cost areas. These higher loan limits are intended to provide lenders with much-needed liquidity in the highest cost areas of the country, while also lowering mortgage financing costs for borrowers located in these areas.

Fannie Mae Home Path

Fannie Mae Multiple Property Program: The Fannie Mae Multiple Property Program is a fully amortizing, conforming first mortgage program specifically designed for borrowers who own 5 to 10 financed properties. In 2009, Fannie Mae rolled back a rule preventing real estate investors from financing more than 4 properties at a time. The limit raised the maximum number of allowable, financed properties to 10. Fannie Mae said increasing the financed property limit would help stabilize the housing market nationwide, especially since experienced real estate investors play a key role in the housing recovery.

Multiple Property Program

Fannie Mae DU Refi Plus II: DU Refi Plus provides increased efficiencies for the origination and underwriting of Fannie Mae to Fannie Mae limited cash-out refinance transactions in DU with no maximum limits on LTV and provides mortgage insurance flexibilities for LTVs over 80 percent. Eligible loans identified in DU receive increased underwriting flexibilities, including expanded eligibility criteria and DU minimum documentation requirements.

Home Affordable Refinance

Freddie Mac Relief Refinance II: The Freddie Mac Relief Refinance MortgageSM – Open Access helps borrowers refinance even if you are not currently servicing their mortgage. This offering is designed to assist borrowers who are making timely mortgage payments, but have been unable to refinance due to declining property values. A portion of this offering, mortgages with loan-to-value (LTV) ratios greater than 80 percent, represents our business implementation of the Home Affordable Refinance Program (HARP). With no maximum LTV ratios, relief from standard mortgage insurance, simplified appraisal requirements, and the ability to submit through Loan Prospector®, you can refinance more borrowers into mortgages that better position them for long-term homeownership success.

Relief Refinance Mortgages

80/10/10- Conforming Loan Amounts, Restricted States:
Lender Paid MI Loans:
Down Payment Assistance for Agency Loans-Vary from State to State

A Jumbo ARM: Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as ‘jumbo’ loans. Because jumbo loans are bought and sold on a much smaller scale, they often have a little higher interest rate than conforming, but the spread between the two varies with the economy. Jumbo ARM is an adjustable rate mortgage.

Types of Mortgage Loans

F Jumbo Fixed : Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as ‘jumbo’ loans. Because jumbo loans are bought and sold on a much smaller scale, they often have a little higher interest rate than conforming, but the spread between the two varies with the economy. Jumbo Fixed is a fixed rate mortgage.

Types of Mortgage Loans

RENOVATION PRODUCTS:

Jumbo 10/1 ARM
Foreign National Program
12 Month Stated Income Program for Business Owners
Alternative QM Program

203K

Fannie Mae Homestyle Renovation: HomeStyle Renovation Mortgage provides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50 percent of the as-completed value of the property with a first mortgage, rather than a second mortgage, home equity line of credit, or other, more costly financing method. The funds can be used for any repairs or renovations that are permanently affixed and add value to the property. Eligible borrowers include individual home buyers, investors, nonprofit organizations, and local government agencies.

HomeStyle Renovation Mortgage

Fannie Mae HomePath Renovation: HomePath financing, available only on Fannie Mae-owned properties, offers great benefits — low down payment, no mortgage insurance, expanded seller contributions, and more. HomePath Mortgage is available for move-in ready properties for both owner occupants and investors — a limited number of HomePath lenders also now offer HomePath Mortgage for the LLC borrower. The HomePath Renovation Mortgage provides both the funds to purchase and to renovate in one loan.

HomePath Mortgage

GOVERNMENT PRODUCTS:

580 FICO Program
620 FICO Program
640 FICO Program
Down Payment Assistance for FHA and VA Loans
Manufactured Houses

FHA Fixed-Rate and Adjustable-Rate Mortgage: The FHA ARM is a HUD mortgage specifically designed for low and moderate-income families who are trying to make the transition into home ownership. This program, used in conjunction with other FHA programs, can help keep initial interest rates and mortgage payments to a minimum. Also referred to as Section 251, FHA’s Adjustable Rate Mortgage Program insures home purchases or loan refinances on loans with interest rates that may increase or decrease over time.

FHA Adjustable Rate Mortgage

FHA $100 HUD Repo: The FHA $100 HUD REPO Home Loan Program is a purchase money loan offered in limited geographic areas to purchasers of a home owned by the Department of Housing & Urban Development that qualify. Buyers are only required to make a $100 down payment and may be eligible for sales incentives provided by HUD.

VA 620 MIN FICO to $417,000

VA Fixed -Rate & Adjustable-Rate Mortgages: In 1944, President Franklin D. Roosevelt signed the Servicemen’s Readjustment Act into law. This bill, which eventually became known as the GI Bill, allowed veterans to purchase homes without making a down payment. Like other fixed rate loans, the VA Fixed Rate Loan gives borrowers the option of financing their mortgage in 15, 20, 25, or 30 year terms with the interest rate remaining fixed for the life of the loan.

FHA Loans

VA Interest Rate Reduction Refinance Loan (IRRRL): IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a “Streamline” or a “VA to VA.” Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate. When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase.

IRRRL Facts

Guaranteed Rural Housing: Applicants for loans may have an income of up to 115% of the median income for the area. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories. Loans are for 30 years. The promissory note interest rate is set by the lender. There is no required down payment. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt.

Guaranteed Housing Loans

Fannie Mae: Federal National Mortgage Association (FNMA); a federally-chartered enterprise owned by private stockholders that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages, Fannie Mae supplies funds that lenders may loan to potential homebuyers.

Freddie Mac: Federal Home Loan Mortgage Corporation (FHLM); a federally-chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders with funds for new homebuyers.

FNMA HARP 2.0 REFI PLUS/

FHLMC HARP RELIEF OPEN ACCESS

Unlimited LTV/CLTV

620Min Fico for Primary

640 Min Fico for 2nd Home & NOO

Super Jumbo Products: 

80% LTV to 1 Million

75% LTV to 1.5 Million

70% LTV to 2 Million

60% LTV to 5 Million

Rates are competitive with Private Banking.

Guideline exceptions are generally granted with strong compensating factors.

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