skip to Main Content

Conventional Loans

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

Fannie Mae High Balance

Maximum conforming loan limits in 2012 will generally remain at 2011 levels ($417,000 for a one-unit property in the continental U.S.), as announced by the Federal Housing Finance Agency (FHFA). Loan limits are set annually by FHFA and apply to conventional loans that Fannie Mae may acquire. The only change in 2012 is in Fairfield County, CT, where the loan limit has increased.

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

HomePath Mortgage allows a buyer to purchase a Fannie Mae-owned property with a low down payment, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions towards closing costs are allowed. Available for owner occupants and investors.

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.

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.

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.

Back To Top