offers a variety of non-conforming loans such as Jumbo Loans, Physician Loans, Condominium Loans and more.
Whether you’re looking to buy a new home or refinance your mortgage, there are many loan options available on the market. Two of the most popular options are conventional loans and FHA loans.. Both types of loans have their advantages and disadvantages, depending on your circumstances.
A conventional loan is a traditional mortgage from a arm interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5/1 ARM, 7 years for a 7/1 ARM and 10.
What is a Non-Conforming Loan? In contrast, conventional non-conforming loan programs don’t meet loan requirements set forth by the FHFA, Fannie Mae, or Freddie Mac and they aren’t backed by any government agency. Before 2008, non-conforming home loans were like the Wild Wild West.
For a $300,000 loan: repayments would fall by $46 to $1,587. Either way, one per cent is likely to be close to the lowest.
Conventional Loan Limits. The Conventional home loan limit is$453,100 in most areas of the U.S. However this limit increases to $679,650 in certain high cost areas. The loan limit increases as the number of units increases. If you need a loan for more than the conventional loan limit you will need a Jumbo non-conforming loan.