Non-conforming Loans are Mortgage loans that do not meet the guidelines of government-sponsored enterprises (GSE) such as the Fannie Mae and Freddie Mac and therefore cannot be resold to them. Some of the GSE guidelines are the maximum loan amount, suitable properties, down payment requirements, credit score requirements, and other factors. A Non-conforming Loan serves … Read more
A Conforming Loan is a Mortgage Loan that matches the criteria set by Freddie Mac and Fannie Mae and is within the limit provided by the Federal Housing Finance Agency. These Mortgage Loans are the most popular type of mortgage loans because they are typically cheaper than other types of mortgage loans and borrowers can … Read more
A USDA Loan is a home loan that is issued or guaranteed by the United States Department of Agriculture. The USDA Mortgage Loans gives aspiring rural homeowners a shot at homeownership with zero down payments mortgage for qualified borrowers. People who are living in rural areas and unable to qualify for conventional mortgage loans, then … Read more
A VA Loan is a mortgage loan that is available through the program developed by the United States Department of Veterans Affairs (VA). These Mortgage loans are only available to qualified borrowers as a part of their military benefits, generally, this includes active-duty service members, and veterans however in some cases spouses may be qualified. … Read more
The Federal Housing Administration or FHA Mortgage is a home loan that is insured by the government, issued by banks or other lenders, and approved by an agency. The FHA Mortgage Loans are government-backed mortgages with looser financial requirements that allow borrowers to purchase their dream home. The borrowers can qualify for the FHA Mortgage … Read more
A Reverse Mortgage is a type of home loan that allows homeowners ages above 62 years to borrow against their home’s equity. It is similar to a traditional mortgage and allows homeowners to borrow money using their home as security for the Loan. however, unlike the traditional mortgage, with the reverse mortgage loans the borrowers … Read more
A Jumbo Mortgage or Jumbo Loan is a Mortgage used to finance high-valued properties that are above the Federal Housing Finance Agency (FHFA) loan limits. The Jumbo Mortgage is also known as a non-conforming loan since it exceeds the conventional local conforming loan limits as determined by the Fannie Mae, Freddie Mac, and FHFA enterprises. … Read more
Government-insured Mortgage Loans are a type of mortgage loan that is insured by the agency of the Federal Government. The government-insured loans or government-backed mortgage program is when the private-sector lender issues the loan to the borrowers and the government insures or guarantees it. The insurance or guarantee means that the mortgage lender is protected … Read more
A Conventional Mortgage or Loan is a mortgage loan that is not backed by a government agency. These Mortgage Loans come in every shape and size and they do not provide some of the benefits such as VA, FHA, or USDA loans, these loans remain the most common type of mortgage loan. Conventional mortgage Loans … Read more
A Fixed-Rate Mortgage is a type of Mortgage Loan where the interest rate remains the same throughout the Loan Term. Fixed-rate mortgage refers to a Home loan that has fixed interest rates which means that the mortgage carries constant interest rates from the start to the end. Fixed-rate Mortgages are the most popular products for … Read more