Conventional

When you hear the term “Conventional Mortgage” what that is really talking about is a loan that meets Fannie Mae or Freddie Mac’s guidelines.

Loan Limits for LA and Orange County:

• 1 Unit:   $729,750
• 2 Units: $934,200
• 3 Units: $1,129,250
• 4 Units: $1,403,400

When using a Conventional Mortgage to buy a home, you must have a minimum of a 5% down payment (for single family).  Anytime the down payment is less than 20%, Private Mortgage Insurance “PMI” is required.  Since there are different private mortgage insurance companies, their can be slight differences from company to company.  It’s important to work with a loan officer that knows and researches if these variations could effect your loan.  It’s always good to identify a potential problem instead of running into it at the 11th hour.  If PMI is a problem, the other option is to look into an FHA loan.

Fannie Mae and Freddie Mac loans offer a few different options:

Fixed Rate Mortgage: We currently offer 40 year, 30 year, 20 year, 15 year, and 10 year mortgages depending on your budget and financial objective.  Amortization tables can be provided to help you understand the total amount of interest you will pay, and aid in you making an informed decision.

Adjustable Rate Mortgage: For homebuyers that would like the benefits of an ARM; we offer 3/1, 5/1, 7/1, and 10/1 products.  The first number indicated the initial term the loan is fixed, and the second number is the frequency that it adjusts when it turns adjustable.  For example, a 3/1 ARM is fixed for the 3 years, and adjusts once a year after that.

For more details on we can pre-qualify and assist you with your financing, please fill out the contact on the right, or you can call or email me.  I look forward to speaking with you!

We also provide the specialty products such as: Fannie Mae Homepossible, Homestyle Renovation, DU Refi Plus, and others.  Ask me about the benefits when we talk!