CONVENTIONAL (Conforming) Loans
These are loans that are not offered by or backed by the government.
These loans are underwritten under the regulations & guidelines of Fannie Mae & Freddie Mac (Government Sponsored Enterpises created by Congress) - both secondary market investors for residential real estate loans.
Some basics:
Current maximum loan amount - $484,350
Maxium loan to value (LTV) - recently increased to 97%
Standard DTI (Debt to Income) Ratios - 33%/45%
Loans greater than 80% LTV require PMI (Private Mortgage Insurance).
- Several PMI options available
Interest rates - vary based on LTV and credit score.
Eligible properties - 1-4 unit, residential properties, new or existing
Occupancy - Owner Occupied Primary residence, Second home, N/O/O investor (Rental)
We would be happy to discuss further details and/or compare Conventional loans to Government loans.
Give me a call at (209) 470-7161 or complete the information below and I will contact you a.s.a.p.