We offer our borrowers with loan fixed mortgage options of 10 year, 15 year, 20 year and 30 year fixed rates. This loan option is a good choice if you feel more comfortable that your principal payments and interests cannot change.
Jumbo loans can be 30 and 15 year fixed and these types of loans carry a much higher interest rate than the loan that amounts at or below $625, 500. These loan amounts exceed the loan limits that are set by Fannie Mae and Freddie Mac.
Residential mortgage loans insured by the Federal Housing Administration (FHA) have several benefits like: smaller down payments, easy qualifications, and more protection to prevent your home from foreclosure.
Ginnie Mae is assigned to provide support to the market for FHA and VA loans while Fannie Mae supports the conventional mortgage market. With Ginnie Mae guaranty, your loans will be explicitly backed by the US government.
This loan option is specifically for aspiring homeowners at least 62 years old. Other qualifications include being free and clear from existing liens. There are no credit score requirements for a reverse mortgage.
HARP or Home Affordable Refinance Program states that there will be at least 175% LTV or loan-to-value ratios because of 125% LTV cap that was taken off. The unlimited loan only applies only to Fannie Mae loans.