Conventional Loan Programs

Conventional Loans

Also referred to as Freddie Mac and Fannie Mae loans. This is the most popular product in the market. Anyone from a first time home buyer, to a seasoned home buyer purchasing a vacation or investment property. Home Financial Group will guide you every step of the way.

Check out some of our loan products:

Conventional 1% down:

That’s right, borrowers only need 1% on conventional loans! HFG aids in acquiring a 2% gift at closing.

 

Key Benefits and Features:

– Clients pay 1%, Lender gifts 2%, giving borrowers 3% equity at closing

– 700+ FICO, 43% max DTI

– Great low rates

– Close in 30 days or less

– Available with no monthly Mortgage Insurance

DU Refi Plus:

A Fannie Mae refinancing program, with lower interest rates and custom loan terms.

 

Key Benefits and Features:

– Down payments as low as 3% of total loan amount

– Allowed property types include: single family, 1-4 unit, condos, modular homes, and “Planned Unit Development” ({PUDs) properties.

Conventional Refinance:

Made for borrowers who need to amend loan terms, need cash to pay off other debt, want cash without having to sell their property.

 

Key Benefits and Features:

– Up to 95% LTV on Primary Residences

– Turn the home’s equity into cash at closing

– Eliminate private mortgage insurance (PMI)

– Cancel FHA Mortgage Insurance

– Shorten the loan terms

Jumbo Loans:

Borrowers who need larger amounts of funds for luxury properties and/or homes in high-cost areas.

 

Key Benefits and Features:

– Up to $2.5 Million loan amount

– Down payments as low as 5%

– Fixed and ARM options are available

– A variety of loan terms are available (not limited to 15 and 30 year fixed)

– Allowed property types include: single family, 1-4 unit, condos, modular homes, and “Planned Unit Development” ({PUDs) properties.

Pay Advantage:

Increases borrowers buying power by eliminating mortgage insurance.

 

Key Benefits and Features:

– Up to 97% LTV with no monthly M.I.

– 100% gift for down payments eligible

Home Ready:

A Fannie Mae product ideal for borrowers looking to purchase with a low down payment or refinance with limited equity.

 

Key Benefits and Features:

– Purchases up to 97% LTV

– Refinances serviced by FNMA eligible up to 97% LTV

– Reduced Mortgage Insurance

– Flexible AMI Income limits based on census tracts

– Gift funds eligible for entire down payment

Home Possible:

A Freddie Mac sponsored product for borrowers looking to purchase with a low down payment or refinance with limited equity.

 

Key Benefits and Features:

– Up to 95% LTV

– First time homebuyers, move-up borrowers and retirees

– No income limits for underserved areas

– No reserve requirements for 1-unit properties

– Gift funds eligible for entire down payment

Home Possible Advantage:

A Freddie Mac sponsored product for borrowers looking to purchase with a low down payment or refinance with limited equity.

 

Key Benefits and Features:

– Up to 97% LTV

– First time homebuyers, move-up borrowers and retirees

– Refinances up to 97% LTV, regardless of current mortgage program

– No income limits for underserved areas

– No reserve requirements for 1-unit properties

High Balance:

Competitive rates for high balance loans.

 

Key Benefits and Features:

– Loan amounts starting at $424,101

– county loan limits

– Elite pricing available

– 640+ FICO score

Flex Term:

This product allows borrowers the flexibility to set their desired amortizing terms.

 

Key Benefits and Features:

– Available on all conventional loan products

– Terms available from 8-30 years

Limited Review Condos:

Available for certain condos, only need a minimum evaluation.

 

Key Benefits and Features:

– No condo questionnaire required

– allows less road blocks for financing

HARP 2.0:

Upside down on your mortgage? Borrowers who have a current loan with Fannie Mae that was originated prior to May 31, 2009. Allows borrowers to refinance current loan if they owe more than the property is currently valued at.

 

Key Benefits and Features:

– UP to 175% LTV/ Unlimited CLTV

– No DTI restrictions

– Appraisal Waivers honored

– Condos and high balance loans are eligible up to 125% LTV/CLTV

– M.I. transfers allowed

HomeStyle Renovation:

Need to repair or remodel your home but don’t have the funds? Homestyle is available for new and existing homes- even new construction.

 

Key Benefits and Features:

– Renovation funding equal to up to 50% of your property’s post-renovation value

– Lower closing costs

– 620+ FICO scores

– A variety of property types available

– Fixed or ARM mortgage options available


Free Consultation for Home Buyers or Borrowers

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