Conventional Mortgage Loans

A conventional mortgage is a popular choice for many, especially if you have a good credit score. There are two types: conforming and non-conforming. Conforming loans fit guidelines set by Fannie Mae and Freddie Mac, making them a go-to for many buyers.

Who Are Fannie Mae and Freddie Mac?

Imagine Fannie Mae and Freddie Mac as the behind-the-scenes helpers in the housing market. They don't give out loans directly but buy them from lenders. This helps lenders keep offering loans to more people like you. Fannie and Freddie make sure there's always money available for home loans, making it easier and often more affordable to buy a home. They bundle the loans they buy into investments, keeping the housing market strong and stable.

1% Down Program

Dreaming of owning your home but worried about the down payment? Our Conventional 1% Down program is here to help! If you qualify, you only need to put down 1% of the home price and the lender chips in another 2% (up to $4,000), so your total down payment reaches 3%. This makes it easier to step into your new home sooner.

- Perfect for first-time buyers or those with a limited budget.

- A helping hand for buyers earning up to 80% of the local average income, making homeownership more accessible.

- Simplified loan process following specific guidelines that benefit you, especially if you're in an underserved community.

Fannie Mae HomeReady First

Exciting news for aspiring homeowners! Our HomeReady® First program is specially designed to help more first-time homebuyers step into their dream homes with ease and confidence

- $5,000 Grant: Kickstart your homeownership journey with a generous grant to help cover your down payment or closing costs.

- Home Warranty Support: Secure up to $500 towards a 1-year home warranty, offering you peace of mind by covering repair or replacement costs of major home systems and appliances, if applicable.

- Appraisal Cost Assistance: Receive $500 towards the cost of your home appraisal, reducing your out-of-pocket expenses and making the home-buying process smoother.

Eligibility and Location Matters:.

To qualify for these incredible benefits, your current primary residence must be located in a specific area that's all about giving first-time buyers like you a leg up in the housing market. These eligible areas are defined by census tracts within Metropolitan Statistical Areas (MSAs). Wondering if you're in the right spot? Call us to send us a message and we'll instantly run your eligbility for the program.

High Balance and JUMBO

Jumbo loans and high-balance loans cater to borrowers needing financing that surpasses the set conforming loan limits by the Federal Housing Finance Agency (FHFA). These types of loans are tailored to assist in purchasing homes in markets where real estate prices are steep, requiring loan amounts beyond what conventional loans offer.

Jumbo Loans are for those substantial loan amounts that do not fit within the FHFA's conforming loan limits. Since these loans exceed these limits, they are categorized as non-conforming and are not backed by Fannie Mae or Freddie Mac, leading to a more rigorous underwriting process. Lenders typically require borrowers to have exceptional credit scores and low debt-to-income ratios. Additionally, applicants may need to show evidence of considerable cash reserves or assets to secure a jumbo loan, reflecting the lender's need to mitigate the risk of offering a larger sum.

High-Balance Loans, while similar in purpose to jumbo loans, serve a specific segment. These loans are available in designated high-cost areas and offer a balance that is higher than standard conforming loan limits but still within a cap that allows them to be bought by Fannie Mae and Freddie Mac. This special provision aims to make homeownership more accessible in markets where average property values significantly exceed national norms. High-balance loan applicants face a stricter set of criteria than those applying for standard conforming loans, though the requirements are not as stringent as for jumbo loans. The eligibility for these loans includes having a solid credit background but does not necessitate as high of a financial reserve as jumbo loans.

Both loan types are essential tools for homebuyers navigating the higher tiers of the real estate market, allowing for more substantial borrowing amounts to match the property values in their desired living areas. Jumbo and high-balance loans provide solutions for purchasing luxury properties or homes in competitive markets where prices exceed the average.