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Conventional Mortgage (Fannie Mae)

• A mortgage that is not guaranteed or insured by the Federal Government

• Maximum loan amount is $322,700 (Loans exceeding this limit are referred to as a Jumbo or on Conforming conventional loans.)

• Eligible borrowers are U.S. citizens, resident aliens, or individuals working under an acceptable work visa (Some conventional loans allow exceptions but these would fall under the category of non-conforming or sub prime home loans.  For instance, individuals making a down payment of 30% or more maybe eligible for a mortgage and exempt from the residency or visas requirements.

FHA Mortgage

• A mortgage which is insured by the Federal Housing Administration against default

• Maximum loan amount is:

(The maximum loan amount for FHA loans is set geographically. 

• Eligible borrowers are U.S. citizens and resident aliens.

VA Mortgage

• A mortgage which is guaranteed by the Department of Veterans Affairs against default.  Maximum loan amount is $240,000 with no down payment.  For loan amounts in excess of $240,000,contact us for down payment guidelines.
  Eligible borrowers are active and discharged veterans.  An un-remarried surviving spouse, National Guard, and Reservist may also be eligible.

Your Credit Rating

Although income and assets play a major role in approving a mortgage loan, your credit history is critical in the outcome of this process and the interest rate at which credit is granted.
 

Mortgage Programs

All mortgage loan programs plans can be divided into categories in two different ways. First, conventional and government loans.

Mortgage Calculator

Calculate your monthly mortgage payment. You can change any amount to see how it will affect your mortgage payoff date.