Conventional loans are not backed by a government agency. While qualifications may be tougher, they offer great rates, many down payment options, and flexible terms. You generally need a good to strong credit score to qualify for a loan of this type. Conventional loans are broken down into these two main categories:
a. It is large, reaching the “Jumbo” standard
b. A fixed and adjustable-rate loan is available
c. Down payments may be as low as 5% or 10%
*Certain eligibility requirements apply to manufactured housing. Consult your Guardian Mortgage loan originator for details. Certain terms and restrictions apply. Program available only to qualified borrowers. Program subject to change without notice. Underwriting terms and conditions apply. Loan subject to credit review and approval.
2022 Loan Limits
In 2022, the loan limit will increase from $548,250 to $647,200 when purchasing with conventional financing.*
Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly payments of principal and interest will remain unchanged throughout the life of the loan.
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments that shift during the loan’s term, depending on current market conditions.
Fannie Mae and Freddie Mac
Finding an affordable mortgage that works within your budget might not be as hard as you think. Today’s homebuyers and refinancers have many options to help them buy as well as maintain a home. Some of these options address needs like:
The key is to do some research and then find a mortgage professional who can help you decide on the best loan for your financial situation. Get started by considering these affordable mortgage options.
*This is not an offer for extension of credit or commitment to lend. All loans are subject to program guidelines and final underwriting approval. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only. Please contact Jennifer for additional guidelines.
