512.910.5930 Residential Mortgage Expert NMLS#1444991
512.910.5930 Residential Mortgage Expert NMLS#1444991
512.910.5930 Residential Mortgage Expert NMLS#1444991
512.910.5930 Residential Mortgage Expert NMLS#1444991
Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae(FNMA) and Freddie Mac(FHLMC). Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. Every year, Fannie Mae and Freddie Mac establish limits on what constitutes a conforming loan in a mean home price. Currently in Texas, the limit for conforming loans is $453,100.
Jumbo Loans Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. In most cases, rates on jumbo loans are a bit higher than conforming loans. Underwriting guidelines are generally more stringent for Jumbo Loans, requiring a higher down payment, lower debt ratio and cash reserves.
Jumbo Loans FHA Loans
FHA mortgage loans are issued by federally qualified lenders and insured by the Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
FHA loans are an attractive option, especially for first-time homeowners:
>Generally easier to qualify for than conventional loans.
>Lower down payment requirements.
>Cannot exceed statutory loan limits.
VA Loans Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans, offering up to 100% financing on purchases.
VA LoansUSDA Loans A USDA home loan is $0 down payment mortgage for eligible homebuyers. USDA loans are issued through the USDA loan program. Eligibility for a USDA loan is based on the income of the borrower and the location of the subject property, in addition to other typical credit standards.
USDA Loans