Loan Programs

loan programsConforming
Any mortgage loan not guaranteed or insured by the government (typically through FHA or VA programs) is technically a conforming mortgage.  These types of loans typically are capped at $417,000 in most areas, $625,000 in “high cost” areas.  Contact us today to see if you are located in a high cost area.

Jumbo / Non-Conforming
A mortgage loan for an amount exceeding the Fannie Mae and Freddie Mac loan limit. Currently, a Jumbo loan is a loan for $417,001 or more in the continental United States (Alaska and Hawaii limits are higher). Because the two agencies can’t purchase the loan from the lender, jumbo loans carry higher interest rates, generally about a quarter of a percentage point.

Coop’s
A co-op is one or more residential buildings, typically owned by a corporation. Residents of a co-op purchase shares in the building. The larger the living space, the more shares are required to be purchased. Therefore, each shareholder in a co-op does not actually own real estate, but rather shares of the corporation that does own the real estate..

FHA
A mortgage that is insured by the Federal Housing Administration (FHA). Also known as a government mortgage.

VA
A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.

Renovation / FHA 203K
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