loan programs

  Fannie Mae was chartered by congress in 1938 during the Great Depression. Leaders wanted to increase funding for home buying & make homeownership more affordable & accessible. Fannie Mae made it possible for lenders to extend long-term mortgage loans with smaller down payments, & expanded the mortgage credit market Their main function is to provide liquidity to the mortgage finance market by providing access to funds to banks, savings and loans, and mortgage companies that make loans. Fannie & Freddie hold these mortgages in their portfolios or package the loans into mortgage-backed securities (MBS) that may be sold. 

 Fannie Mae and Freddie Mac exist to support the U.S. home mortgage system.

Jumbo loans are loans that exceed Fannie Mae, Freddie Mac & Federal Housing Finance Agency loan limits.  Because Jumbo loans do not conform to these rules, they are considered "non-conforming loans". Jumbo Investors set their own "rules" which  tend to be stricter & harder to qualify than conforming loans (loans within fannie and freddie loan limits & rules). By working with a wholesale lender, you have several Jumbo options to fit your needs.

Non Qualified Mortgage: 

Are loans for people who need to demonstrate their ability to repay a loan in non- traditional ways. Examples of these loans are below: 

• Bank Statement: For Self Employed borrowers  only., We use  12 or 24 months of eligible deposits, minus expenses, and this is what can be used as effective income vs showing tax returns loan amounts up to 6 million.   
• DSCR Loan: Qualification based solely on cash flow ratio of the income property. 
• Cross Collateralize your loan with another property for a combined loan to value
• Asset Depletion: Use 70% value divided by 84 with certain types of asset accounts
• Foreign National programs  

Mortgage Insurance is required on conventional loans when there is less than 20% equity in the home. Mortgage insurance on FHA loans is required regardless of the equity position. If you purchase a home with an FHA loan and put less than 10% down, you will incur MI for the life of the FHA  loan. If you put 10% or more down on a FHA loan, you are subject to MI fee for 11 years, or until you reach 20% equity position & refinance out of the FHA product.  Jumo loans generally do not have mortgage insurance.  VA loans do not require private mortgage insurance at any loan to value percentage.