Why High Balance Conforming is Better than Jumbo

Why High Balance Conforming is Better than Jumbo

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There are two types of conforming loans, conforming and high balance conforming. The vast majority of residential mortgages issued today are conforming loans and so-called because they conform to underwriting guidelines established by Fannie Mae and Freddie Mac. This is important to the housing industry because approving a loan using either Fannie or Freddie’s standards allows a lender to sell the loan into the secondary market. A mortgage company operates with a line of credit. […] Read more »

Construction, Permanent and Construct-to-Perm Loans Explained

Construction, Permanent and Construct-to-Perm Loans Explained

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When it’s time to build that brand new home there are different options borrowers can explore and each have their own advantages. When building from the ground up, there are both hard and soft costs. A hard cost is paying for materials used to build the home as well as the labor it took. Soft costs are those related to permits and fees needed before construction can start. There are three methods to finance construction- […] Read more »

USDA Loans: You Might Be Surprised Where You Can Use Them

USDA Home Loan Program: You May Be Surprised

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The United States Department of Agriculture first introduced its USDA home loan program back in 1935 when the economy was still struggling from the throes of the Great Depression. One of the goals of the program was to provide a financing option with as little cash to close as possible while at the same time populating underserved and sparsely populated areas. Today, the USDA loan is the best low-cost way to finance a home located […] Read more »

How to Decide if a VA Loan is Right for You

Deciding if the VA Loan Program is Right for You

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If you’re eligible for a VA loan and looking for the loan program requiring as little cash to close as possible, the VA program should definitely be in the mix. Not sure if you’re eligible? The only way to verify if someone is eligible for a VA loan is to contact the Department of Veteran’s Affairs directly. You can contact the VA on your own but the most efficient way to get your Certificate of […] Read more »