Home Loans: Conventional Financing

Finlay Financial Corporation

A conventional, conforming loan is one that conforms to Fannie Mae (FNMA) and/or Freddie Mac (FHLMC) underwriting guidelines and therefore, can more easily be sold in the secondary marketplace. Most conventional, conforming loans are either fixed rate or adjustable rate mortgages (ARM), though some investors do offer graduated payment mortgages (GPM).

Conventional, conforming loan maximums change each calendar year. See What's New for current maximums. Loan amounts that exceed conforming loan limits are available as Jumbo financing.

A number of loan programs are available (Call for information):

Fixed and Adjustable Rate Mortgages (ARM) - 30 and 15 year terms.
Fixed/ARM combinations (i.e., fixed for 3, 5, 7 or 10 years, adjustable for remaining term).
95% Loan-to-Value on Purchases (Special programs with only 3% down).
90% Loan-to-Value on Refinances (See 125% LTV on second TD programs).
Programs to 95% LTV with NO Mortgage Insurance (Conforming and Jumbo).
No Income Qualifier Programs (No debt ratio calculated) 80% LTV purchase to $400,000.
Stated Income Qualifying Programs (No tax returns required) to 80% LTV to $500,000.
Non-owner Occupancy Financing: 70% LTV on conforming purchases (1-2 units), 80% LTV (80/10/10 OK) on Portfolio loans (1-4 units).
First-time Homebuyer Programs (including Community Homebuyer Loans).
... and MORE, MORE, MORE!

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