Types of Mortgages

Conventional Mortgage (Fannie Mae)

• A mortgage that is not guaranteed or insured by the Federal Government

• Maximum loan amount is $322,700 (Loans exceeding this limit are referred to as a Jumbo or on Conforming conventional loans.)

• Eligible borrowers are U.S. citizens, resident aliens, or individuals working under an acceptable work visa (Some conventional loans allow exceptions but these would fall under the category of non-conforming or sub prime home loans.  For instance, individuals making a down payment of 30% or more maybe eligible for a mortgage and exempt from the residency or visas requirements.

FHA Mortgage

• A mortgage which is insured by the Federal Housing Administration against default

• Maximum loan amount is:

(The maximum loan amount for FHA loans is set geographically. 

• Eligible borrowers are U.S. citizens and resident aliens.

VA Mortgage

• A mortgage which is guaranteed by the Department of Veterans Affairs against default.  Maximum loan amount is $240,000 with no down payment.  For loan amounts in excess of $240,000,contact us for down payment guidelines.
  Eligible borrowers are active and discharged veterans.  An un-remarried surviving spouse, National Guard, and Reservist may also be eligible.

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