Mortgages that are not government-backed are known as conventional home loans.
Conforming loans conform to guidelines established by government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac. They buy mortgages from lenders and sell them to investors to make mortgages more available.
Non-conforming loans are loans that do not conform to the GSE guidelines.
Jumbo loans are loans that are larger than the loan limits set by the GSEs.
Portfolio loans are loans that are held by mortgage lenders on their own books. These types of loans may have features that other loans do not because lenders can set their own guidelines.
Conventional Fixed Rate loan have interest rates that don’t change for the life of the loan.
Benefits of a Fixed Rate loan include:
Adjustable Rate Loans
With an adjustable rate loan, the interest rate changes periodically, usually in relation to an index and payments may go up or down accordingly.
Benefits of an Adjustable Rate loan include:
Considerations of an Adjustable Rate loan include:
Refinancing a home mortgage can be a big decision for many homeowners. Your situation and needs change over time so why shouldn’t your mortgage? Now might be the right time for you to refinance into a lower rate mortgage. You should take the time to consider the following questions to see if refinancing makes sense for you.
Refinancing is an easy way to solve many of your mortgage worries. Getting a lower monthly rate and paying less over the life of your loan just makes sense. At Freedom Legacy Lending we’re ready to find the right refinancing solution for you. Our staff of refinance experts will help you evaluate your mortgage needs and draft a refinancing plan that will save you money.
Be sure to check out our mortgage refinance center to get the information you need so you can make a sound decision for you and your family.
Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases reduce your loan term.Apply Now!
Jumbo Loans are loans that exceed the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO), and is not eligible to be purchased, securitized, or guarenteed by Fannie Mae or Freddie Mac. A Jumbo Loan is for mortgages more than $484,350. It also offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
For Purchase transactions Jumbo Loans require the home-buyer to put down at least 20% of the purchase price of the home. Cash out and No cash out refinance are allowable.
Most Jumbo loan programs allow you to purchase single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
Maximum loan amount $3,000,000 min fico 740 with 48 months of principal interest taxes insurance reserve
If you are a first time home buyer and are limited with the amount of money you have to work with there are programs available with zero down (VA and USDA), or as little as 1% to 3% down (FHA and Conventional). The interest rates and closing costs vary on these programs. Once your personal situation is assessed the right program can be determined. Mortgage insurance is required when you have less than a 20% equity in your home. This fee is added to your payment and varies depending on the loan amount, the loan to value and your credit score. The fee can be eliminated in some instances by increasing the interest rate.Apply Now!
A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 96.5% of the value of the home. The 3.5% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.
What Is An FHA Streamline Refinance?
If you already have an FHA mortgage then you might qualify for a FHA Streamline Refinance. An FHA Streamline Refinance is a great way for a borrower with an existing FHA backed mortgage to reduce their interest rate, reduce their payment or possibly both.
Here are some really cool facts about an FHA Streamline Refinance:
The Refinance Must Have A "Purpose"
Streamline Refinance applicants must demonstrate that there's a Net Tangible Benefit in the refinance or in other words a legitimate reason for refinancing. For Example:
Your Loan Balance May Not Increase To Cover The New Loan Costs
The FHA prohibits increasing a Streamline Refinance's loan balance to cover associated loan charges. The new loan balance may increase but only by the cost of the Upfront Mortgage Insurance Premium. All other costs -- origination charges, title charges, escrow -- must either be paid by the borrower as cash at closing, or credited by the loan officer in full.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
When shopping for a home, you may come across properties that aren’t quite what you’re looking for but have the potential to be your dream home with some repairs or renovations. With a renovation loan, you can roll the cost of financing or refinancing a home and repairs into one loan – saving you time and money.
Limited 203(k) Rehabilitation Mortgage
In addition to funding your new home, an FHA Limited 203(k) can provide up to $35,000 (including a contingency reserve) in additional funds to help make a few non-structural repairs or renovations such as updating a kitchen or bathroom, adding new flooring, purchasing new appliances, or repairing the roof.
Standard 203(k) Rehabilitation Mortgage
If your potential dream home needs more than $35,000 in renovations or the repairs are structural, the Standard FHA 203(k) might be the right solution. This program removes the restrictions of the limited option to allow for major home remodeling. A Standard FHA 203(k) can provide additional funds* to help with eligible repairs including moving or removing walls, minor pool repairs, and landscaping.
*Final disbursement of funds is subject to final inspection.
Maximum loan amount determined by county limit. Fico scores of 500 and above. Purchases up to 96.5% LTV, Rate and term refinances up to 97.75% LTV, and Cash out refinances up to 85% LTV. (LTV - Loan to Value) Full documentation.
Maximum loan amount determined by county limit. Full documentation.
Maximum loan amount is 97.75% of loan to value. Very minimum documentation. No fico score required.Apply Now!
No problem, Our Foreign National Loan Program makes buying a home in the US easier for non-US citizens. While the guidelines on these loans are different than conventional, conforming or other federally insured loan programs, we are confident that our loan program can meet your needs.
Meet the NADA
Nothing down with 100% FHA purchase financing. One submission. One approval. One closing.
the NADA Highlights:
• 580 FICO Min
• DTI per AUS
• Loan Amounts per county limits
• First Time Homebuyer OK
• Homeowner Education (at least one borrower) required
• Follow FHA guidelines and DU findings
• Non Occupying Co-Borrowers Allowed
• DACA Borrowers eligible
• 1 - 4 units
• 96.5% First LTV 100% CLTV
Down payment amount:
• Up to 3.5% of the Sales Price or Appraised Value (lesser of)
• Proceeds may be used for down payment and/or closing costs
• 6% 10-year community second
• No cash back to borrower
• No first-time homebuyer requirement.
• Borrower must occupy the residence as their primary residence within (60) days of closing
• Borrowers may have ownership in other property at time of closing
• Non-occupant co-borrowers allowed
FHA Mortgage Limits
High Balance allowed
At least one borrower must receive housing counseling from a HUD approved non-profit housing counseling agency
Available Only in California
Are you looking for a true debt service coverage ratio loan for your investment property? (DSCR)
• As little as 0 months reserves (Use property cashflow to qualify)
• FICOS As Low As 620
• No Seasoning on cash out or rate and term
• No LTV Restrictions on 2-4 units
• LTV’s up to 85% (min 680 fico)
• No Rate Or Pricing Adjustments on Cash Out, Interest Only, Condo, Units
NONI Purchase & R/T
• Now going to 85% LTV on Purchase & R/T Transactions (min 680)
• Now going to 80% LTV on Purchase & R/T Transactions (min 660)
NONI Cash Out
• Now going to 80% LTV on Cash out Transactions (min 680)
• Now going to 75% LTV on Cash out Transactions (min 660)
Across the Board Expansion
• Increased max loans amounts across the board (Max $3.5mm)
• Now allowing 1x30x12
• Short Term Rental – NOW only need 1 year experience
• Business funds now OK with 25% ownership
Available States: Alaska, Alabama, Arkansas, California, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Hampshire, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin, Wyoming Red indicates no PPP allowed
A Return to Common-Sense Underwriting
Loan will be through CDFI - Community Development Financial Institution
The Community Mortgage Program is a return to common-sense underwriting. It is designed to fill the void and address the issues limiting prime, credit worthy borrowers’ access to credit through common sense underwriting. This innovative product allows prime borrowers’ access to lending by eliminating unnecessary documentation that is not part of the credit underwriting decision
This exclusive mortgage product is unique in the marketplace
• Primary Residence and Second Homes
• Credit Underwritten Based on LTV, FICO, and Liquidity
• Income Documentation Not Required
• Income Not Stated
• Debt-to-Income (DTI) Not Calculated
• Asset Seasoning 30 Days
• Only first page of a bank statement required for typical portfolio loans
• Loan Amounts Up to $3 Million
• Up to 80% LTV Purchase/Rate and Term
• FICO Beginning at 640
• Reserves from 3 Months
• Self-Employed/Small Business Owner
• Volatile or Irregular Income
• Seasonal and Gig Workers
• Real Estate Investors
• Owners and Employees of Cash Businesses
• Newly Self-Employed
• Transitioning from Recent Health, Family, or Other Life Events
• Looking to Tap Trapped Home Equity
• Recent Immigration
• Disqualified Income
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country.
As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.
Yes, it is required. It is a fee paid directly to the Department of Veteran's Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket.
It depends on several factors including: Whether you are Active Duty, Retired, Guard or Reserve and whether you this is a first time use, subsequent use, or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from as little as 1.25% up to 3.3% of the loan. Generally, the more money you put down the lower the VA funding fee. Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee would be for your particular situation.
No, you can include the VA Funding Fee in your loan and pay the funding fee over the course of your loan.
Yes, however with a VA loan if you are purchasing a new home the seller can pay for all or part of your closing costs.
A VA Streamline Refinance is a refinance option that is available if you already have a VA mortgage and you want to lower your interest rate with little or no out-of-pocket closing costs. You don't have provide bank statements, W2s, job verification or paychecks.
Loan amounts below $484,350. Full documentation.
Maximum Amount: $484,350
Maximum loan amount $484,350. Full documentation.
Maximum Amount: $484,350
Maximum loan amount is determined by county limit. Full documentation.
Maximum loan amount is determined by county limit. Full documentation.
DISCLAIMER: All information contained herein is for informational purposes only and, while every effort has been made to insure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval.
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $424,100 with closing costs of $8,482. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.