General Mortgage Information
Conventional Mortgage
Conventional Mortgages refer to one to four family residential units that are financed
within guidelines specified by two federally chartered government organizations,
known as Fannie Mae and Freddie Mac. These loans are subject to a ceiling
ranging from a maximum of $417,000, for a single family to $801,950, for a four
family, purchased or refinanced in the continental United States. These mortgages
are available for primary residences, second homes and investment property, and
are offered in a fixed and a wide variety of adjustable rate options. Any mortgage
falling within the loan size limits are considered to be a conforming loan. Other
eligible property types include townhouses, condos and planned unit developments
(PUDs).
Jumbo Mortgage
Mortgages that exceed the loan limits set by Fannie Mae and Freddie Mac are
considered non-conforming or jumbo. The upper limit of a jumbo loan is usually
one million dollars and is available as a fixed or adjustable rate. These loans
usually require larger down payments (in some cases 20%) than conventional
mortgages and generally command up to ¼ to ½ point increase in rate over
conforming financing.
FHA Mortgages
Federal Housing Authority (FHA) loans require only a low 2 ¼ % down payment. In
most cases, the entire amount can be gifted. This flexible government backed loan
is available as a fixed or adjustable rate and is designed for one to four unit owner
occupied properties. The maximum mortgage amount is subject to limitations
based on geographic location.
VA Mortgages
If you are an eligible veteran or reservist (181 days active duty or 6 years
reserve/guard) you can obtain a VA mortgage with no down payment required up to
a loan amount of $417,000. With this program you can negotiate for the seller of the
property to pay all closing costs. They are available as fixed rate loans only and can
make home ownership possible with no out-of-pocket expenses.
Renovation Loans
Fannie Mae Homestyle Loan
Fannie Mae's Homestyle loan program allows you to purchase or refinance, and
finance additional home improvements in one loan with one closing. Available for
one to four unit properties, it also applies to second homes and one and two unit
investment properties. Enjoy the benefits of a lower first mortgage interest rate and
save money by only paying one set of closing costs with the Fannie Mae Homestyle
mortgage.
Alternative Financing
Past credit problems don't have to stop you from owning a home. No two customers
are alike and Homestead Funding realizes that we cannot always control everything
in our financial world. Bad things happen to good people and we want to help.
Alternative financing is available for borrowers with distressed credit. Qualification is
based on equity, assets and credit score.
Conventional Mortgage
Conventional Mortgages refer to one to four family residential units that are financed
within guidelines specified by two federally chartered government organizations,
known as Fannie Mae and Freddie Mac. These loans are subject to a ceiling
ranging from a maximum of $417,000, for a single family to $801,950, for a four
family, purchased or refinanced in the continental United States. These mortgages
are available for primary residences, second homes and investment property, and
are offered in a fixed and a wide variety of adjustable rate options. Any mortgage
falling within the loan size limits are considered to be a conforming loan. Other
eligible property types include townhouses, condos and planned unit developments
(PUDs).
Jumbo Mortgage
Mortgages that exceed the loan limits set by Fannie Mae and Freddie Mac are
considered non-conforming or jumbo. The upper limit of a jumbo loan is usually
one million dollars and is available as a fixed or adjustable rate. These loans
usually require larger down payments (in some cases 20%) than conventional
mortgages and generally command up to ¼ to ½ point increase in rate over
conforming financing.
FHA Mortgages
Federal Housing Authority (FHA) loans require only a low 2 ¼ % down payment. In
most cases, the entire amount can be gifted. This flexible government backed loan
is available as a fixed or adjustable rate and is designed for one to four unit owner
occupied properties. The maximum mortgage amount is subject to limitations
based on geographic location.
VA Mortgages
If you are an eligible veteran or reservist (181 days active duty or 6 years
reserve/guard) you can obtain a VA mortgage with no down payment required up to
a loan amount of $417,000. With this program you can negotiate for the seller of the
property to pay all closing costs. They are available as fixed rate loans only and can
make home ownership possible with no out-of-pocket expenses.
Renovation Loans
Fannie Mae Homestyle Loan
Fannie Mae's Homestyle loan program allows you to purchase or refinance, and
finance additional home improvements in one loan with one closing. Available for
one to four unit properties, it also applies to second homes and one and two unit
investment properties. Enjoy the benefits of a lower first mortgage interest rate and
save money by only paying one set of closing costs with the Fannie Mae Homestyle
mortgage.
Alternative Financing
Past credit problems don't have to stop you from owning a home. No two customers
are alike and Homestead Funding realizes that we cannot always control everything
in our financial world. Bad things happen to good people and we want to help.
Alternative financing is available for borrowers with distressed credit. Qualification is
based on equity, assets and credit score.
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Mortgage Service's
| Kathie DeYoung |
Associate Broker
| Tel: 914.489.9199 |
| Dutchess & Putnam County N.Y. Real Estate |
Towns
| Ross Ritter, Branch Manager Homestead Funding Summerlin Plaza, 942 Route 376 Suite 218, Wappingers Falls, NY 845-226-1010 Ext.203 FAX 845-223-3928 |
| Copyright Overhill Graphics 2008 |
| © Prudential Serls Prime Properties An independently owned and operated member of The Prudential Real Estate Affiliates, Inc. is a service mark of The Prudential Insurance Company of America. An Equal Housing Opportunity Realtor |
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| Kathie DeYoung |
| 914.489.9199 |
Cities
