Conventional Loan Programs are those loans that are generally sold in the secondary market to institutions such as Fannie Mae, Freddie Mac or Institutional Buyers. These loans are converted to Mortgage Backed Securities, which are rated by the agencies and then sold to the individual investors. Under Conventional Financing you usually have a greater choice of programs with a greater flexibility, although present market conditions have somewhat changed these we feel hopefull the some of these programs will eventually be back. Currently we have the following loan programs:
Plan
Description
5301
Fixed Rate and Term, fully amortizing, Conventional conforming First lien.
5309
Adjustable rate mortgage loan program with an initial fixed rate period of three, five, seven or 10 years depending on the option selected. Upon the expiration of the Fixedrate period the program allows for annual increases or decreases to the interest rate.
5325
Community products are a collection of four (4) low or no down payment products Allowing flexible sources of funds for closing and prepaid expenses.
5332
Conventional Conforming first lien with interest only payments for an initial period, fully amortizing over remaining term.
5349
Fannie Mae Home Path. Program specifically eligible for borrowers who are purchasing Fannie Mae Real Estate Owned Properties. Appraisal and Nortgage Insurance are not required. eligible properties can be located at www.homepath.com
