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| 30 YEAR FIXED RATE CONFORMING LOANS TO $417000 |
| SHORT TERM FIXED RATE LOANS |
| JUMBO CONFORMING LOANS FROM $417,001 TO $625,000 |
| CONFORMING JUMBO TEMPORARY LOAN LIMIT TO $729,750 |
| JUMBO FIXED RATE LOANS TO $5,000,000 |
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30 YEAR FIXED RATE CONFORMING LOANS TO $417000
This loan features the same fixed interest rate for the entire loan period. Payments are locked in and stay the same dollar amount each month even if you send in extra payments during the loan term. Fixed loans over $417,000 have a slightly higher interest rate and are call "Jumbo" loans.
Term: 30 years
Maximum Amount: $417,000
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| | Fixed rate loans are offered in a variety of packages. An extensive matrix of rules apply and each investor that offers this loan can modify those rules by changing the interest rate, fees, or a even by adding a pre-payment penalty to the loan. Typically, this loan is available with any amount of down payment from zero on up. Your credit report, type of employment, income, and assets will determine how easy it is to qualify for this loan. In most cases, we can submit this loan for final loan approval the first day we receive your loan application and get an instant loan decision. |
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SHORT TERM FIXED RATE LOANS
There are many products available that are fixed for a short period and then change to an adjustable rate loan. The fixed rate can apply for 1, 2, 3, 5, 7, or 10 years. During that time period you make the same payment of principal and interest at the same interest rate. After the fixed interest rate period, the loan coverts to an adjustable rate loan. The shorter the fixed rate period, the lower the interest rate. Loans up to $417,000 have a slightly lower interest rate that loans above $417,000.
Term: 30 years
Maximum Amount: $417,000
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JUMBO CONFORMING LOANS FROM $417,001 TO $625,000
As part of the economic stimulas package, Fannie Mae and Freddie Mac were authorized to offer loan products above the conforming limit of $417,000. In some market areas, loans can go as high as $625,000. This loan has different underwriting requirements and a little higher interest rate. It is important to find out if your market area allows this higher loan limit and how you would qualify for these products. Almost all of the standard products are offered to this new loan limit.
Term: 30 years
Maximum Amount: $625,000
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CONFORMING JUMBO TEMPORARY LOAN LIMIT TO $729,750
This is another loan limit change that is still in affect. Some high cost markets qualify to offer loans through Fannie Mae and Freddie Mac up to a loan limit of $729,750. Not all market areas are allowed to offer this loan. Loans from $625,001 to $729,750 have additional underwriting quidelines. Contact us to review how this loan might be offered to you.
Term: 30 years
Maximum Amount: $729,750
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JUMBO FIXED RATE LOANS TO $5,000,000
Jumbo loans are available with a very wide variety of programs and underwriting guidelines.
Fixed rate loans do not adjust for the 15 year term and 30 year term. The payment includes both principal and interest
Term: 30 years
Maximum Amount: $5,000,000
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $2,700. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $5,000,000 with closing costs of $4,500. Your actual APR may be different depending upon these factors.
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