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Summit Funding— (Dave Kammerer)

Alpine Mortgage –

Conventional Mortgages–This is any loan that is not a VA, FHA or USDA loan. Conventional mortgages are also known as conforming loans as they conform to the underwriting criteria of Fannie Mae or Freddie Mac. These guidelines can include such things as maximum loan amount, down payment percentage, credit score, income requirements, and property types.

FHA Loan–The Federal Housing Administration insures mortgage loans for people who don’t fit the conforming loan guidelines. People that benefit from these loans are first time home buyers, people who don’t have much credit history, and people who have had credit issues in the past but have everything back on track.

The interest rates on FHA loans are comparable to conventional rates.FHA has a smaller down payment requirement equal to 3.5% of the purchase price. Anytime the interest rates drop, holders of FHA loans can easily refinance their loans under the “streamline” program.FHA also allows gift funds from family members for the down payment, and also allows home sellers to pay for closing costs, so you don’t have to wipe out your bank account to get into the home of your dreams.

Reverse Mortgage–This is a loan available to homeowners over 62 years of age that enables them to receive monthly cash payments from the lender. The loan does not have to be repaid until the borrower is deceased or until the home is sold.

VA Loan–A VA home loan is a zero down mortgage that is guaranteed by the Veteran’s Administration for the benefit of eligible veterans. Veterans may borrow up to 100% of the purchase price and even obtain money from the seller to be applied towards the loans closing costs. In the case of a refinance, a Veteran may also benefit from a streamlined interest rate reduction loan.

USDA Loan–A USDA loan is a zero down mortgage that is government insured and only available for properties that are located in rural areas. This loan allows the seller to contribute funds towards the borrowers closing costs and does not have a required monthly mortgage insurance payment. There are limits to how much a borrower can earn and how much they can borrow.

Construction Loan–This is a mortgage that is designed to provide an initial period of monthly draws to fund the construction costs associated with building a new home. After the home is complete, the loan payments become fixed and fully amortizing.

Jumbo Loan–This is mortgage that a borrower obtains when the needed loan amount exceeds the conforming loan limits

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