Conventional loans are sometimes more lenient with the appraisal and condition of the property. Conventional loans are not government insured and usually have higher down payment requirements.
FHA loans are insured by the Federal Housing Administration. They offer a low down payment and are easier to qualify for than conventional loans. Appraisal and property condition rules will be applied and loan amounts are limited.
VA loans are guaranteed by the Veterans Administration. Typically, a veteran must have served 180 days of active service to qualify.
If you are looking to borrow more than $417,000, you may consider a jumbo loan. A jumbo loan is also called a non-conforming loan because it does not conform to the loan limits set by The Federal National Mortgage Association (also called Fannie Mae) or by The Federal Home Loan Mortgage Corporation (also called Freddie Mac).
These are the two government-sponsored enterprises that help facilitate the availability of home loans by investing throughout the country. Non-conforming loans typically have higher interest rates and different down payment requirements.
- The Selling Process
- Home Values
- Hassle Free Listing
- The Buyers Inspection
- The Buyer Appraisal
- Expired Listing
- Home Seller Request
- Foreclosure Alternatives