A conventional loan is the standard loan for good credit risk borrowers who are looking to either purchase or refinance a home. The loan amounts are up to $417,000 for conforming and over that amount is considered to be a Jumbo loan. Rates are slightly higher for Jumbo loans. Conventional loans are available either with a fixed rate or an adjustable rate. The length of term for these loans can be 10, 15, 20, 25, 30 and 40-year terms.
- 100% Financing with verification of income
- 95% stated income/assets purchase or rate/term refi with Mortgage Insurance
- 80% stated income/assets with no Mortgage Insurance
- Fixed Rate & Adjustable Rate
Mortgage Insurance is now tax deductible as long as you earn less than $100,000 a year.
**You should consult a tax advisor regarding the deductibility of interest and charges for the loan**
Available Adjustable Rates:
- 10/1 ARM Fixed for 120 months, adjusts annually for the remaining term of the loan.
- 7/1 ARM Fixed for 84 months, adjusts annually for the remaining term of the loan.
- 5/1 ARM Fixed for 60 months, adjusts annually for the remaining term of the loan.
- 3/1 ARM Fixed for 36 months, adjusts annually for the remaining term of the loan.
- 1 year ARM Fixed for 12 months, adjusts annually for the remaining term of the loan.
