A property in which one resides for at least 6 months and 1 day per year.  It is a residence that should be homesteaded (if county / state allows for) in order to take advantage of a lower real estate tax rate. Fannie Mae / Freddie Mac Conforming Loan –  Applies to Single Family, Town Home / Condo-  All require a minimum credit score of 620 and at least 3% down payment – No prepayment penalties. If placing less than 20% down, mortgage insurance will be required. If placing only 3% down, borrower must not have owned a home in the past 3 years. 2/3/4 unit dwellings are also financeable – down payment’s differ’s however.

A property which will be occupied less than 6 months out of the year. Fannie Mae / Freddie Mac Conforming Loan-  Applies to Single Family, Town Home / Condo –  All require a minimum credit score of 620 and at least 10% down payment – No prepayment penalties.

A property which is not your primary or secondary residence and is purchased or used in order to generate income.  Basically, if you purchase real estate that will be used to make a profit, rather than used as a personal residence for you and your family, that property is considered to be an investment property.

The Fannie Mae HomeStyle Renovation program allows borrowers to combine the purchase or refinance of a home with the costs to renovate or extensively remodel the property. At closing all funds for renovation will be escrowed in an interest earning account. After all renovation work is complete, any remaining funds in the renovation escrow account will be used to pay down the principal balance of the mortgage. Soft costs such as architectural services, engineering and permit fees may be financed.

In an FHA loan, the Federal Housing Administration insures the mortgage. FHA loans typically come with competitive interest rates, smaller down payments and lower closing costs than conventional loans. If you have a credit score of 580 or higher, you could be eligible for a mortgage with a down payment as low as 3.5 percent of the purchase price. If your credit score is lower than 580, you still might qualify for an FHA mortgage, but the down payment would be at least 10 percent of the purchase amount.

This type of loan, backed by the FHA, takes into consideration the value of the residence after improvements have been made. It then lets you borrow the funds you’ll need to carry out the renovation project and includes them in your main mortgage. The down payment for a 203(k) loan can be as low as 3.5 percent

The FHA 203(h) program is a special mortgage insurance program to assist disaster victims whose previous residence has been destroyed or damaged to such an extent that replacement is necessary.- Can go up to 100% financing

Applies to Single Family, Town Home / Condo (Condo must be on the FHA approve list in order to be financeable)  – All require a minimum credit score of 580 and at least 3.50% down payment – No prepayment penalties. Mortgage Insurance is required on FHA loan regardless of downpayment.

The U.S. Department of Veterans Affairs (VA) helps active-duty military members, veterans and surviving spouses buy homes. VA loans come with competitive interest rates and require no down payment. You aren’t required to pay for monthly mortgage insurance, and a VA loan allows for lower credit scores with competitive rates.

Fannie Mae and Freddie Mac are government-sponsored entities.

With the backing of Fannie Mae and Freddie Mac, we can offer competitive interest rates and accept down payments as low as 3 percent of the purchase price. Fannie Mae also provides homeownership education for first-time homebuyers through its “Home Ready Buyer” program. Freddie Mac also provides homeownership education for first-time homebuyers through its “Home Possible Advantage” program

Going with only 3% down requires borrower (depending on program) to be either a 1st time home buyer and or meet certain income criteria. Applies to Single Family, Town Home / Condo (Condo must be on the VA approve list in order to be financeable) –  All require a minimum credit score of 600 and no down payment –  No prepayment penalties.  Monthly Mortgage insurance is not required-  A one-time, upfront insurance fee is required –  that can be rolled into the loan. In some instances, no upfront insurance fee is required.

Any loan above the Fannie Mae / Freddie Mac Loan Limit and or above the Fannie Mae High Balance Loan Limit- These loans have their own specific underwriting criteria which are typically more rigorous than a standard Fannie Mae / Freddie Mac Loan –

A loan whereby the borrower does not fit into conventional underwriting guidelines- ie.= Recent negative credit history, loan amount is too high, income from borrower based on standard calculations is not sufficient to meet mortgage payments, etc. In this case, we have Portfolio Investors available. Rates are typically higher and terms are not as advantageous as the standard Fannie Mae / Freddie Mac product –

A borrower would want to refinance his current mortgage to in essence lower his monthly payment and take advantage of lower rates. A refinance is also done so as to lower the amortization of one’s current loan. As an example- Assume a person had a 30 year mortgage whereby he paid 5 years on it- They may want to take advantage of utilizing a 15 year fixed and save 10 years of payments while at the same time lower their rate

This product is utilized to take cash (based on the equity available) from one’s home – This is done for a multitude of reasons- Renovate a home, pay off high interest debt, investment opportunity, etc –