Conforming Loan is a mortgage loan that conforms to Fannie Mae and Freddie Mac guidelines. The size of the loan is generally limited to $453,100 for a single family home or condo; however, higher loan limits apply to 2-4 units. A 30-years fixed mortgage is the most popular mortgage available—ideal for budget minded borrowers. The monthly payment includes the principal and interest and is calculated to pay off the loan at the end of your term.

Lending CriteriaDescription
Purpose:
  • Purchase and Refinance
Property Type:
  • Single Family Residence (1-4)
  • Condominium
  • Townhomes
  • Planned Unit Developments
Max Loan-to-Value:
  • Purchase:  Fixed: 97% / ARM: 90%
  • Refinance:  Fixed: 95% / ARM: 90%
  • Cash-out:  Fixed: 80% / ARM: 75%
Minimum Credit Score
  • 620
Prepayment Penalty
  • None
Maximum Debt-to-Income (DTI)
  • 45% – 50%
Recourse
  • Yes
Broker Fee
  • None
Terms:
  • 10 / 15 / 20 / 25 / 30-Years Fixed
  • 5 / 7 / 10-Years ARM’s
  • 5 / 7 / 10-Years ARM’s – Interest Only
Loan Amounts
  • Up to $453,100
Closing Timeframes
  • 45 – 60 days
Amortization
  • 10 / 15 / 20 / 25/ 30 years
Collateral
  • 1st Trust Deeds
Other Costs
  • All 3rd Party Fees