LOAN PROGRAMS
CONVENTIONAL LOAN PROGRAMS
FANNIE MAE NEW LOAN LIMITS IN FLORIDA FOR 2024 IS $766,550.00
We offer several loan programs with Down Payments as low as 3%. For our First-Time homebuyers you can expect the best solution for your financing needs with our great product mix. Reduce the worry of the down payment and take advantage of our low rates today!
What are Conventional Loans?
Conventional Loans are mortgage loans that are not guaranteed or insured by a government agency (ex. FHA, VA, USDA Loans). Conventional loans as also known as conforming loans because they meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Typically, conventional loans have better rates, terms and/or lower fees than other types of loans.
Most Common Types of Conventional Loans
Fixed Rate Mortgages:
- 30 Year Fixed Loan
Benefits: Lowest fixed monthly payments - 20 Year Fixed Loan
Benefits: Low fixed monthly payments - 15 Year Fixed Loan
Benefits: Lower rate offered; Pay less interest and pay off your mortgage faster. - 10 Year Fixed Loan
Benefits: Lower rate; Pay off your loan and build equity faster.
Adjustable Rate Mortgages: After the initial period your interest rate can change once a year.
- 3/1 ARM
Fixed Rate for 3 Years, Adjustable Rate for the remaining 27 years - 5/1 ARM
Fixed Rate for 5 Years, Adjustable Rate for the remaining 25 years - 7/1 ARM
Fixed Rate for 7 Years, Adjustable Rate for the remaining 23 years
Loan Highlights:
- Up to 97% LTV
- Minimum 620 FICO score
- Eligible properties: SFR, warrantable condos, Planned Unit Developments, 1-4 family residences.
- Available for primary residence, second home and investment properties
- Seller contributions allowed