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| FHA |
| FNMA |
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FHA
FHA loans offer many benefits over conventional loans
- they only require 3.5% down payment
- you can have the seller pay up 6% of the purchase price in closing costs
- we can go as low as 620 fico scores, and in some cases as low as 530 fico
- we can cash out refinance up to 85% and rate and term refinance up to 97% of the appraisal value
Term: 30 years
Maximum Amount: $271,500
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FNMA
FNMA loans are great for high credit score lower “loan to value” loans
- they require 5% down payment
- you can have the seller pay up to 3% of the purchase price in closing costs
- we can go as low as 660 fico, but 720 or higher is preferred
- we can cash out to 80% and rate and term up to 95% of the appraisal value
Maximum Amount: $417,000
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| | * Any FNMA loan over 80% of the appraisal value requires PMI
* Any FHA 15 year fixed loan under 90% of the appraisal value has no PMI |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $41,700 with closing costs of $0. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,001 with closing costs of $0. Your actual APR may be different depending upon these factors.
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