Mortgage Loan Programs Available to Home Buyers in the Pacific …
LOAN PROGRAMS
Here you'll find a list of different mortgage loans along with information on down payments (minimums) for these loans and which type of buyer is likely the best fit for each loan. Also included here are a few key mortgage-related terms, such as private mortgage insurance (PMI) and high balance conforming loans. View all Loan Programs Here
* Figures for down payments are minimum requirements
Fixed-Rate
Fixed-rate mortgage loans have a consistent (or "fixed") interest rate throughout the loan term (i.e. 30 year, 20 year, 15 year, etc.).
BEST FOR: Buyers who don't want to manage interest rate fluctuations.
FHA
An FHA mortgage loan is a loan insured by the Federal Housing Administration and offered by an FHA-approved lender.
3.5% DOWN PAYMENT: 3.5%
BEST FOR: FHA mortgage loans are good options for first-time home buyers or for those with less than perfect credit.
Conforming
A conforming mortgage loan is a loan which does not exceed the size limit imposed by government-sponsored entities (or GSEs).
BEST FOR: Buyers who don't need a very large loan.
Conventional
Conventional mortgage loans refer to loans which are not secured by the government or offered by a government-backed entity.
3% 20%
DOWN PAYMENT: 3% (with PMI) 20% (without PMI)
BEST FOR: Repeat buyers or buyers with good credit history.
PMI
Private mortgage insurance (PMI) is a form of insurance required by lenders for loans which fall below a certain loan-to-value ratio.
Adjustable-Rate
Adjustable-rate mortgages (ARMs) have interest rates which fluctuate over time, usually in a way which reflects the cost of lending in the credit market.
BEST FOR: Buyers who want low introductory rates and can financially manage higher rates in the future.
VA
VA mortgage loans are government-backed loans which are available exclusively to military veterans.
0% DOWN PAYMENT: 0%
BEST FOR: Military veterans
High Balance Conforming
A high-balance conforming mortgage loan is a loan which doesn't exceed the limit (imposed by GSEs) for the high cost of living area in which it is formed.
BEST FOR: Buyers located in a high cost of living area.
Jumbo
Jumbo mortgage loans refer to loans which exceed the size limits imposed by GSEs and are offered by private lenders.
10%
DOWN PAYMENT: 10% (some lenders require PMI with less than 20%)
BEST FOR: Buyers who want to purchase a home of high value and required a very large loan.
Get Pre-Approved Today!
License # NMLS-118653 | | Phone: (425) 401-8787 Sammamish Mortgage is a Family Owned and Operated Mortgage Company Who Has Been Proudly Serving the
Pacific Northwest Since 1992. We Currently Lend in All of Washington, Oregon, Idaho, and Colorado.
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- veterans mortgage life insurance
- mortgage loan programs available to home buyers in the pacific
- other va insurance inside photo sgt dennis best
- lender total loans total dollars avg dollars grand total
- daily rate sheet solid established reliable since 1959 fha 203b
- your guide to veteran home loans
- becu mortgage rates
- broker wholesale lenders comp 2 0 ‐ 2 75 fha
- 10 22 2019 11 49 rate
Related searches
- how to use technology in the classroom
- how to improve communication in the workplace
- how to get along in the workplace
- how to write conclusion in the paper
- ways to use technology in the classroom
- strategies to improve communication in the workplace
- things to think about in the shower
- first time home buyers in florida
- ww2 in the pacific movies
- richest to poorest countries in the world
- how to reduce calcium in the arteries
- how to promote diversity in the classroom