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 Conventional loans are home loans that are not secured by the U.S. government. Borrowers with established and excellent credit on solid financial footing typically qualify for conventional mortgages. 

Conforming loans have maximum loan amounts that are set by the government. Other rules for conforming loans are set by Fannie Mae or Freddie Mac, companies that provide backing for conforming loans.

Non-conforming loans are less standardized. Eligibility, pricing, and features can vary widely by lender, so it’s particularly important to shop around and compare several offers.

  
Refinancing your mortgage means getting a new home loan to replace an existing one. You typically follow the same steps you did for your purchase mortgage, except your new loan pays off your old loan.
A mortgage refinance can help you save money by:

• Reducing your interest rate. You aren’t stuck with your existing mortgage rate. A refinance can help you get the best mortgage rates available now.
• Shrinking your loan term. If you can pay off your mortgage faster, you’ll save big on interest charges.
• Putting cash in your pocket. A cash-out refinance can do all of the above and give you extra funds to put toward your financial goals.

But before you jump in, make sure you’ve set yourself up for a successful refinance by going in with a goal and a plan. 

 A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the agency.
1. FHA loans require a lower minimum down payment than many conventional loans, and applicants may have lower credit scores than is usually required.
2. The FHA loan is designed to help low- to moderate-income families attain homeownership. They are particularly popular with first-time homebuyers.

• FHA loans are mortgages intended for certain borrowers who find it difficult to obtain loans from private lenders.
• The federal government insures FHA loans.
• FHA borrowers tend to be riskier, and so must pay higher interest rates and pay PMI.
• Because they are insured, banks are more willing to loan money to homebuyers with relatively low credit scores and little cash to put down on the purchase.
• First-time homebuyers may find that an FHA loan is the most affordable mortgage option.

Contact us today to find out more information. 

   A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Unlike conventional mortgages, a jumbo loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.
Designed to finance luxury properties and homes in highly competitive local real estate markets, jumbo mortgages come with unique underwriting requirements and tax implications. These kinds of mortgages gained traction as the housing market recovered following the Great Recession.

• A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA) and cannot be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.
• Homeowners must undergo more rigorous credit requirements than those applying for a conventional loan.
• Approval requires a stellar credit score and a very low debt-to-income (DTI) ratio. 
• The average annual percentage rate (APR) for a jumbo mortgage is often par with conventional mortgages, while down  payments are roughly 10% to 15% of the total purchase price. 

Contact us today to find out more information.  

 Investment property loans are used for the purchase of second homes and investment properties, including one- to four-unit residential properties and vacation properties. U.S. Bank offers a variety of investment property loans to suit nearly every need. As an option, if you currently own a home you may be able to use your current home equity to finance buying additional property. 

To learn more about real estate investment loans and current investment property loan mortgage rates, contact  our team today.

Construction loans are short-term loans used to finance the building of a new home. Once the home is built, the borrower must refinance into a permanent home loan. Construction loans often have a term of one year. They are used to cover the costs associated with building a custom home, such as building materials, land, labor, permits, and even sometimes permanent fixtures like landscaping and appliances (though home furnishings are generally not covered).

Renovation loans are used to finance home renovations, repairs, and remodels. Renovation loans are a good option if you want to renovate your current home or want to purchase a home that needs significant remodels. There are several options for renovation loans; two of the most common are FHA 203(k) loans and FNMA Homestyle loans. FHA 203(k) loans are offered by the Federal Housing Administration. They fund repairs in one mortgage on a primary residence and have a minimum down payment of 3.5%. There are two types of 203(k) loans: Standard FHA 203(K) loans which allow borrowers to finance rehabilitation costs starting at $5,000 and have no maximum. Streamline FHA 203(k) loans provide renovation and repair financing for up to $35,000. Alternatively, there are FNMA Homestyle loans which are offered by Fannie Mae and allow you to purchase and renovate a second home, primary home, or investment property with a minimum down payment of 3% in one mortgage up to the lending limit.

Contact us today to find out more information.