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Conforming- Loans meeting all criteria to be purchased by government backed agencies Fannie Mae & Freddie Mac.
Jumbo - Loans outside of the criteria for purchase by Fannie Mae & Freddie Mac. Usually for amounts above $417,000.
Super Jumbo - For loans generally greater than $650,000.
No documentation loan - This loan is given based on down payment and credit only requiring no proof of income or money in savings.
Combination 1st & 2nd 80/20 - 80/15/5 - 80/10/10 - These loans (titles refer to value of first mortgage to second mortgage to down payment) refer to two loans that when combined do not require mortgage insurance for loans above 80% of the value of the property. The first mortgage must always be at or below 80% of the value of the property. A second mortgage is used simultaneously at any combined value up to 100% of the total value of the property to lower the total mortgage payment when compared to most loans of the same combined value when mortgage insurance required.
0 down - 100% financing - When the entire value of the property is financed and no down payment is required.
Interest only loans - Loans that charge the borrower interest only and do not require the principal portion of the mortgage making the monthly payment less but keeping the original loan balance the same.
0 point and 0 closing cost options - These loans are set up so that the points and closing costs are paid by the mortgage company or the seller of the property but not by the party financing the property.
Multi unit and non-conforming properties - Properties with more than one dwelling unit or unusual properties that do not meet a standard lender's requirements.
All credit levels from A through current foreclosure
and BK - These loans provide financing for borrowers with all types credit issues, past or present.
Investment and Vacation property financing - These loans provide financing for second homes, vacation properties, or rental properties.
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