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Types of Loans

familyCMA is committed to ensuring each customer finds the perfect home mortgage for their specific needs and goals. This is also a big reason why we help find the most appropriate mortgage lenders and have such a large selection of in-house loan products. With many different types of mortgage products to choose from, ranging from government guaranteed to other private lender and traditional mortgage types, take a look at our various options:

This is just a sample of the loan programs we offer. Our Mortgage Advisors are available at (800) 927-6560 to assist you should you have any questions or looking for other loan programs not listed.

Home Purchase & Refinancing Loans:

  • Jumbo loans: Also known as ‘non-conforming,’ these mortgage types might attract borrowers with very high quality credit, but the actual home mortgage amount is above the conforming loan limits. This will be anything greater than $417,000 in most areas and up to $625,500 in high cost areas.
  • Conforming loans: These are loans that conform to the GSE’s Fannie Mae and Freddie Mac and generally limited to $417,000 as of 2015.
  • High balance conforming loans: These mortgage types are basically a temporary creation of the government, looking to provide some extra help for borrowers with high quality credit looking to get into a larger and more expensive home. The actual amounts mortgage lenders can authorize for this will vary from county to county (or metro area), but will start at $417,000 and go up to whatever the stated limit is for the particular area in question.
  • FHA loans: A type of home mortgage loan insured by the US Federal Housing Administration. These loans are provided by approved mortgage lenders with their own criteria that fall within the government guidelines in order to obtain insurance. Buyers may put down as little as a 3.5% down payment.
  • VA loans: A home mortgage guaranteed by the US Department of Veterans Affairs. Home buyers who qualify (as veteran’s and some surviving spouses) may finance up to 103.3% of the sales price. In such a case, even the 3.3% VA funding fee is financed.
  • USDA loans: As mortgage types go, the USDA is designed for helping low and middle income buyers in rural areas to own homes. Qualifications include having income not higher than 115% of the median for the particular area and buying a home in a designated rural area.
  • RHS loans: Run through the Department of Agriculture, the Rural Housing Service is another home mortgage program designed to help people in rural areas own their own homes. They offer guarantees to mortgage lenders and qualified buyers need to have an income below 115% of the median for their particular area (which is also designated as rural by the RHS).
  • HARP loans: The Home Affordable Refinance Program is a United States federal program established to help those home owners who are still current on payments to refinance their home mortgage. The program helps those who cannot refinance due to fallen home prices.
  • Less than 20% down financing: In a number of cases, buyers might be interested in putting down less than 20% down payment. This can be accomplished by taking out one loan up to 95% or more and paying mortgage insurance. Another option is to obtain a small second or home equity line for an amount above the 80% financing provided by the first mortgage.
  • Reverse mortgages: A type of home mortgage where older Americans (you must be at least 62 and occupy the property as your principal residence) that doesn’t require monthly mortgage payments. The Reverse mortgage may also offer the home owner access to the equity in the home.

Types of Loan Programs:

  • Fixed rate loans: A type of home mortgage which offers an unchanging interest rate throughout the life of the loan. This may include various terms, all the up to 40 years.
  • Adjustable rate mortgages: Also known as ARMs, these mortgage types will have a provision where the interest rate can adjust, or change, under a variety of conditions. Rates may move up and down and will be limited by the terms and conditions within the loan and the mortgage lenders’ policies, usually with rate adjustment caps.
  • Home equity line of credit: Often called a HELOC, this is one of the more interesting mortgage types. The lender agrees to a total maximum amount they are willing to lend within a specified period of time (the term). The homeowner may then borrow against this loan or HELOC like using a credit card, up to the total amount that has been agreed upon.

For more information on any of these home mortgages or mortgage types, contact a CMA Mortgage Advisor today. Are you ready to get started? You can apply here online or call (800) 927-6560 to speak with one of our Mortgage Advisors.