Conventional Loans

 Conventional loans are not backed by a government agency. While qualifications may be tougher, they offer great rates, many down payment options, and flexible terms. You generally need a good to strong credit score to qualify for a loan of this type. Conventional loans are broken down into these two main categories: 

• Conforming Loans
  Loans that have a maximum loan amount set by Fannie Mae and Freddie Mac.
• Non-conforming Loans
  Loans that don’t meet Fannie and Freddie’s standards. There three main reasons why a loan might not conform:

 a. It is large, reaching the “Jumbo” standard
b. A fixed and adjustable-rate loan is available
c. Down payments may be as low as 5% or 10% 

 *Certain eligibility requirements apply to manufactured housing. Consult your Guardian Mortgage loan originator for details. Certain terms and restrictions apply. Program available only to qualified borrowers. Program subject to change without notice. Underwriting terms and conditions apply. Loan subject to credit review and approval. 

 In 2024, the loan limit will increase from $726,200 to $766,550 when purchasing with conventional financing.* 

 The most common type of loan option, the traditional fixed-rate mortgage includes monthly payments of principal and interest will remain unchanged throughout the life of the loan. 

 Adjustable-rate mortgages include interest payments that shift during the loan’s term, depending on current market conditions. 

Finding an affordable mortgage that works within your budget might not be as hard as you think. Today’s homebuyers and refinancers have many options to help them buy as well as maintain a home. Some of these options address needs like:

• Low down payments are currently to qualified borrowers.
• Renovations to give a home your personal touch; and
• Energy-efficient upgrades to help keep more money in your pocket.

The key is to do some research and then find a mortgage professional who can help you decide on the best loan for your financial situation. Get started by considering these affordable mortgage options.

*This is not an offer for extension of credit or commitment to lend.  All loans are subject to program guidelines and final underwriting approval.  Not all applicants qualify.  Information and pricing are subject to change at any time and without notice.  The content in this advertisement is for informational purposes only. Please contact Jennifer for additional guidelines.