Need Mortgage help? read our section below for information on each type of mortgage and then click on the links above to learn more about or programs.

Conventional
1) Fannie Mae Fannie Mae is the common name of the Federal National Mortgage Association. Fannie Mae is a congressionally chartered, shareholder-owned company that buys mortgages from lenders and resells them as securities on the secondary mortgage market.

Before approving you, Fannie Mae looks at a number of factors including credit ratings, debt ratio, and employment history. Loans that are approved via Fannie Mae should qualify for a better rate.

2) Freddie Mac Freddie Mac is the common name for the Federal Home Loan Mortgage Corporation. The 2004 maximum loan amount for both Fannie Mae and Freddie Mac is $333,700. Freddie Mac does not issue mortgages directly, rather, they buy mortgages from lenders and sell them as securities on the secondary mortgage market.

Before approving you, Freddie Mac looks at a number of factors including credit ratings, debt ratio, and employment history. Like Fannie Mae, loans that are approved via Freddie Mac should qualify for a better rate.

A mortgage broker can also help you find the best rates from various lenders for Freddie Mac loans as well as Fannie Mae loans. They can also help you determine if you are eligible for a VA Loan.

Government
1) FHA Loan An FHA Loan (Federal Housing Administration) has some advantages over conventional loans. Since FHA loans are insured by the government, they generally have more lenient qualification requirements, lower down-payment requirements, and they are assumable loans. The maximum loan amount for an FHA loan (single-family) ranges depending on the county where you live. You can contact a mortgage specialist for these maximum amounts for your specific county. Government loans (including the FHA loan) make up 20 percent of residential mortgages in the U.S. [Get FHA Home Loan Information]
2) VA Loan A VA (Veterans Affairs) loan carries many of the same advantages as an FHA home loan. However, to qualify for this loan, you must be a qualifying veteran, the unmarried widow of a veteran, a Public Health Service Officer, or an active-duty serviceman. The maximum loan amount for a VA-guaranteed loan is $240,000. However, if you can make a large down payment, VA is now considering loan amounts above $240,000. Generally, you would need to put down 25% of the value exceeding $240,00, and you can't exceed conventional loan limits. No down payment is required for most VA loans below $240,000. A VA loan specialist can assist you with more information. Find out more about VA loans

Non-Conforming Loans
1) Jumbo Loans Conventional Loans that are too large for government agencies are called jumbo loans. Currently, any loans over $322,700 are classified as jumbo loans. Jumbo loans have higher interest rates than conforming loans - typically 0.5 percent to 1 percent higher. Jumbo loans also may have higher down-payment requirements. Read more about Jumbo Loans.
2) Bad Credit Loans If you've had credit problems in the recent past, lenders consider you a higher risk borrower. In such circumstances, the credit decision includes factors beyond credit scores and credit history, often including employment, income, expenses, assets and other factors as considerations. To get additional information, speak with a mortgage specialist. You may also read more about Bad Credit Loans.

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