The following is a list of programs offered by My Mortgage Ace with a brief description.
Conventional Loans (Fannie Mae and Freddie Mac)- These are your standard conventional loan programs. They require a minimum of 3%-5% down, have mortgage insurance on loans over 80% and require a minimum credit score of 620. They have terms of 15 year fixed, 30 year fixed and 3-5-7-10 year ARMS (adjustable rate). Maximum Loan amount for conventional financing is $510,400 as of 1/2020.
High Balance Conforming Loans- High-Balance Conforming loans are still under the conforming loan category and purchased by Fannie Mae and Freddie Mac, but allow for a higher loan amount due to higher home prices in certain areas. If you're interested in finding out more about loan limits in certain area go to this page and search for the county in question. https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
Typically conforming (even high-balance conforming) loans have better rates, terms and a lower down payment than Jumbos, that's why it's good to know your options here.
Jumbo Loans- For loan amounts over $500,401. Down payments can be as low as 5% up to 30% depending on loan size, larger loans will require a bigger down payments. This loan can also be done with Interest Only payments for a set period. For instance a 5/1 Interest Only ARM loan would have fixed payment of Interest Only for the first 5 years, after the initial 5 years the payments will be fully amortized for the remaining term.
Foreign National Loans- Mortgage Loans for foreign citizens who would like own a 2nd home or investment property in the US. See program details on the "Foreign National" Loan tab under loan programs on the main menu.
Other Loan Types to come. Site under construction 1/10/2020