Loan Details

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Conventional

Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae and Freddie Mac, government sponsored stock-holding companies that buy mortgage loans from lending institutions and secure them for resale to the investment community. They are not, however, guaranteed by the US government. Buying back mortgage loans allows these agencies to provide a continuous flow of affordable funding to banks that reinvest their money back into more mortgage loans. Every year Fannie Mae and Freddie Mac establish maximum loan amounts based on the median home price from October to October.

FHA

An FHA insured loan is a mortgage loan backed by the Federal Housing Administration approved lender. FHA support encourages home ownership and makes it easier for you to obtain a loan by offering low down payments, flexible qualifying guidelines, and lower rates. They are a great option for both purchasing and refinancing. Team Newberry specializes in helping our clients secure money saving FHA loans.

Jumbo Loans

A jumbo mortgage is a mortgage loan in an amount above the conventional conforming loan limits established by Fannie Mae and Freddie Mac. They tend to have higher rates because they are riskier for lenders than conventional loans. Their value is subject to market conditions and can fluctuate frequently.

VA

A VA loan is a mortgage loan designed to offer long-term financing to American Veterans or their surviving spouses. The loans are guaranteed by the U.S. Department of Veteran Affairs, and they require no money down. Let Team Newberry help you qualify and take advantage of this under-utilized resource.