Loan Programs

 Conventional

A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac.

• Most commonly used home loan program in the U.S.
• Minimum of 3% down required
• Fixed and Adjustable Rates available
• Payment is fully amortized (no negative amortization or interest only)
• Mortgage insurance typically required when the loan-to-value (LTV) ratio exceeds 80%
• Loan limits vary by county

 Jumbo Mortgage

Also referred to as a non-conforming loan, a jumbo mortgage is similar to a conventional loan, but with a loan balance above conventional conforming loan limits.

• Loan amounts up to $5 million
• Fixed and Adjustable Rates available
• Interest only option available
• Niche lending options – contact us

 FHA

A FHA mortgage is insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development.

• Excellent program for first time buyers (anyone is eligible)
• Flexible credit and income guidelines
• Low down payment options
• Fixed and adjustable rates
• Payment is fully amortized (no negative amortization or interest only)
• Monthly mortgage insurance is almost always required

 VA

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veteran’s Affairs (VA).

• A down payment is not typically required
• No mortgage insurance
• Flexible credit and income guidelines
• Fixed interest rates
• Payment is fully amortized (no negative amortization or interest only)
• Reduced closing fees
• Borrower must be eligible for VA financing

 All-In-One Account (AIO)®

Also known as an offset mortgage, the AIO account is a first position line of credit that comes with full suite of banking features.  The mortgage is simply linked to a non-interest bearing account. The entire balance in the savings account is then applied against the loan balance thus reducing the borrower’s overall interest charge.

• Pay off your home more quickly without changing your spending habits
• Credit line provides you with greater flexibility and control
• Logical “make sense” underwriting
• No mortgage insurance
• Loan amounts up to $2.5M+
• Patented home loan program – offered exclusively by CMG Financial

 Home Affordable Refinance Program (HARP)

HARP is designed to help homeowners who have little, or no equity, obtain a more affordable and stable mortgage.

• No equity required
• Fixed interest rates
• Payment is fully amortized (no negative amortization or interest only)
• Mortgage insurance only required in rare cases
• Loan limits vary by county
• Must meet HARP eligibility requirements – contact us

 Home Path

A HomePath Mortgage allows a buyer to purchase a Fannie Mae-owned property with fewer restrictions.

• Low down payment
• Appraisal not required
• No mortgage insurance
• Fixed interest rates