
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