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 5% 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

 

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