Conventional
Conventional loans work well for purchase or refinance transactions and are often used to finance primary homes, secondary homes, and investment properties. The terms and conditions of conventional loans are fully in line with guidelines created by the Fannie Mae and Freddie Mac agencies. Conventional loans are considered very affordable, with down payments as low as 3%, though typical requirements for down payments are usually somewhere between 5% to 25%.
We are specialists in conventional loans and will guide you through the entire loan process.
Program highlights:
- Loan amounts up to $647,200
- A conventional loan can be used to finance a property in a high-cost area
- 15-, 20-, 25- & 30-year fixed rate
- Down payments as low as 3% depending on loan amount
Conventional High Balance
A High-Balance Conventional Loan is one that exceeds the national baseline conforming loan limits but falls within the local conforming loan limits for your high-cost county. High Balance Conventional loans are considered conforming loans with respect to Fannie Mae and Freddie Mac.
MLG Home Financial is knowledgeable in dealing with these kinds of conventional agency mortgages and will guide you through the entire loan process.
Program highlights:
- Loan amounts up to $970,800 in high-cost areas for a single unit
- Eligible for primary and secondary homes
- More competitive rates and easier guidelines
- Faster turn times
Fannie Mae HomeReady®
Fannie Mae’s HomeReady program is designed to help borrowers with low-to-moderate income buy or refinance a home by reducing the standard down payment and mortgage insurance requirements. The Conventional loan program also allows borrowers to use gifts from friends or family toward their down payment.
MLG Financial, is a specialist in helping low-to-moderate income borrowers take advantage of this attractive financing opportunity and will guide you through the entire loan process.
Program highlights:
- Down payments as low as 3%
- FICO 620
- Low income
- First-time or repeat home buyers
Fannie Mae RefiNow™
Fannie Mae RefiNow is an affordable refinancing option for qualifying homeowners aimed at making it easier to reduce monthly housing costs. The program is aimed to help homeowners by taking advantage of today’s historically low-interest rates.
We know how to help borrowers with this historic refinancing opportunity and will guide you through the entire loan process.
Program highlights:
- Designed for lower-income families
- Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
- Lowers interest rate by 0.5% and monthly payment by at least $50
- FICO 620
- Up to 97% LTV
- Income at or below 80% of the area median income (AMI)
- Maximum DTI 65%
- Borrower will receive $500 credit at closing if they have an existing appraisal
- Roll up to $5000 in closing costs for those with limited cash to close. Cash-out limited to $250
- Reduced documentation requirements DISCLAIMER *Monthly payment must include principal, interest, and mortgage insurance payment
Freddie Mac Home Possible®
The Freddie Mac Home Possible mortgage program is designed to bring homeownership within reach to more borrowers. The program provides low down payment financing with discounted fees for creditworthy low- and moderate-income borrowers.
We help low- and moderate-income borrowers take advantage of this attractive homeownership opportunity and will guide you through the entire loan process.
Program highlights:
- Fixed-rate financing for easier budgeting Homebuyer education is required for first time buyers
- Homebuyer education is required for first-time buyers
Freddie Mac Refi Possible™
The Freddie Mac Refi Possible program provides borrowers with expanded opportunities to take advantage of low-interest rates and to refinance their mortgage in order to promote long-term, homeownership success. With Refi Possible, low-to-moderate income borrowers can refinance their current loans and save more on their monthly mortgage payments.
We are specialists in helping borrowers take advantage of this historic refinancing opportunity and will guide you through the entire loan process.
Program highlights:
- Designed for lower-income families
- Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
- Lowers interest rate by 0.5% and monthly payment by at least $50
- FICO 620
- Up to 97% LTV
- Income at or below 80% of the area median income (AMI)
- Maximum DTI 65%
- Borrower will receive $500 credit at closing if they have an existing appraisal
- Roll up to $5,000 in closing costs for those with limited cash to close. Cash-out limited to $250
- Reduced documentation requirements
DISCLAIMER
*Monthly payment must include principal, interest, and mortgage insurance payment
