Traditional Loans

CONVENTIONAL

Conventional loans are actually any type of creditor agreement that are not guaranteed by the Veterans Administration (VA), or insured by the Federal Housing Administration (FHA). In general, all conventional loans are eligible for sale to the government-sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) or to private secondary market investors. There are two different types of Conventional loans; Conforming and Non-Conforming loans. Conforming loans have to meet the guidelines set by Fannie Mae and Freddie Mac. Any loan which does not meet guidelines is a non-conforming loan.

 

CONVENTIONAL | 3% DOWN PAYMENT

Conventional loans are actually any type of creditor agreement that are not guaranteed by the Veterans Administration (VA), or insured by the Federal Housing Administration (FHA). In general, all conventional loans are eligible for sale to the government-sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) or to private secondary market investors. There are two different types of Conventional loans; Conforming and Non-Conforming loans. Conforming loans have to meet the guidelines set by Fannie Mae and Freddie Mac. Any loan which does not meet guidelines is a non-conforming loan.

  • Minimum credit score of 620
  • Down payment can be a gift from a family member
  • At least one borrower must be a first time home buyer
  • Max 3% seller assist

 

JUMBO

A jumbo loan is a loan in which the amount borrowed is greater than the loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC). A loan amount greater than $548,250, is considered a jumbo loan.

Advantages:

  • Able to finance a home that is over the maximum loan amount of $647,200 established by Fannie Mae and Freddie Mac
  • Enables a borrower to purchase “more house”

 

10% DOWN JUMBO

A jumbo loan is a loan in which the amount borrowed is greater than the loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC). A loan amount greater than $548,250, is considered a jumbo loan.

Advantages:

  • Able to finance a home that is over the maximum loan amount of $647,200 established by Fannie Mae and Freddie Mac
  • Enables a borrower to purchase “more house”

 

HOMEREADY™

FNMA has introduced a new Affordable Lending Product, HomeReady™. This program is designed for creditworthy, low-to-moderate income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.

PROGRAM HIGHLIGHTS

  • 30 Year Fixed Rate, Primary Residence Only
  • 97% Maximum LTV/CLTV with a 620 FICO®
  • 1-4 Unit Single Family, PUD, Condo Eligible
  • Purchase and Rate & Term Refinance Available
  • Maximum Qualifying Ratio of 50%
  • No Minimum Borrower Contribution Required – Gifts Allowed
  • Homebuyer Counseling Required
  • Mortgage Insurance Required

BORROWER INCOME LIMITS

  • No income limits for properties located in low-income census tracts
  • 100% of area median income (AMI) for properties located in high-minority census tracts or designated disaster areas
  • 80% of AMI for all properties

 

HOME POSSIBLE™

Freddie Mac Home Possible® and Home Possible® offers a fixed-rate loan program and provides a responsible, low down-payment mortgage option for first-time homebuyers and low-to-moderate income borrowers.

Program Highlights:

  • FHLMC Home Possible® – Max LTV 97%
  • 15 & 30 Year Terms Available
  • Lender Paid Mortgage Insurance Available
  • Owner-Occupied Primary Residence Only
  • 1-4 Unit SFR’s, PUD’s and Condo’s
  • Max 50% Debt-To-Income
  • Full Gift Eligible
  • Lower MI Rates
  • 620 Minimum FICO®

BORROWER INCOME LIMITS

  • No income limits for properties located in low-income census tracts
  • 100% of area median income (AMI) for properties located in high-minority census tracts or designated disaster areas
  • 80% of AMI for all properties

 

LOCK & LOOK™

With Supreme Lending’s Lock & Look™ program* you can lock in a great interest rate now and take your time finding the home of your dreams. You can shop with confidence knowing you have your interest rate locked in for a full 60 days and are already qualified for a loan with Supreme Lending. with lock & Look™, you get 30 days to look and another 30 to close. And, there is NO upfront fee!

*Lock & Look™ is a registered service mark of Everett Financial D/B/A Supreme Lending and is available on Conventional 30 & 15 years fixed rate and FHA 30 year fixed rate loans for qualified borrowers. The lock expires after 60 days. Pre-qualification request must be made with Supreme Lending. Limited time offer. Available for conventional 15 and 30-year fixed loans and FHA 30-year fixed loans only.