Simplified explanations of common mortgages and loans
- Conforming Loans
- Construction Financing
- Conventional Loans
- FHA Loans
- First Time Homebuyer
- Mortgages for Foreigners
- HARP Refinance
- Interest Only
- Jumbo Loans
- Reverse Mortgages
- Second Home
- VA Loans
Various articles explaining the variations and implications of a commonly used mortgage terminology.
Florida Conforming Mortgage Loans
Understanding what is a 'conforming mortgage loan', let us start in layman's terms for the state of Florida (and most states). It is a mortgage loan less than $417,001 and meets all the standard criteria for Fannie Mae and Freddie Mac. The criteria is set by the Office of Federal Housing Enterprise Oversight (OFHEO) who regulates Fannie Mae and Freddie Mac.
So what does that mean to you the consumer, well, when you go to a bank or lender and ask to borrow money to purchase or refinance your home. The bank or lender will look to see if you can meet the criteria for Fannie Mae or Freddie Mac.
Since the banks or lenders may only have so much money to lend they look for someone to purchase that mortgage loan from them. However they may keep the servicing* of that mortgage loan. If you the consumer do not meet the criteria and the Bank or Lender gives you the loan. The Bank or Lender may have to keep that loan in house leaving them with a greater risk and having less funds to lend to others. Most Banks and Lenders when faced with a Borrower that cannot meet the criteria for conforming may deny a Borrower for the mortgage loan.
At Solutions First Mortgage Inc. we want to do our best to make sure you can meet this criteria before you go paying over $1000 for appraisals, surveys, pest inspections and home inspections only to be denied shortly after.
Conforming Mortgage Loans Available in Florida
Please take the time to go through our education center to learn about how to avoid the traps of Banks. You should always know the status of your credit and other conditions for loan approval before paying in advance of surveys or appraisals, once paid it's near impossible to get a refund. Talk to us before you sign an agreement with a Title company or a Closing Attorney. Generally in these agreements, you are agreeing to pay for items they will ordered on your behave. Many times a survey is ordered prematurely.
At Solutions First Mortgage Inc. we will look at your total financial profile and give you the best options for you to choose from. Any type of mortgage loan should be your choice not what someone else is trying to promote.
For further information about getting the right mortgage for you and to arrange your 'NO-FEE ASSESSMENT'
CALL US on (+1) 941-921-1110
Reverse Mortgage Purchase
Construction Loans Interest Only Second Home Vacant Land Financing
Home Buying - understanding the buying process
Keeping in order – the paperwork process
Different loan types
Rent vs own
Mortgage Rates Locking in interest rate
Purchase strategies Pre-qualification vs Pre-approval Avoidable Expenses
READ THIS FIRST
Qualifying for a mortgage
Zero down – VA, USDA & seller concessions
Contractual Finance Clauses -
Loan and Mortgage types
Settlement cost – What is the HUD1?
Good faith estimate – the maximum cost to obtain the loan
The Til – Truth in Lending
RESPA – Real Estate Settlement Protection Act
Mortgage Insurance - PMI
Disclosures – Understanding Disclosures
Servicing – Banks
Economy/ Markets – the impact on rates
Fannie & Freddie – why they important to you
Credit Score – How credit score affect your interest rate
Read our blog about everything involved in finding, buying and living in your new home from a mortgage brokers perspective.
Read my opinions about legislation, what it means, how I understand it and how it could be improved.
We have online newsletters and classes explaining in layman’s terms how mortgages work and how to choose the best one for you