Conforming Loans
- Conforming Loans:
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Picking the right loan program can be confusing to say the least. Listen to your Friends, Family members or heaven help you the internet, radio or TV and by then your head is swimming. Some will say FHA is the way. Others will say Fannie Mae or Freddie Mac conforming with 20 % down payment. Plus all the ads you hear offering low low rates that don't tell you all the conditions or loan program senarios needed to get "THAT" loan will really get you confused.
Your best bet is to speak directly to a trusted Loan officer and ask all your questions, tell them everything about your goals, time frame to buy and even sell. Have them gather all the data they need to make a real approval for financing and help you choose the right program.
Dallas FHA Loans is here to do just that. We listen to your goals in making the biggest financial decision most people make in their lives, ask the right questions to ensure we know what is important to you. Then we show you the pros & cons of the types of loans available to meet your goals whether it is FHA, VA, Conventional, USDA or whatever fits your needs.
Below is just some basics about what makes a loan a comforming loan. Really boring stuff don't you agree? Just give me a call or e-mail me and let's talk about what is the right loan for you.
Best wishes in your house hunting!
Jerry
Conforming loans are conventional loans that meet bank-funding criteria set by Fannie Mae and Freddie Mac. Both of these stock-holding companies buy mortgage loans from lending institutions and secure them for resale to the investment community. Every year, form October to October, Fannie Mae and Freddie Mac establish limits on what constitutes a conforming loan in a mean home price.Buying back mortgage loans allow these agencies to provide a continuous flow of affordable funding to banks that reinvest their money back into more mortgage loans. Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market - effectively decreasing the demand for non-conforming loans.
Conforming Loan Limits:
Number of Units Maximum original principal balance Alaska, Guam, Hawaii, and U.S. Virgin Islands only 1 $417,000 $625,500 2 $533,850 $800,775 3 $645,300 $967,950 4 $801,950 $1,202,925 NOTE: The conforming loan limit in Alaska, Hawaii, Guam and the Virgin Islands is 50% higher.
Gateway Mortgage Group Offers Mortgage Services for All Of Texas, Specializing In The Following Areas
Collin County, Dallas County, Delta County, Denton County, Ellis County, Hunt County, Johnson County, Kaufman County, Parker County, Rockwall County, Tarrant County, Wise County
Dallas, Fort Worth, DFW, DFW Metroplex, Ft.Worth, FTW, Arlington, Garland, Irving, Plano, Carrollton, Denton, Frisco, Grand Prairie, McKinney, Mesquite, Richardson, Addison, Allen, Azle, Balch Springs, Bedford, Benbrook, Burleson, Cedar Hill, Cleburne, Colleyville, Coppell, Corinth, Crowley, DeSoto, Duncanville, Ennis, Euless, Farmers Branch, Flower Mound, Forest Hill, Forney, Glenn Heights, Grapevine, Greenville, Haltom City, Highland Village, Hurst, Keller, Lancaster, Lewisville, Little Elm, Mansfield, Midlothian, Mineral Wells, Murphy, North Richland Hills, Red Oak, Rockwall, Rowlett, Royse City, Sachse, Saginaw, Seagoville, Southlake, Terrell, The Colony, University Park, Watauga, Waxahachie, Weatherford, White Settlement, Wylie.
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