Conventional
First-time Homebuyer
FHA
Jumbo
Refinances
Home Equity
Less than perfect credit
Improve Your Credit Score
Prequalifications

Home
Introduction
Staff
Programs
Rates
FAQ

 

 

 

 


 

Conventional loans (up to $424,100)
Conventional/conforming loans are the most common loan programs available.  They come in many different forms but are limited to loans of up to $424,100.

The most favorable terms are available if you have at least a 20% down payment.  There are conforming loans that are available with as little as 5% down.  Anything less than 20% down will require private mortgage insurance (PMI) from the lender.

Lender paid mortgage insurance (LPMI) programs offer a slightly higher interest rate, however in exchange the lender pays your mortgage insurance in advance for you. Often this will give you initially lower payment. One possible negative compared to paying PMI monthly is that your payment for principle and interest will always stay the same with an LPMI program, if you pay monthly PMI your payment will eventually go down (when the PMI is no longer necessary on the loan).

In many cases these programs can save you money, although not all.  We'll typically evaluate both programs (with and without PMI) to see which one saves you money.