First Meridian Mortgage Corporation is proud to offer home buyers in Maryland, Virginia and Washington DC with the following loan products. Call us to find out more about our services and what we can do to help you.
First Meridian Mortgage Corporation is proud to offer home buyers in Maryland, Virginia and Washington DC with the following loan products. Call us to find out more about our services and what we can do to help you.
A conventional loan is any mortgage loan that the underlying terms and conditions must follow the rules and regulations of Fannie Mae and Freddie Mac. This is your Standard 30 Year Fixed Rate,20 Year Fixed Rate,15 Year Fixed Rate Mortgages. This would also include all the Adjustable rate mortgages to include 3/1 ARM’s, 5/1 ARM’s, 7/1 ARM’s, and 10/1 ARM’s. all these loan programs would have loan amounts from $50,000 – $726,300, and in high Cost area allow up to $1,089,300. These can be used for purchase or refinance.
The United States government has always had a hand in the housing sector. FHA Loans or Federal Housing administration and VA Loans Veterans Administration loans are the typical government loans available. FHA Loans are usually 3.5% down and VA Loan are 100% Financing loan. VA Loans can have loan amounts to $1,500,000. FHA loans are to county limits.
A loan that qualifies as a non-conforming loan does not meet the standards set by the financial Freddie Mac or Fannie Mae. In most situations, either the property or the borrower’s financial status does not meet the requirements for a traditional loan, or the size of the loan being Jumbo, Investor, or non warrantable.
A home equity loan is when a second loan is taken out on the equity a homeowner has in the home. Equity is the difference in the actual market value of the home and the amount that the owner still owes on the mortgage.
Doing home improvements is one reason that equity is cashed out. Investing in your home only increases the value of the property and, in effect, increases the equity on the home.
Cash out Refinancing to consolidate all of your debts is an option that is often referred to as a “cash-out” refinancing loan. This can also be used to do Spousal buyouts, pay for college, home improvements. The most popular way to do this is using a No Closing Cost Refinance or a zero closing cost refinance.