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Conventional – Agency

  • Typically you can put as little as a 3% down payment and finance as much as 97% of the purchase price/appraised value.
  • The agency mortgage tends to have looser underwriting guidelines compared to the agency jumbo mortgage.
  • Mortgages aimed at the average borrower with a limit on the loan amount which you can find on this link to Fannie Mae’s website.
  • The majority of these loans are sold to Fannie Mae or Freddie Mac no matter where the loan originated from.
  • Besides VA loans, these are normally the most cost effective loan for the borrower if they qualify.
  • If mortgage insurance is needed, the insurance premium and term tends to be much lower than the corresponding FHA loan.
  • Not much room for “make sense” underwriting, it either fits in the box or it doesn’t.
  • Many banks have requirements in addition to the underwriting guidelines of Fannie Mae and Freddie Mac.

Conventional – Agency Jumbo

  • Typically you can put as little as a 5% down payment and finance as much as 95% of the purchase price/appraised value.
  • The agency jumbo mortgage tends to have stricter underwriting guidelines compared to the agency mortgage.
  • Mortgages aimed at the average borrower with a limit on the loan amount which you can find on this link to Fannie Mae’s website.
  • The majority of these loans are sold to Fannie Mae or Freddie Mac no matter where the loan originated from.
  • Besides VA loans, these are normally the most cost effective loan for the borrower if they qualify.
  • If mortgage insurance is needed, the insurance premium and term tends to be much lower than the corresponding FHA loan.
  • Not much room for “make sense” underwriting, it either fits in the box or it doesn’t.
  • Many banks have requirements in addition to the underwriting guidelines of Fannie Mae and Freddie Mac.

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