The most common loan is a conventional loan, a loan is a “conforming” loan, which simply means that it meets the requirements for Fannie Mae or Freddie Mac.
A Jumbo is a mortgage loan that exceeds the limits set by the Federal Housing Finance Agency (FHFA). They are considered non-conforming loans because they don’t conform to these $$ limits.
For 2023, the conforming loan limits are $726,200 for a single-family unit in most parts of the country but can go as high as $1,089,300 depending on the county.
Typical Jumbo borrowers will need
Each individual lender has their own specific underwriting guidelines.
VA mortgage loans are one of the best loan products on the market. Veterans typically have access to lower rates than conventional, especially on a 30 yr fixed loan.
Federal Housing Administration (FHA) - insures the loan, so your lender can offer you a better deal. FHA allows a buyer to purchase a home with as little as 3.5% down. They tend to be more lenient on areas such as credit, funds to close and co-borrowers.
Some benefits of FHA loans are:
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan.
FHA loan limits for 2023 range from $472,030 - $1,089,300 varying by county.
First Time Home Buyer are conventional loans with a few extra benefits.
In Maricopa County - Wain Capital has partnered with a Non-Profit organization offering first time home buyers the opportunity to maximize their purchasing power with $35,000 for down payment.
Home Equity Line of Credit (HELOC) allows homeowners to borrow money against the equity they have in their home and receive that money as a line of credit.
As a homeowner, the money is a line of credit secured by your home that gives you a revolving credit line to use for large expenses such as:
Fixed Interest Rate Loan is a loan where, once the rate is locked in, the interest rate doesn't fluctuate during the term of the loan. This helps borrowers account for consistent future payments.
Adjustable Rate Mortgages (ARMs) also known as variable-rate mortgages or floating mortgages, are loans with an interest rate that changes.
Typical fixed periods of ARMs are 5, 7, or 10 years. During this initial, fixed-rate period, your interest rate won’t change.
Debt Service Coverage Ratio (DSCR) loans are a newer loan product, specifically designed for investors.
Wain Capital, LLC, Arizona - 0951257 & 1825506 Zachary Wain, 207079, Wain Capital LLC, 1825506 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 1825506 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 207079 or Licensed by the Department of Business Oversight under the California Finance Lenders Law, 207079 NMLS# 1825506 Wain Capital, LLC (480) 336-3737 NMLS# CO-100507291 Zachary Wain (480) 336-3737
1825506 - 207079 Wain Capital LLC, 15721 North Greenway-Hayden Loop Suite 102, Scottsdale, AZ, 85260, 1825506 , Residential Mortgage Loan Company Zachary Wain, Residential Mortgage Loan Originator, 207079, Wain Capital LLC,15721 North Greenway-Hayden Loop Suite 102, Scottsdale, AZ, 85260
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