Conventional Loans:
Conventional loans are mortgage loans offered by non-government sponsored lenders. These loan types include:

  • Fixed Rate Loans
  • Balloon Mortgages and Pledge Asset Loans
  • Jumbo / Construction Loans
  • Reverse Mortgage


Jumbo Loans

Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes, and usually require a higher down payment than traditional loans!


Fixed Rate Mortgage:
 With a fixed rate mortgage, the interest rate does not change for the term of the loan; the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be.
 
Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal.
 
A 
30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.
 
Benefits:

  • Lower monthly payments than a 15 year fixed rate mortgage
  • Interest rate does not go up
  • Payment does not go up, it stays the same for 30 years

 
Drawbacks:

  • Higher interest rate than a 15 year fixed rate mortgage
  • Interest rate stays the same even if interest rates go down

 
A
15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate.
 
Benefits:

  • Lower interest rate
  • Build equity faster
  • If interest rates go up, yours is fixed

 
Drawbacks:

  • Higher monthly payment stays the same if interest rates go down
  • Interest rate stays the same even if interest rates go down


State and Local Housing Programs:
Many state, county and local government programs offer financing for qualifying low-to-moderate income families wishing to purchase their first home. Loan assistance programs like Mortgage Credit Certificate (MCC) offer a partial tax credit for interest on the loan.

    These programs typically offer:

  • More relaxed qualifying guidelines
  • Lower upfront fees
  • Lower interest rate
  • Fixed rate


FHA Loans
FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.

FHA loans are an attractive option, especially for first-time homeowners:

  • Generally easier to qualify for than conventional loans.
  • Lower down payment requirements.
  • Cannot exceed statutory loan limits.


Conforming Loans

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.


HARP II

Is your loan backed by Fannie Mae or Freddie Mac?


Does your mortgage have a securitization date prior to June 1, 2009?

If the answer to these two questions is “Yes”, you may be eligible to participate in the Home Affordable Refinance Program.

HARP is designed to help you get a new, more affordable mortgage, based on your home’s current market value. If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, call us today for a free screening to determine your eligibility.

You’ve been faithful to make your payments every month. It’s time that you got rewarded for being responsible.
It’s OK if you don’t have at least 20% equity.  It’s OK if your home is underwater.

Determine where your mortgage is backed by visiting FannieMae.com and FreddieMac.com then call us.  Don’t miss out on this opportunity! 
 
Contact: 888-KARIS-80

Our Loan Options

Self-Employed Borrowers Program

Self-Employed Borrowers can verify a dependable income by one-year tax returns and banks statements!

  • Great for buyers who may not appear to be a candidate for a traditional load due to fluctuations in income!


Full-Doc Programs

Designed for the financially documented borrowers.

  • Finance up to $625K with FHA with only 3.5% down!
  • Finance up to $625K with FNMA with 10% down and Zero PMI! 


International Borrowers Program

Designed to finance nonqualified, cash International Buyers!

  • No income and credit checks or residency rules!


Expanded Criteria Program
Designed for borrowers that are financially stable but are held back by a derogatory event on their credit history!


Depletion of Assets Program

Specifically designed to maximize finances for individuals, with a high net worth, seeking loan amounts of $4M+, with a loan- to-value (LTV) ratio of 80%! 

Our Loan Programs

Call direct: 1-650-219-2926

FREE  mortgage consultation!