Conventional and Jumbo Loans

Conventional, Jumbo and FHA Financing in 30 days or less is not a promise but a guarantee.
As a Direct Lender, we will issue Approvals within 48 hours, 7 days a week.


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Conventional Loans

Conventional loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. Because of the ever changing mortgage market and recent economic issues, many of the loans being funded within “conforming limits” are being purchased by Fannie Mae and Freddie Mac, meaning less than $625,000, or lower in some areas. In other words, the guidelines, loan limits and underwriting standards have all been standardized by the agencies (Fannie Mae and Freddie Mac). Conventional loans utilize an automated underwriting system and loan approvals are based on many factors including: credit history, down payment, property type, employment history, assets and property value.

There are many factors involved in qualifying for a conventional loan including the amount of down payment required. Down payment requirements can range from 5% to 25% (95% loan to value to 75% loan to value) depending on the area of the country you live in, your individual financial profile, and the type of property you are purchasing or refinancing:

  • Primary Residence
  • Second Home
  • Investment Property

Conventional loans with a combined loan to value over 80% must have Mortgage Insurance (MI). MI rates and loan interest rates for a conventional loan are based on your credit history, the type of property you are purchasing, and the amount of down payment. Loan programs available for conventional loans include:

  • Fixed rate mortgages (10, 15, 20, 25 and 30 year terms) – FLEX TERMS AVAILABLE – meaning you can choose 27 years or 23 years, etc. if necessary.
  • Interest only mortgages (available in certain circumstances)
  • Adjustable rate mortgages (3 year, 5 year, 7 year and 10 year fixed periods)

Contact a Mares Mortgage Consultant today to find out what options are available for you or apply now.


Jumbo Loans

Jumbo loans are available to both purchase and refinance customers looking to obtain financing for loan amounts that exceed $625,000 as set by the agencies of Fannie Mae and Freddie Mac. The average interest rate on a jumbo loan is typically higher than that of a conventional conforming loan due to the higher risk associated with the larger loan size. Since 2010 we have stepped up by offering Platinum Programs with greater flexibility in underwriting and lower interest rates. Guidelines on jumbo loans are generally more restrictive compared to that of their conforming counter-parts. Loan To Value (LTV) limits will be lower while credit and FICO requirements will generally be higher.

Some general guidelines for jumbo loans include:
  • Loan amounts up to $4 million (though LTVs will vary)
  • FICO scores to exceed 700
  • Fixed rate and ARM programs are available
  • Purchase, and Rate and Term and Cash-Out Refinance transactions are possible

Guidelines vary from program to program and must be confirmed by a Mares Mortgage Consultant for each individual mortgage application.

Contact a Mares Mortgage Consultant today to find out what options are available for you or apply now.


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