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A conventional loan is a mortgage which meets the underwriting guidelines of Federal National Mortgage Association (FNMA), known as Fannie Mae; or Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac, as opposed to a government-backed loan. Options include FIXED RATE Mortgages with terms from 10-30 years; HomeReady® which is an Affordable Financing Option to serve Low-to moderate-income Borrowers; and ARM’s. Documented gift funds from a relative are allowed to be used for down payment and/or closing costs.
Conventional 2019 Conforming Loan Limits: Units (1) $484,350 (2) $620,200 (3) $749,650 (4) $931,600
A non-conforming loan, also known as a jumbo loan, is a mortgage loan which exceeds the maximum loan limits established by Fannie Mae and Freddie Mac. See above. The interest rates on jumbo mortgages are typically higher than conforming mortgages.
Non-Conforming Loans are not available through BancMac at this time. We intend to have a jumbo product available in the future.
However, to meet your borrowers lending needs, a conforming first mortgage (through BancMac) can be paired with a Portfolio Second Mortgage (through your bank). See the Mortgages with Subordinate Financing LLPA Matrix. Often the rates on conforming with the applicable LLPA’s may be better for your borrower than a Jumbo Rate option.
This program is dedicated to provide long-term financing for non-conforming secondary market hobby farm properties, with agricultural characteristics.
A rural housing loan is a government mortgage loan guaranteed by the U.S. Department of Agriculture (USDA), which allows 100% financing. Documented gift funds from a relative are allowed to be used for down payment and/or closing costs. The home must be located in a designated USDA area and the borrowers must have certain income limits to qualify.
A VA loan is a government mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) and issued by qualified lenders. VA loans are made to active duty and honorably discharged veterans and their un-remarried widows or widowers. VA loans require no down payment and offer low interest rates. Documented gift funds from a relative are allowed to be used for down payment and/or closing costs. VA loans are assumable for owner-occupied borrowers.