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| Conventional Mortgages |
| RD (Rural Development) Mortgages |
| FHA Mortgages |
| VA Mortgages |
| Reverse Mortgages - |
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Conventional Mortgages
Conventional loans are mortgages that are not covered by any government program of insurance or guarantee. Such loans may be eligible for purchase by the major secondary market agencies Fannie Mac and Freddie.Mac which offer standardized underwriting guidelines for conforming loan amounts up to $417,000. These loans can carry fixed or adjustable (ARM) rates and a variety of repayment terms that can be tailored to your individual needs. Down payment requirements may be as little as 3% although loans with less than 20% down require mortgage insurance, Generally , these loans do not have prepayment penalties. All conventional rates are based on no origination fees and no discount points.
Term: 30 years
Maximum Amount: $417,000
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RD (Rural Development) Mortgages
Rural Development loans are unique in that there is no down payment required and no PMI cost. Loans are insured by the U.S. Department of Agriculture. This 30 year fixed mortgage is ideal for buyers with very little cash since closing cost may be financed depending on appraised value. Each area of the country has a designated maximum income limit. Concorde Mortgage recieved recognition for Most Loans Originated in fiscal year 2009 for the state of Ohio from USDA Rural Development for this program.
Term: 30 years
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FHA Mortgages
FHA loans are ideal for first-time home buyers and those low-to-moderate-income borrowers. Loans are insured by the Federal Housing Administration. Down payments may be as little as 3.5% The loans are assumable with release of liability to the original borrower. Each area of the country has a designated maximum loan amount that is determined by the Department of Housing and Urban Development (HUD). These loans can also be fixed or adjustable rate. All FHA rates are based on no discount points.
Term: 30 years
Maximum Amount: $271,050
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VA Mortgages
Available to individuals who have served or are currently in the U.S. armed forces that meet eligibility requirements. VA mortgages may be provided with no down payment requirement, making them ideal for first-time borrowers. Loan amounts may be as much as $244,000 with full entitlement. Loans are assumable with release of liability and there are no penalties for prepayment.
Term: 30 years
Maximum Amount: $244,000
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Reverse Mortgages -
To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older. A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the equity in your home into cash without having to move or to repay a loan each month.
Typically don't have to pay anything back until you die, sell your home, or permanently move out of your home.
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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