Conventional loans have been considered the garden variety mortgage program for over 80 years. The term ‘conventional loan’ is defined as any mortgage that isn’t guaranteed or insured by a government agency. Today’s conventional loans may be either “conforming” or “non-conforming”, although ‘conforming loan’ programs are often loosely referred to as ‘conventional loans’. Conventional conforming loans are conventional programs that meet or ‘conform’ to guidelines set forth by the Federal Housing Finance Agency (FHFA), as well as the funding criteria for either Fannie Mae and Freddie Mac.
If you are underwater on your home (owe more than it’s worth) yet have stayed current on your mortgage payments, HARP is here to help you. HARP stands for the Home Affordable Refinance Program and is designed for you to refinance and obtain more affordable payments and interest rates than you have on your original mortgage. Read More
If you want to reduce the payment on your current FHA mortgage, even if your home is now worth less than you owe on it, the FHA Streamline Refinance could be just right for you. Remarkably, the FHA Streamline Refinance program requires no credit check, no employment or income verification and in most cases no appraisal of the property. Read More