Types of Loans

FHA Loans

The FHA makes no loans, nor does it plan or build houses. As in the Veterans Administration's VA loan program, the applicant for the loan must make arrangements with a lending institution. This financial organization then may ask if the borrower wants FHA insurance on the loan or may insist that the borrower apply for it. The federal government, through the Federal Housing Administration, investigates the applicant and, having decided that the risk is favorable, insures the lending institution against loss of principal in case the borrower fails to meet the terms and conditions of the mortgage

Conventional

A conventional mortgage is a housing loan that is generally on a fixed interest rate term (although it can be an adjustable rate which is relatively new) and which generally meets the Fannie Mae (Federal National Mortgage Association) or Freddie Mac criteria and guidelines. They can also be called conforming loans, as they conform to conventional guidelines set out by the aforementioned institutions

VA Loans

The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities

Jumbo

In the United States, a Jumbo mortgage is a mortgage with a loan amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of U.S. residential mortgages from banks and other lenders, allowing them to free up liquidity to lend more mortgages. When FNMA and FHLMC limits don't cover the full loan amount, the loan is referred to as a "jumbo mortgage". The average interest rates on jumbo mortgages are typically higher than for conforming mortgages.

Foreign National

A mortgage to a non resident is called a Foreign National Mortgage loan. A foreign national who is not a resident of the United States will in many cases seek to own real estate. Financing real estate is generally done by US mortgagecompanies and banks to United States citizens.

Lenders also offer loans to non citizens. They may be resident aliens, temporary residents or other classifications of either temporary or permanent status.

The Owners of Wendy Morris Realty & SHF Group have extensive experience in Foreign national Loans with Both Wendy and David Hailing From London England . Having used Jumbo Loand and supplied them to Many Clients we are known within the industry as experts in this sector of the market 

Non Warrantable Condo Loans

Non Warrantable Condos - these are condominiums that are not eligible to be sold to Fannie Mae or Freddie Mac because they DO NOT fit into one of the following three classes:

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