LOAN PROGRAMS

Equity Atlas Loan Programs Overview

Jumbo Loans

The
jumbo loan
is a loan that is over the conforming loan limit ($417,000) set by the government-sponsored
mortgage
agencies, Freddie Mac (FHLMC) and Fannie Mae (
FNMA
). When FNMA and FHLMC limits don’t cover the full loan amount, the loan is referred to as a “jumbo loan”.
Interest rate
s are traditionally higher on jumbo loans than for conforming loans and a larger
down payment
might be required. In addition, the loan usually requires higher
credit
score
s and higher reserves (or emergency funds) than conforming loans. Fixed and adjustable loans are available in jumbo form.

In some instances, a combination loan can be obtained to reduce the need for a Jumbo loan. The option includes a first loan at the conforming loan amount of $417,000 and a second loan for the difference. Higher interest rates on the second loan can sometimes offset the savings on the first loan. The option must be compared against the Jumbo loan to determine if the savings warrant the additional complexity of having two loans.

Loan Programs

Program Details

30 Year Fixed-Rate Mortgage
This traditional fixed-rate mortgage offers a stable, fixed payment over the life of the loan.
Pre-Apply Details
CREDIT

620

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 620
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
15 Year Fixed-Rate Mortgage
The 15 year fixed-rate mortgage enables you to own your home in half the time as the 30 year fixed-rate mortgage.
Pre-Apply Details
CREDIT

620

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 620
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
Flex Term Fixed-Rate Mortgage
The flex term fixed-rate mortgage offers repayment terms ranging from 16 to 29 years.
Pre-Apply Details
CREDIT

620

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 620
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
Jumbo Loans
The jumbo loan is a loan that is over the conforming loan limit ($417,000) set by the government-sponsored mortgage agencies, Freddie Mac (FHLMC) and Fannie Mae (FNMA).
Pre-Apply Details
CREDIT

700

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 700
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
Adjustable Rate Mortgage
Adjustable rate mortgages (ARM) have an initial fixed-rate period of 1, 3, 5, 7 or 10 years after which time they convert to an adjustable rate mortgage. Dependent on the length of time you intend to own your home, the ARM might be a consideration.
Pre-Apply Details
Higher Downpayment
This designation indicates the program requires a higher initial down-payment from the borrower.
Minimal Loan Documentation
This designation indicates the program requires less complex documentation
Federal Housing Administration Loan (FHA)
FHA home loans insured by the Federal Housing Administration (FHA) offer expanded lending guidelines for individuals who may not qualify for conventional financing.
Pre-Apply Details
CREDIT

550

Minimum Credit Score
Eligibility for this program requires a minimum credit score of 550
Lower Downpayment
This designation indicates the program allows a lower initial down-payment from the borrower.
Extra Loan Documentation
This designation indicates the program requires more complex documentation.