Residential

Conforming Conventional Loans

  • Standard Conforming Loan

    • Meets FHFA loan limits ($766,550 in most counties for 2024)

    • Minimum down payment: 3%–5%

    • Fixed-rate or adjustable-rate options

    • Requires PMI if <20% down

  • High-Balance Conforming Loan

    • For high-cost areas (up to $1,149,825 in 2024)

    • Slightly higher rates than standard conforming

  • HomeReady® (Fannie Mae) / Home Possible® (Freddie Mac)

    • Low-income borrower programs

    • 3% down payment allowed

    • Reduced PMI and flexible income sources

    • Requires homebuyer education course

Non-Conforming Conventional Loans

  • Jumbo Loan

    • Exceeds conforming loan limits

    • Typically 10%–20% down

    • Stricter credit/income requirements

    • No PMI, higher reserve requirements

  • Portfolio Loan (residential)

    • Kept on lender’s books

    • Custom guidelines (helpful for self-employed, high-net-worth borrowers)

Other Residential Loan Features

  • Fixed-Rate Mortgage (FRM): 15, 20, or 30-year fixed payments

  • Adjustable-Rate Mortgage (ARM): Lower initial rate, adjusts after 5, 7, or 10 years

  • Cash-Out Refinance: Tap home equity (up to 80% LTV)

  • Rate-and-Term Refinance: Lower rate or change loan term without pulling cash