Conventional finance
Traditional finance, also referred to as conforming money, is actually mortgages one to adhere to the factors and you can advice put of the bodies-sponsored companies such as for example Fannie mae and Freddie Mac computer. They are limited by a max loan amount regarding $726,200 (or as high as $step 1,089,3 hundred in certain large-rates towns). Guild Mortgage has the benefit of fifteen-season and you can 31-seasons repaired-price antique finance that have down-payment options regarding 5% to 20%.
Additionally, it also offers conventional changeable-speed mortgages having fixed periods of 5, eight or 10 years. Guild’s antique mortgage offerings become HomeReady mortgage loans – which happen to be available to people and you will family having reduced-to-modest revenues – and up so you can 97% capital to own basic-go out homebuyers.
Jumbo finance
Jumbo money try mortgages you to definitely meet or exceed the mortgage limitation place from the Federal national mortgage association and you may Freddie Mac computer. Guild Mortgage has the benefit of jumbo loans that may rise to help you $step three mil, according to state restrictions. These types of finance shall be fixed-rates or adjustable-rate, and require a credit rating away from 700 and a good credit score record. Rates of interest and annual percentages vary considering loan terms and type regarding loan.
FHA finance
FHA fund is actually backed by brand new Federal Houses Management and are generally made to help home buyers that have minimal profits minimizing borrowing from the bank scores. Guild Financial has the benefit of FHA fund to possess house orders and you may refinancing which have advance payment choice as little as 3.5% of these having being qualified credit ratings (credit ratings below 580 require 10% down).Okumaya devam et