Conforming Mortgage Loans
A conforming mortgage is one that “conforms” to the Fannie Mae or Freddie Mac agency guidelines. Over half of all mortgages in the US are considered “conforming”. These are the standard “fully documented” income and asset based mortgages with the rates you see advertised here and elsewhere. A conforming mortgage requires either 20% down, or if you can’t come up with this, the conforming mortgage will require a PMI policy (aka Private Mortgage Insurance). If the loan is insured, a conforming mortgage will allow for a down payment as low as 5% in some cases.
Conforming mortgages are the programs we use for most investment loan purchases, as well as vacation home purchases. The conforming mortgage has a sliding scale for pricing based on your credit score. The lower your credit score is, the higher the interest rate will be.
At my company Mortgage Trust, Inc we have the ability to underwrite, document, and fund Conforming Mortgages right here in Portland. We control the entire process from end to end while also having pricing flexibility of sending the funded loan to a variety of mortgage servicers. This gives you the service advantage of a direct bank lender, with the pricing advantage of a broker.
Please fill out the online loan application to find out how a conforming mortgage could work for you.
