Loan Programs
Conventional
“Conventional” just means that the loan is not part of a specific government program. Conventional loans typically cost less than
FHA loans but can be more difficult to get.
There are two main categories of conventional loans:
Conforming loans
Conforming loans have maximum loan amounts that are set by the government. Other rules for conforming loans are set by Fannie Mae or Freddie Mac, companies that provide backing for conforming loans.
Conventional (conforming)
- $726,200 IN MOST COUNTIES
- Most common loan type
- Loan amount must be $726,200 or less in most counties and may be as high as $1,089,300 in high-cost counties.
- If your down payment is less than 20%, you’ll typically need mortgage insurance.
Conforming jumbo
- $726,200 TO COUNTY LIMIT
- Conforming loan for amounts higher than $726,200
- Only available in certain counties
- Maximum loan amount varies by county
Non-conforming loans
Non-conforming loans are less standardized. Eligibility, pricing, and features can vary widely by lender, so it’s particularly important to shop around and compare several offers.
Mortgage insurance is required for some conventional loans.
Jumbo (non-conforming)
- UP TO $1-2 MILLION
- Jumbo loan for amounts greater than the Conforming Jumbo limit in your county, up to $1-2 million
- Rules vary by lender, but usually need good credit and a high down payment to qualify
Non-conforming (other)
- Loans of any size that do not fall into another category
- Some loans in this category are intended for borrowers with poor credit.
- These loans tend to have high rates and may contain risky features.
These can include:
- Loans that allow for minimal documentation of your income
- Loans that allow you to pay only the interest or allow your loan balance to increase
- Some lenders also offer niche programs for mainstream borrowers with unusual circumstances.
These can include:
- Loans for properties with non-standard features (such as more than 10 acres of land, properties with agricultural income, or properties that are difficult to appraise)
- Loans for affluent customers with tricky finances, such as self-employed borrowers, or newly graduated doctors
Many of the loans that got people in trouble during the crisis fell in the “non-conforming (other)” category.
If you are considering a non-conforming loan, consult with multiple lenders. Ask if you could qualify for a conforming or FHA loan instead. Never make a final decision about which loan to take before getting your official Loan Estimates
Contact Us
2524 W Lake Sammamish Pkwy NE, Redmond, WA 98052
100 Mortgage Inquiry Leads Per Month
Each weekday, by 11:00 AM PDST, your CRM will be replenished with a set of five new Mortgage Inquiry Leads the day after the inquiry.
These leads will seamlessly integrate into an SMS Campaign orchestrated on your behalf, ensuring a consistent and timely approach to engaging potential clients.
CRM and Integrated Phone
A comprehensive CRM system encompassing an integrated local phone line, pipelines, SMS campaigns, follow-up workflows, note-taking capabilities, task reminders, and a host of other features.
SMS Campaign
Every lead will be sent an introductory SMS containing our daily rates for Conventional, FHA, and VA loans.
The SMS will also feature a complete loan estimate provided as a PDF attachment.
2,000 Per Month
Our System is competitively priced to fit your budget while providing exceptional value for your investment.
You will receive five fresh Mortgage Inquiry Leads per weekday, totaling 100 per month.
Overview
Our system has undergone continuous development, carefully crafted by Mortgage Brokers to specifically address the requirements of fellow mortgage brokers.
We acknowledge the difficulties posed by the highly competitive market we operate in. It's clear that establishing a connection with prospects genuinely committed to securing a mortgage is pivotal to ensuring our business thrives financially.
This understanding has driven us to customize our Mortgage Inquiry Lead system, ensuring that you benefit from the following advantages: