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Conventional Loan

Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.

While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options.

Loan Programs:

  • Fannie Mae and Freddie Mac
  • Home Ready and Home Possible
  • Home One
  • Physician Loans
  • General Loan Parameters:

  • Loan Amount: $75,000 to $484,350
  • LTV: 97%
  • Credit Score: Minimum 620
  • No Mortgage Insurance Options Available
  • Sold Happy

    FHA Loan

    FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.Typically the borrower can be approved with 3% Down vs 20% that is required on other loan programs.

    Loan Programs:

  • FHA Fixed and ARM
  • FHA Streamline
  • General Loan Parameters:

  • Loan Amount: $75,000 to $294,515
  • LTV: 96.5%
  • Credit Score: Minimum 580
  • VA Residential

    VA Loan

    A VA Loan is Designed to offer long-term financing to veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.

    Loan Programs:

  • VA Fixed and ARM
  • VA Steramline
  • General Loan Parameters:

  • Loan Amount: $75,000 to $484,350
  • Max LTV: 100%
  • Credit Score: Minimum 620
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    Jumbo Loan

    Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. Typically Jumbo Loans require a higher down payment than traditional loans.

    Loan Programs:

  • Nationwide High Balance
  • VA Jumbo
  • Conventional Jumbo
  • General Loan Parameters:

  • Loan Amount: $484,351 to $3,000,000
  • Up to 90% LTV
  • Credit Score: Minimum 680
  • Primary and Second Homes
  • Construction

    Construction Loan

    A construction loan is a short-term, interim loan to pay for the building of a house. They are typically short term with a maximum of one year to complete building of home.

    Loan Programs:

  • Residential Construction
  • Jumbo Construction
  • General Loan Parameters:

  • Loan Amount: $75,000 to $3,000,000
  • Max LTV: 90%
  • Credit Score: Minimum 700/li>
  • Couple Hugging

    Specialty Loan Programs

    Mid Valley Financial has a variety of specialty loan programs to help you achieve the reality of home ownership.

    Loan Programs:

  • Bank Statement
  • Professional Complex
  • Asset Depletion
  • Stated NOO
  • VOE Only
  • General Loan Parameters:

  • Loan Amount: $75,000 to $484,350
  • Max LTV: 75%
  • Credit Score: Minimum 650