A conforming loan is a mortgage where the underlying terms and conditions conform to the criteria of Fannie Mae and Freddie Mac. In the state of Florida, the maximum conforming loan amount on a single family residence is $417,000, with the exception of Collier County and Monroe County which have limits of $448,500 and $529,000 respectively. Fannie Mae and Freddie Mac are continuously in the market for conforming loans which makes a conforming mortgage more liquid than non-conforming. Criteria include debt-to-income ratio limits and documentation requirements. Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market, making the demand for a conforming loan much greater.

An FHA loan is a mortgage loan that is insured by the US Federal Housing Administration and provided by FHA approved lenders. FHA insured loans are considered federal assistance as the underwriting guidelines are not as strict as those of a conforming loan. FHA insured loans require an up front mortgage insurance premium (UFMIP) of 1.75% of the loan amount, which can be financed into the total loan amount. In addition to the UFMIP, monthly mortgage insurance is also required, which varies depending on the amortization term and loan-to-value ratio.

A Jumbo Loan is a mortgage loan that is in an amount above conventional conforming loan limits. This standard is set by Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender. Fannie Mae and Freddie Mac are government sponsored enterprises that purchase the bulk of U.S. residential mortgages from banks and other lenders. They are responsible for providing liquidity in the mortgage markets allowing lenders to approve more mortgages. When Fannie Mae and Freddie Mac limits don’t cover the full loan amount, the loan is referred to as a “jumbo mortgage”. The average interest rates on jumbo mortgages are typically higher than conforming mortgages. In Florida, the conforming loan limit for a single family residence is $417,000, with the exception of Collier County and Monroe County which have limits of $448,500 and $529,000 respectively.

A VA loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA) and provided by qualified lenders. The VA loan was designed to offer long-term financing to eligible veterans or their surviving spouses. The basic intention of the VA direct home loan program is to supply home financing to eligible veterans and provide them the option to purchase property with no down payment. The VA loan allows veterans 100% financing without private mortgage insurance. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA; this fee may also be financed into the loan.

The USDA loan program is administered by the US Department of Agriculture and is for “rural” areas. The program features a zero down payment loan with a low interest rate. There are income limits and the home must be located in an “eligible area.  For borrowers with limited funds and wanting to live in a rural area this maybe perfect for you.

A Foreign National Program is a loan program for non-resident aliens and non – US citizens.  The program is for clients from Visa Waiver Program designated countries only.   A few countries that are included are Canada, Germany, Sweden, and Switzerland among others.

A Construction-to-Permanent mortgage (CP loan) is a three-stage mortgage that allows you to finance the construction of your new dream home.

I process mortgage applications for the entire state of Florida and am conveniently located for clients in Fort Myers, North Fort Myers, Cape Coral, Lehigh Acres, Punta Gorda, Estero, Bonita Springs, and Naples.