Brandon Hawkinson

Loan Types

Conforming Loans (amount less than or equal to $417,000)

› 30-, 25-, 20-, 15- and 10-year terms are all available with fixed rate.
› Buy a home with as little as 5% down (primary home).
› Refinance up to 95% of your primary home's value.
› Monthly payments remain the same for the entire loan term.

› Monthly payments based on a 30 year repayment schedule.
› Provides veterans with flexible lending options and loan security
› The rate stays fixed for the first 5 years, and then adjusting for the remaining 25 years.

› The interest rate remains fixed for 3, 5 or 7 years, depending on the term.
› Interest rate will adjust every year depending on the current index and margin.
› First 10 years - monthly payments of interest only on the principal balance.
› A flexible payment amount lets you control your cash flow in any given month.

Super Conforming Loans (amount $417,000 to $625,000)

› Monthly payments remain the same for the entire loan term.
› Buy a home with as little as 5% down (primary home).
› Refinance up to 95% of your primary home's value.
› Simple and easy to understand.

Jumbo Loans (amount $417,000 or greater)

› Monthly payments based on a 30 year repayment schedule.
› Provides veterans with flexible lending options and loan security.
› The rate stays fixed for the first 5 years, and then adjusting for the remaining 25 years.

Government Loans

› 3.50% down payment required on purchase.
› Minimum credit score usually 620.
› Post-bankruptcy qualifying - 2 years after.
› Post-foreclosure qualifying - 3 years after.

› Competitive interest rates that are routinely lower than conventional rates.
› Sellers can pay up to 6 percent of closing costs and concessions.
› Higher allowable debt-to-income ratios than for many other loans.
› 0% down payment required on purchase.