![]() ![]() ![]() Naturally, there has been rapid demand for securing all types of home loans, be it conforming or non-conforming loans. The National Association of Realtors reported that the affordability index of the fourth quarter of 2011 provided the best markets in the past 40 years of property buying history in America! Security America Mortgage has seen this trend continue into 2012 as well. You are interested in purchasing a second home or an investment property.You have an irregular income or are self-employed.The loan amount is higher than the conforming loan limit.The following are three common situations in which a non-conforming loan can be applied effectively: In general, a real-estate loan is qualified as a non-conforming loan because either the borrower’s financial status or the property type does not meet standard performance guidelines. Mortgages that are non-conforming because they do not meet FNMA/FHLMC underwriting guidelines (such as credit quality or loan-to-value ratio) are often called “subprime” mortgages.Ī Non-Conforming Loan is a loan that fails to meet typical bank criteria for funding. ![]() Mortgages that are non-conforming because they have a dollar amount over the purchasing limit set by FNMA/FHLMC are often called “jumbo” mortgages. A non-conforming mortgage is a term in the United States for a residential mortgage that does not conform to the loan purchasing guidelines set by the Federal National Mortgage Association /Federal Home Loan Mortgage Corporation ( Fannie Mae and Freddie Mac). ![]()
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