Conforming conventional loans:

  • Conforming conventional loan limit of $484,350 (in LA and Orange County)

  • Credit score impacts mortgage interest rate

  • No mortgage insurance required with 20% or more down payment

  • Can put down as low as 3% (private mortgage insurance required)

  • Mortgage insurance may not be required for the life of the loan

  • Most lenders follow automated underwriting system (AUS) requirements

  • Guidelines differ slightly between Fannie Mae and Freddie Mac and not all lenders offer both underwriting options

High balance conventional loans:

  • High Balance conventional loan limits are above $484,350 and below $726,525 (in LA and Orange County)

  • Credit score impacts mortgage interest rate

  • No mortgage insurance required with 20% or more down payment

  • Can put down as low as 5% (private mortgage insurance required)

  • Mortgage insurance may not be required for the life of the loan

  • Most lenders follow automated underwriting system (AUS) requirements

  • Guidelines differ slightly between Fannie Mae and Freddie Mac and not all lenders offer both underwriting options

Jumbo conventional loans:

  • Loan amounts greater than $726,525 (in LA and Orange County)

  • Credit score impacts ability to obtain mortgage

  • Jumbo guidelines vary from Fannie Mae & Freddie Mac and are typically more strict

  • Can require more documentation

  • Generally require at least 10% down

  • Most require a manual underwrite which is the most strict underwriting approach today

Renovation loans:

Have a home that needs improvements? Whether your purchasing a home that needs renovation or refinancing a home that needs a little TLC the HomeStyle Renovation Loan may be the one for you. It allows you to finance the costs of the home improvements into the loan. Contact me for more information.