These loans are usually at a rate more favorable than conforming loans, require lower down payments, and are easier to qualify for. This is the most typical type of conforming secured loan. The rate is fixed for the life of the loan. The most common are 30 or 15 year terms. Jumbo loan Jumbo loan amounts are greater than the standards set by Fannie Mae and Freddie Mac for conforming loans.
Jumbo loans are usually at a higher interest rate than conforming loans.
No income verification These programs are used mostly for borrowers who are self employed. The lender will look at your assets rather than your tax returns to determine whether you qualify. These usually require excellent credit. Similar to the no income verification, the lender will look at your assets rather than your tax return. These programs require excellent credit and carry a higher interest rate.