New from Old Kent is our ARM Alternative . Low start rates with the security of a fixed rate. The conforming limit is a mortgage amount set by Congress and is the maximum loan size eligible for purchase by either Fannie Mae or Freddie Mac, two Federally chartered organizations who purchase the underlying securities from mortgage originators. Those funds are reinvested in new mortgages completing the flow of funds cycle. Any loan amount above that figure is considered a Jumbo loan and is often subject to an interest rate pricing premium as well as to some additional underwriting restrictions.
Every situation is different, but it is one more option to consider.
Old Kent offers you the ability to qualify and close into several unique programs which accommodate borrowers with non traditional income or asset situations. Please visit my No Docs page. I have included a page on how to calculate your qualification ratios . I have included a page on documentation requirements . These conventional loan programs are focused on purchase transactions.