If you’re ready to apply for a mortgage, the first step is sitting down with a mortgage professional to decide which loan program is right for you. Over the next few weeks, we’ll be defining a few of the most-popular loan programs that we offer at InterLinc.
Mortgages can be defined as either government-backed or conventional. Mortgages not guaranteed (or insured) by Government agencies such as the Federal Housing Administration (FHA), the Department of Veteran Affairs (VA) or the US Department of Agriculture (USDA) are known as conventional home loans.
Conventional loans are guaranteed by private lenders such as banks, credit unions, or mortgage companies, or by government-sponsored enterprises (GSEs) such as Freddie Mac and Fannie Mae. Conventional loans represent approximately two-thirds of the home loans issued in the United States.
Conventional loan guidelines are currently as follows:
Other important information:
* InterLinc Mortgage Services, LLC. NMLS ID: 205696. InterLinc is an Equal Housing Lender. DISCLAIMER: This is not a commitment to lend. Credit and collateral are subject to approval. Other restrictions may apply. Programs, rates, terms and conditions are subject to change without notice. www.nmlsconsumeraccess.org