Fixed Rate Mortgages (FRM)

SPECIFICS

Loan amounts are subject to applicable conforming loan limits established annually by the Federal Housing Finance Agency (FHFA). Limits vary by year, property type, and location.

DOWN PAYMENT REQUIREMENTS

Down payment requirements vary based on the loan program, property occupancy, and borrower qualifications.

Options may be available for both first-time and repeat homebuyers.

Different down payment requirements may apply to primary residences, second homes, and investment properties.

Eligible gift funds may be used toward certain down payment and closing cost requirements when applicable program guidelines are met.

CREDIT REQUIREMENTS

Credit score and credit history requirements vary based on the loan program, borrower qualifications, and applicable lender and investor guidelines.

Interest rates, pricing, and mortgage insurance requirements may also vary based on credit profile and other loan characteristics.

DEBT-TO-INCOME RATIOS / FIXED-RATE OPTIONS

Debt-to-income requirements vary based on the loan program, borrower qualifications, and underwriting guidelines.

A variety of fixed-rate mortgage options may be available depending on the loan program and borrower qualifications.

PRIOR CREDIT EVENT WAITING PERIODS

Borrowers with a prior bankruptcy, foreclosure, short sale, or other significant credit event may still be eligible for conventional financing.

Applicable waiting periods vary based on the type of credit event, borrower circumstances, and applicable lender and investor guidelines.

Shorter waiting periods may be available in certain circumstances when applicable program requirements are met.

OTHER IMPORTANT FACTS

Closing costs, fees, and other loan expenses vary by transaction and loan program.

Guidelines regarding the number of financed properties a borrower may own vary based on property occupancy, loan program, and investor requirements.

Seller and other interested-party contributions toward eligible closing costs may be permitted, subject to applicable loan program and investor limits.

MORTGAGE INSURANCE

Private mortgage insurance (PMI) may be required for certain conventional loans depending on the loan-to-value ratio, down payment, and applicable program requirements.

PMI may be eligible for borrower-requested cancellation or automatic termination when applicable federal law, investor, and servicer requirements are met.

IMPORTANT INFORMATION

Loan limits, rates, fees, down payment requirements, mortgage insurance, qualification standards, and program availability vary and are subject to change.