Old-fashioned finance

Old-fashioned funds, referred to as conforming finance, are mortgages one to comply with the standards and you may guidelines place because of the authorities-paid enterprises such as Federal national mortgage association and you may Freddie Mac computer. He could be limited to an optimum loan amount from $726,two hundred loans Mountain Brook AL (otherwise as high as $1,089,300 in a few large-pricing metropolises). Guild Mortgage also offers 15-year and 30-12 months fixed-price conventional funds having downpayment alternatives regarding 5% to help you 20%.

In addition, it also provides traditional changeable-speed mortgage loans with fixed periods of 5, eight otherwise ten years. Guild’s conventional loan offerings become HomeReady mortgages – being accessible to somebody and group with lower-to-reasonable profits – and up in order to 97% money to own first-time home buyers.

Jumbo fund

Jumbo loans is mortgages you to go beyond the borrowed funds maximum put from the Fannie mae and you will Freddie Mac. Guild Financial now offers jumbo financing that can rise to help you $3 million, depending on condition restrictions. These finance will likely be fixed-speed or adjustable-price, and need a credit history off 700 and you will good credit background. Interest rates and you will annual percent vary according to loan terminology and type off mortgage. [Read more…]