CONVENTIONAL LOANS (CONFORMING LOANS)
Types of Conventional Loans
There are 3 loan tiers for conforming loans, loan balances up to $417,000 (conventional conforming) and loan balances between $417,500 - $625,500 (conforming high-balance), there are also conventional jumbo loans available between $626,000 up to $2,000,000.
Conforming - this is the basic vanilla bank loan, with the 2 basic variables to determine the final Interest rate, the higher the Credit Score (720 or more) and the more Equity (25% equity or more), in a property allows for the most favorable Interest Rate available in the market. If your score is, for example, 640 or 660 and you have minimal equity, then based on todays guidelines, you can expect to pay a little more for the rate than if you have equity and a very high credit score. This just offsets the "risk" invloved in lending to the borrower. Regardless, I will find the best rate suitable for you!
With rates at historical low levels, you can still expect to get a favorable rate range regardless of the Credit and Equtiy hits, as long as you can get approved for a conventional loan. I will help you take the guessing game out of the current loan requirements, please call me or apply online and I will do what I can to get you the best possible rate and approval as per your qualification.
High-Balance conforming - as per current guidelines, loans between $418,000 and $625,500 are conventional high-balance and you can obtain a very decent rate range for a loan of this size. Slightly higher than a Conforming loan, but better rate than a "Jumbo" loan. Historically these rates are the lowest levels as well, and what you could get on a 5 year fixed rate a few years back, you can now get for a full 30 year fixed rate! Call me to discuss these options as well.
Jumbo Loans - We can offer loans up to $2,000,000 with confomring guidelines and favorable rates. But we do also offer alternative loan options for loans above $2,000,000 up to $20,000,000! If you are interested in learning about some options available for loans up to $2,000,000 (conforming Jumbos) or up to $20,000,000 for alternative loans, please inquiry within and I can discuss the available options.
if you would like to get pre-qualified or apply for a full loan application, click on the following links and I will work the loan request directly with you. Thanks!
LOAN PRE-QUALIFYING: PRE-QUAL CLICK HERE
LOAN APPLICATION: LOAN APPLICATION (CLICK HERE)
Or Email me directly: Jsanchez@alliedequity.com
or direct email contact: SEND ME A NOTE
400 N. MOUNTAIN AVENUE, SUITE 223
UPLAND, CA 91786
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