Conventional Financing

Fixed Rate Mortgage Loans Florida

Fixed rate mortgages west palm beach

If you are in Need of a Fannie Mae or
Freddie Mac Conventional Mortgage,
You have come to the right place.

Preston Ware
Mortgage Banker
(561) 329-0075

In the past, conventional financing was designed for good to excellent borrowers  who were intending on putting 20% down to get a great rate and also avoid mortgage insurance at the same time.
Nowadays we have other higher loan to value programs that are still giving a great rate with low rates on mortgage insurance.

 When a borrower has some money to put down on the transaction, most loan searches start with these Fannie Mae or Freddie Mac alternatives. These borrowers typically select a 30 year fixed rate loan with no pre-payment penalties.

  • Credit Scores need to be at least 620 middle score for each borrower.
  • Fixed Rates and Adjustable Rate Mortgages are available at interest rates as low as 3.00% depending upon the loan program.
  • These programs generate the lowest payment for refinances and purchases because usually there is no mortgage insurance.
  • Mortgage insurance is required for 80%-95% financing on purchases or refinances .
  • DU Refi Plus or Freddie Mac Relief allow for up to 125% loan to values,and in some cases more.
  • I can price your loan with points or without.
  • Conventional Financing allows for loans for Primary Residence, Second Homes or Investment Properties .
  • Fannie Mae or Freddie Mac Loan Programs make for an easier process. FHA has more paperwork
  • Maximum 6% seller paid closing costs for purchase loans 80% and under
  • Maximum 3% seller paid closing costs for purchase loans 90% and under
  • No Prepayment Penalties

 Special Note about Condos: Many lenders see a risk factor due to higher default rates and issues with poorly run homeowner associations. Most sources require 25% down if you are considering a condominium.

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