Also known as conforming loans, these loans are not insured by the federal government. Our conventional loan inventory includes:
Loans with fixed rates. These feature the same interest rate until your loan is paid off, or your refinance.
Adjustable-Rate Mortgages, or ARMs. These generally offer a lower interest rate for the first five to 10 years of your loan before adjusting to a new rate every 12 months. Jumbo loans. These offer loan amounts over the maximum conventional loan limit, which is currently $417,000 unless you are buying in a high-cost area. Some of these areas are in California, Colorado and Maryland. Caliber offers Jumbo loans with fixed- and adjustable rates.
High-balance loans. These provide loan amounts that are over the annual conforming limit set by the Federal Housing Finance Agency (FHFA). Generally, high-balance loans are required in areas where real estate prices are higher than the national average. Visit the FHFA online at http://www.fhfa.gov for a current list of high-balance areas and loan limits.
Home Possible®. This program features low down payment options, and is designed for families with limited funds for a mortgage. Homebuyer education courses may be required.
HomeStyle® Renovation. This loan is designed for homes in need of repairs, renovations or non-essential extras. In addition to funding your new home, HomeStyle Renovation provides additional funds to finance renovation projects before you move in.
These loans are insured by federal agencies, including the Federal Housing Administration (FHA) and Department of Veterans’ Affairs (VA). This insurance enables Caliber to offer these loans with less stringent qualifying requirements, including lower credit scores and down payments. Your relatives may be allowed to contribute funds to cover down payments and other costs.
