Conventional Tucson home loans are originated by institutional lenders such as Mortgage Bankers, Banks, Savings & Loans, and Credit Unions which are typically then sold to Fannie Mae or Freddie Mac. If your borrowing needs “conform” to these loan’s guidelines, they offer some of the lowest rates available. Jumbo loans also referred to as “non-conforming” loans, also fall in this category but are not purchased by Fannie or Freddie. If you make a down payment of less than 20%, these loans require Private Mortgage Insurance. These are also the loan programs eligible for refinancing through the “Home Affordable Refinance Program” (HARP).
THINK “CONVENTIONAL LOAN” IF YOU’RE INTERESTED IN:
- Primary residence (1-4 units) with 3% or more down
- Rental properties (1-4 units)
- Second (vacation) homes
Government loans are originated by institutional lenders such as Mortgage Bankers, Banks, Savings & Loans, and Credit Unions which are insured by Ginnie Mae. The primary advantage of Government Insured loans have the distinct advantage of being backed by the full faith & force of the US Government so are considered very safe to the institutions that eventually buy them. Their focus is to help people purchase PRIMARY RESIDENCES (only) with little or no money down.
There’s a virtually unlimited combination of options, questions, regulations and issues to deal with – why not ask a pro- US! We’ve tried to distill out the essence of the various loan programs to help you identify which MIGHT be your best starting point for Tucson home loans. Check out our Loan Comparison chart to get a head start. Need more information? Check out our “REFERENCE MATERIALS” section for downloadable reports and information. It’s all free and may just answer MANY of your questions regarding home loans. Still not sure? CONTACT US and we’ll be happy to help you by email or phone – NO WORRIES! We’re here to help YOU!