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CONFORMING MORTGAGE

adjective | /kuhn form ing/
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Conventional, conforming mortgage loans are those loans that meet Fannie Mae (FNMA) or Freddie Mac (FHLMC) guidelines. Fannie & Freddie are very large companies operated by the Federal Government. They do not originate mortgage loans but purchase them on the 'secondary market' from mortgage lenders.

NEXA Mortgage originates conforming loans using Fannie/Freddie guidelines so that they will be purchased on the secondary market thereby replinishing our funds to make more mortgage loans.

Conforming mortgage loans require Mortgage Insurance whenever the borrowed loan amount is greater than 80% of the purchase price or home value. This mortgage insurance is obtained through various private mortgage insurance (PMI) companies. This lowers the risk to the lenders who can then provide better rates to the borrower because there is less risk of losing money.
PMI can be refinanced away once the balance of the mortgage is paid down to 80% of the current market value and will AUTOMATICALLY be removed when the loan is paid down to 78% of the original sales price or appraised value.

BENEFITS: DRAW BACKS:
  • Up to 97% financing
  • Both purchase and refinance
  • 1-4 units allowed.
  • Low interest rates.
  • Low downpayment.
  • Up to 30 year payback terms.
  • PMI goes away eventually and monthly payment decreases.
  • Fixed rate and fixed payment is available.
  • Co-Signers allowed.
  • Investors allowed.
  • 2nd homes allowed.
  • Maximum loan amount of $726,200, $625,000 in some high cost counties. (1 unit)
  • Mortgage Insurance if the loan amount is greater than 80% of the sales price or appraised value.
  • Very good credit is required.
  • Impounds are required if less than 10% down.


Serving Fresno since 1994
Questions?   Call or Text TODAY - (559) 346-7238
  ✦ ✧ ✦   eMail: RayJones@NexaMortgage.com  ✦ ✧ ✦  


Seriously!  I love talking to people and answering questions.

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Rates, Program, Fees, and Guidelines are subject to change without notice. Restrictions apply. Not a commitment to lend. OneRay - NEXA Mortgage only conducts business in states we are approved to. OneRay - NEXA Mortgage 1702 E Bullard Ave Ste 104, Fresno, CA 93710-5800. Phone: (559) 346-7238 | See licensing below

We are located in Fresno, California but we offer unparalleled home mortgage and refinance service to clients throughout the Great State of California!


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