OUR COMMITMENT TO THE REAL ESTATE INDUSTRY: WE VALUE REAL ESTATE PROFESSIONALS, AND WORK CLOSELY WITH OUR REAL ESTATE PARTNERS TO OFFER THE VERY BEST TO THEIR CLIENTS. WE WILL CONSTANTLY STRIVE TO BRING THEM THE VERY BEST IN COMMUNICATION AND A QUICK PROCESS. WE LIKE HAPPY CLOSINGS!
The term “conforming” specifically refers to the loan amount. FNMA (Federal National Mortgage Association, aka Fannie Mae) and FHLMC (Federal Home Loan Mortgage Corporation, aka Freddie Mac) are the government agencies that set this limit. The current loan limit is $417,000. If you borrow an amount less than or equal to $417,000, then your loan will be considered “conforming”, since you will be conforming to the FNMA and FHLMC guidelines. We offer fixed rate, adjustable rate, and interest-only conforming loans. Please contact one of our mortgage professionals to discuss further and to learn more.
A jumbo loan is any loan amount greater than $417,000 which is the limit set by FNMA and FHLMC. A “super jumbo” loan is any loan amount greater than $650,000. The qualifying guidelines for these mortgages can be strict, so be sure to contact one of our mortgage professionals to discuss your personal situation.
It would be our pleasure to assist you if you would like to refinance your current mortgage. Our Mortgage Professionals can help you with an easy analysis of your present situation, and how much you can benefit by lowering your payment or shortening the length of your mortgage. Maybe you need to borrow equity to pay for other expenses. We can help you by determining if a new mortgage will help you and meet your financial objectives.
Debt Consolidation loans use the equity in your home to reduce your overall indebtedness. Generally, you can reduce your monthly payments significantly by using equity to pay off high interest debts such as credit cards and personal loans. This is an excellent way to unlock the equity in your home and put it to work to save you money!
We are the experts! An FHA loan is a loan for residential real estate guaranteed by the Department of Housing and Urban Development (HUD). FHA permits loans up to 96.5% of your purchase price and 97.75% of your homes’ value for a streamlined refinance or up to 85% of your homes’ value for a cash-out refinance. Loan limits are set by county in each state. Please click the following link to determine the FHA loan limit for your area: https://entp.hud.gov/idapp/html/hicostlook.cfm.
FHA loans permit flexible qualifying, and rates that are comparable to conforming loan rates and fees. Midwest Regional Bank offers FHA Fixed and Adjustable Rate loans in all 50 states.
VA loans (or Veteran Administration Loans) are guaranteed by the Department of Veterans Affairs to assist our Veterans of military service with 100% financing for the purchase or refinance of their homes. Veterans may obtain financing in all 50 states and our rates are comparable to conforming fixed rate loans.
For VA eligibility information, check the following link: http://www.homeloans.va.gov/eligibility.htm.
USDA Rural Development
USDA Rural Development offers 100% financing for qualified areas determined by the property’s address. Call one of our Mortgage Experts to see if the property you are interested in financing qualifies.
Call and speak to one of our Mortgage Experts about our variety of niche products available that may fit your current situation. We have too many other great products to mention: (636) 232-9640
Midwest Regional Bank makes such loans without regard to race, religion or other discriminating factors.