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| FHA Loans |
| VA Loans |
| Conventional Agency Fixed |
| Fannie Mae 40-Year Fixed Rate |
| Fannie Mae Interest-Only |
| Adjustable Rate Mortgages (ARM) |
Rates last updated on Wednesday, October 14, 2009
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FHA Loans
Federal Housing Administration loans are loans that are insured by the Federal Government to protect the lender. This loan is offered in terms of 10, 15, 20, 25, & 30 years. FHA loans are offered as both fixed and/or adjustable. The loan limits on this product are determined by the county in which the property is located.
Maximum Amount: $337,500
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VA Loans
The Veteran's Administration loan program enables veterans and active duty personnel to purchase or refinance (cash-out) a home with favorable loan terms. VA offers fixed and adjustable-rate mortgages that can accommodate no down payment on many purchase transactions. Fixed rates are offered in 15 & 30 years.
Maximum Amount: $650,000
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Conventional Agency Fixed
The Conventional Agency Fixed is available in many different terms. The term is the length of which you will pay on the loan. This particular product is offered for the following years 10, 15, 20, 25, & 30. These are fixed throughout the entire term of the loan, but they are also offered as adjustable rate mortgages.
Maximum Amount: $417,000
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Fannie Mae 40-Year Fixed Rate
This product is mostly used for borrowers who need just a little more help trying to keep their debt-ratios down. This product is fixed through out the life of the loan.
Term: 40 years
Maximum Amount: $417,000
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Fannie Mae Interest-Only
Conventional conforming first lien mortgage loan program with interest-only payments for the first 10 or 15 years, depending on the product choice; fully amortizing of the remaining term of the loan.
Maximum Amount: $417,000
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Adjustable Rate Mortgages (ARM)
Intermediate term adjustable-rate mortgage loan program with an initial fixed rate period of 3, 5, or 7 years depending on the product selected. Upon the expirationof the fixed-rate term the program allows for increases or decreases to the interest rate on annual basis.
Term: 30 years
Maximum Amount: $417,000
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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