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Express Mortgage Decisions Inc offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
Conventional Loans
Jumbo
FHA Loans
VA Loans
First Time Buyer Programs
Reverse Mortgages

Conventional Loans
Conventional loans are actually any type of creditor agreement that are not financed by the Veterans Administration (VA), or supported by the Federal Housing Administration (FHA). In general, all conventional loans are protected by the government sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC). There are different types of conventional loans that have their own peculiarities. Conforming and nonconforming types of conventional loans are the most common kind of subdivision. Conforming loans have to meet the guidelines set by Fannie May and Freddie Mac. One key feature is that the loan amount can not exceed the maximum loan limit set by Fannie and Freddie.
Maximum Amount: $417,000
 
Advantages: • The fact that the creditors can actually keep the loan in their own portfolios and in this way they provide themselves with more flexibility concerning the loans as it must not take any other direction when it comes to some other borrowers. • The creditors are free to add or on the contrary eliminate some of the fees on the loans. • In the case when a person who is willing to get a oan does not have all the possibilities to do that, the creditor has the opportunity to self-insure the loan at the same time increasing the interest rate so that to recompense for the risk he or she takes.

Jumbo
A jumbo is a loan in which the amount borrowed is greater than loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC).
 
Advantages: • Able to finance a home that is over the maximum loan amount established by Fannie Mae and Freddie Mac • Enables a borrower to purchase “more house

FHA Loans
The Federal Housing Administration was created in 1934 as an effort to bolster homes sales during the Depression. By financially guaranteeing loans, the FHA lifts much of the risk of non-payment and foreclosure from private lenders. It is important to remember that the FHA is not a lender; they just guarantee your loan.
 
Advantages: • Bankruptcy not an automatic disqualification • Lower interest rates • Down payment is less • Lower mortgage points and other closing cost requirements • Resale can be made more quickly • Is backed by the U.S. government Features: • Down payment required • Higher upfront MIP than on conventional loans but monthly MIP is lower • Loan Limits are lower than conventional • MIP required regardless of the Loan-to-Value (LTV)

VA Loans
A VA loan is a mortgage loan guaranteed by the Veterans Administration. It was created in 1944 and signed into law by President Franklin D. Roosevelt. A VA loan provides veterans and/or their surviving spouses with a federally guaranteed home with zero down payment. The program, also referred to as the GI Bill, has been highly successful and has helped millions of American veterans and their families acquire a home.
 
Advantages: • No down payment • VA does not require private MIP • Limit on the amount of origination fees and closing costs that the lender can charge • Limit also placed on appraisal fees Features: • Borrower with eligibility remaining must have a Certificate of Eligibility from the VA • Borrowers are required to make a one time funding fee based on loan amount and applicant's service length. • Closing costs can be paid by the lender and the seller.

First Time Buyer Programs
These programs assist the first-time homebuyers who do not have the resources to make a down payment on a home.
 
Advantages: • Lower down payment • Easier to qualify • May get lower rates Featuress: • May be subject to income and property value limitations • Some programs which have government subsidies may have a recapture tax if the home is sold too early.

Reverse Mortgages
Reverse mortgages work much like traditional mortgages only in “reverse”. Rather than making a payment to the lender each month, the lender pays the borrower.
 
Advantages: • Money can be used for anything • The incomes does not affect regular Social Security payments or Medicare benefits • Lenders cannot foreclose on the loan for the life of the borrower Features: • May affect eligibility for state and federal government assistance programs such as Medicaid • The amount owed grows larger over time, meaning there will be less money left over once home is sold – decrease as an asset to heirs • Loan balance increases over time



Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 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 $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 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.