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http://www.news-from-newspapers.com has found the following results regarding
loan refinance mortgage
Conventional loan -
What are conventional
loans and why would you need one? Conventional
loans are secured by government sponsored entities or GSE's such as Fannie Mae and Freddie Mac or by private investors for
loan amounts higher than the limits set by the GSE's. Conventional
loans can be made to purchase or
refinance homes with first and second
mortgages on single family to four family homes.In general, Fannie Mae and Freddie Mac's single family, first
mortgage loan limit is $333,700 in 2004. This limit is reviewed annually and, if needed, changed to reflect changes in the national average price for single family homes. The current
loan limit applies to all conventional
mortgages delivered after January 1, 2004.2004 Conventional
loan Limits First
mortgages
One Family
loans: $333,700
Two Family
loans: $427,150
Three Family
loans: $516,300
Four Family
loans: $641,650
Note: Maximum original
loan amounts are 50 percent higher for first
mortgages on properties in Alaska, Hawaii, Guam and the U.S. Virgin Islands.
Second
mortgages
$150,350 (in Alaska, Hawaii, and the US Virgin Islands: $225,525)
loans which are larger than the limits set by Fannie Mae and Freddie Mac are called jumbo
loans.. Because jumbo
loans are not funded by these government sponsored entities, they usually carry a higher interest rate and some additional underwriting requirements. A strategy to lower your overall interest payments if your purchase or
refinance balance is above $333,700 is to use a combination of both first and second trust money, referred to as an 80/10/10, 80/15/5 or 80/20. Every situation is different, but it is one more option to consider.In addition to common
loan structures such as fixed rate, adjustable rate and balloon
loans, Fannie Mae and Freddie Mac also have
loan programs for low to no down payments, community lending and affordable housing initiatives, construction to permanent, home improvement and reverse
mortgages.
Source: General