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| FHA 30 yr Fixed Rate |
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Conventional
Conventional loans are privately insured loans. A conventional loan typically requires that the borrower have a fairly good credit rating. Conventional loans are available in 10, 15, 20, 25,and 30 year loans. They are also available in fixed rate and adjustable rate mortgages. The current maximum conforming loan amount is $417,000. Depending on the amount of the down payment or the structure of the loan private mortgage insurance may be required. Some conventional loan products allow for 103% financing that would allow for a borrower to finance a portion of their closing costs. Not everyone will qualify for this type of loan as there are minimum credit score requirements. Please contact your McMillin Mortgage representative for specific program requirements.
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FHA 30 yr Fixed Rate
Term: 30 years
Maximum Amount: $287,500
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VA
VA loans are guaranteed by the Veterans Administration. They are available to active duty personnel as well as individuals with previous military service. A Certificate of Eligibility is required for a VA loan. Loan terms include 15 and 30 year loans. VA loans are also available in fixed rate and adjustable rate mortgages. Currently the maximum amount that the VA will guarantee is $417,000. For specific details on VA loans please contact your McMIllin Mortgage representative.
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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 $19,455. 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 $10,000. Your actual APR may be different depending upon these factors.
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