Conventional Loan Programs

Conventional loan programs are the most popular loans offered by Mlend and are the most common loans used in the marketplace today. Conventional loans can be used for first home purchases, refinances, and investment properties. These loan programs are not guaranteed or insured by the federal government and underwritten to conform to the guidelines set forth by Fannie Mae and Freddie Mac. Eligibility requirements are dependent on, amongst other things:

the appraised value of your desired home
your credit score
your cash reserves
your debt-to-income ratio

Under conventional loan guidelines, first mortgages for single-family homes are limited to $417,000. However, the Housing and Economic Act of 2008 grants loan limit exceptions up to $729,750 for homes in “high-cost areas,” including areas of Maryland, Pennsylvania, District of Columbia, and Virginia.

Conventional loan programs generally required a 20 percent down payment. However, the required down payment can be lowered by purchasing private mortgage insurance or accepting a higher interest rate. In some cases, your down payment on a conventional loan could be as low as three percent.

Fixed Rate Loans

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Fixed rate loans are the most popular type of loan offered by Mlend. These loans provide protection from inflation, allow for long-term planning, and minimize risks associated with home ownership.

Hybrid ARM Loans

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Hybrid adjustable rate mortgages (ARMs) combine the predictable monthly payments of a fixed rate mortgage with the lower initial payments of a traditional adjustable rate mortgage. If you do not plan on living in your home indefinitely, a hybrid ARM can save you a substantial amount on your monthly housing expenses.

FNMA HomePath Loans

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The Fannie Mae HomePath program allows you to purchase qualified homes owned by Fannie Mae under more lenient terms than traditional conventional loans. As a lender offering HomePath financing, Mlend can help you purchase an eligible home with flexible terms and as little as three percent down.