Non-Conforming Mortgage Lender Serving All of New York
A non-conforming loan is a home loan that does not conform to the underwriting guidelines set forth by the government-sponsored enterprises Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation).
These types of loans are typically offered to borrowers who do not qualify for conforming loans. While its good to have this type of home loan as an option, the downside is non-conforming mortgages typically have higher interest rates and may carry some additional fees and even some additional insurance requirements. In other words, they are typically more costly.
Jumbo Loans
One of the best known types of non-conforming loans is a Jumbo Mortgage.
In order to qualify for a Jumbo Loan, a homebuyer’s mortgage and property must meet certain specifications. Homebuyers should also be very aware of the underwriting requirements of Jumbo loans, which can vary by lender.
You can learn more about the specifics of Jumbo mortgages here.
Start Your Journey Towards Home Ownership Today With Maple Tree Funding!
At Maple Tree Funding, we are licensed to originate loans throughout New York, including all areas of Upstate NY, the Capital Region of Albany, Clifton Park, Saratoga Springs, Glens Falls and the Adirondacks.
Our team of experienced mortgage professionals is passionate about helping home buyers secure the financing they need to buy their dream home. Don’t hesitate to give us a call at 518-782-1202 or reach out using our easy online contact form.