Conventional Florida Home Mortgage Loan Programs

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Conventional Loan Programs 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.

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

• Fixed Rate Mortgages
• Adjusted Rate Mortgages (ARM)
• Standard ARMS and the Differences
• Introductory Rate ARM's
• Reverse Mortgages
• London Inter Bank Offered Rate (LIBOR)
• Balloon Mortgages
• Interest Rate Buydowns
• Cost of Funds Index (COFI)
• Graduated Payment Method (GPM)
• Choosing The Best Program