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Products
Maritime Mortgage offers a variety of loan products to meet your needs. We work with over a dozen leading lenders in both the local and national market, to provide: Residential, Construction, Home Equity, and Commercial Loans.
 
Conventional
Conventional High Balance
Jumbo Loans
FHA Loans

Conventional
Conventional loans are those which can be purchased by Fannie Mae or Freddie Mac. They follow certain underwriting standards and conform to the set loan limit. While both Fannie Mae and Freddie Mac set their own underwriting guidelines, The Federal Housing Finance Agency (FHFA) determine the loan limits. As of 1/1/2018 the conforming loan limit increased from $424,100- to $453,100, for a single family house in most counties. These loans are the most common due to the average sale prices in Massachusetts and Rhode Island.
Maximum Amount: $424,100

Conventional High Balance
Conventional High Balance Loans meet the underwriting guidelines for Fannie Mae or Freddie Mac but do not meet the conforming loan limit. Because the risk increases with the increased loan amount, requirements for this program vary from the Conventional loan product. Higher Down payments and stricter credit standards are often required.

Jumbo Loans
Loans that exceed the conforming and Conforming High balance loan limits will either be considered Jumbo loans. These loans are not sellable to Fannie Mae or Freddie Mac. Because they are purchased by other investors on the secondary market, they often have stricter underwriting guidelines, require larger down payments, and are subject to higher credit rating requirements. Loan sizes up to $3.5 Million.
Maximum Amount: $3,500,000

FHA Loans
FHA loans are those which are insured by the Federal Housing Agency. The Federal Housing Administration (FHA) mortgage insurance program is managed by the Department of Housing and Urban Development (HUD), a department of the federal government. FHA loans are available to all types of borrowers, not just first-time buyers. The government insures the lender against losses that might result if a borrower were to default. Due to this insurance, there is less risk, therefore, these loans have more relaxed credit and asset underwriting guidelines than Conventional loans. FHA loans are also infamous for lower down payment requirements (as little as 3.5%) and the lowest FICO score requirements. This option does come with an upfront cost, which is most often financed, and mortgage insurance that remains for the life of the loan. Lower interest rates often offset this cost some. FHA loans available for single family homes, condos, and multi family properties. FHA High Balance Loans also available.


Questions? You can always call us at 781-341-4000 or send an email to : info@maritimeloan.com!

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