Characteristics of Conventional Loans, from the Educator Mortgage Program
There are certain ways to know if a teacher is getting or seeking a conventional loan:
- It is difficult to pre-qualify for a conventional loan.
- The lender is the one who bears the risk should the loan repayment process go awry in the first month or a few or many months down the line.
- Should a teacher default on their conventional loan, the financial institution bears the financial loss but even at that, your property goes on a foreclosure or short sale to cushion the loss.
Merits of Conventional Loans, from the Educator Mortgage Program
Conventional loans, from the Educator Mortgage Program, bar the difficulty in qualifying for it on the borrower’s angle and the financial risk involved on the lender’s angle, have their merits. Some of them are listed below:
- The conventional loan processing duration is faster than the time spent in processing non-conventional loans.
- The interest rates are cheaper.
- The private mortgage insurance (PMI) is minimal.
- You have different options to choose from with respect to the initial down payment, starting at 3% of the value of the sale price of the home.
- You get a long period for repayment as a fixed rate mortgage (instead of an adjustable rate mortgage), terms of 10-30 years.
As interesting as these merits are, it is worthwhile to consider the types of conventional loans available to teachers.
Types of Conventional Loans, from the Educator Mortgage Program
There are different types of conventional loans, from the Educator Mortgage Program, and they are:
- Conforming Conventional Loans: When a conventional loan follows the guidelines set by the Fannie Mae and Freddie Mac as regards the maximum loan amount (this maximum may change annually), it is called a conforming conventional loan because the lender follows the guidelines stipulated by these two Agencies.
- Non-conforming Conventional Loans: Conventional loans that are above the loan limits set by Fannie Mae and Freddie Mac. They are usually issued by private financial lenders and are best known as jumbo loans.
Are you interested in securing a conventional loan, either conforming or non-conforming? Come to us at the Educator Mortgage Program, by Supreme Lending, and we will walk you through qualifying for one and getting a conventional loan that you can afford.
Educator Mortgage passes the “Give Back” test.
And we’re just getting started.
So many programs today are underfunded,
and so many educators today need a break –
we are here to help!
Our Educator Mortgage Process
Everyone employed within the education industry is eligible for the Educator Mortgage Program. The Educator Mortgage Program offers reduced closing costs, reduced real estate agent fees, priority loan processing, and donation to the school program of your choice.
Step 1: Apply Online or Call us!
Simply apply for a home purchase or home refinance loan to find out your options. Speak to a loan officer today. Apply online or call now!
Step 2: Processing & Underwriting
The process of getting a home loan can often be a confusing and stressful time. With the Educator Mortgage Program, we strive to take the guess work and stress away. Our dedicated staff works diligently to make the process as fast and easy as possible. Educators take priority in our world.
Step 3: Closing & Donation
After completing the loan process, we will take care of any last minute details and schedule your closing. You let us know what school department you want us to donate to! Does the math department need new calculators? Or does the gym need some new equipment? You tell us where to allocate those funds. You shape our children, our communities, our future. Let us serve you, your family, your future. Call us today.
1 The Educator Mortgage Program through Supreme Lending entitles the borrower to a closing cost credit equal to .20% of the funded loan amount up to the lesser of $800 or total closing cost amount. The credit applies to all loan products other than Bond Programs, which are not eligible under the Educator Mortgage Program. The lender credit will be reflected on the Closing Disclosure. No part of Lender Credit can apply to or offset down payment. Special incentive program subject to change without notice. This offer not valid with any other incentives or discounts.
2 The Educator Mortgage Program through Supreme Lending entitles the eligible home buyer and/or seller to a credit against real estate fees equal to .20% of the loan amount up to a maximum of $800. Subject to Real Estate Agent participation. Supreme Lending will make best efforts to identify a participating Real Estate Agent but does not guarantee Real Estate Agent participation. In the case of no Real Estate Agent participation the home buyer or seller will not receive the discounted Real Estate Agent fees. See eligibility requirements listed above for qualifying buyer, seller and borrower.
3 The Educator Mortgage Program through Supreme Lending also entitles the borrower to obtain a donation from Supreme Lending to their preferred school program equal to .05% of the loan amount, up to a maximum of $200. The donation is available on all loan products other than Bond Programs which are not eligible under the Educator Mortgage Program. The donation will be made directly to the school.
A participating Real Estate Agent may also make a donation to the borrower’s preferred school program equal to .05% of the loan amount, up to a maximum of $200. Subject to agent participation. Supreme Lending will make efforts to identify a participating Real Estate Agent but does not guarantee Real Estate Agent participation. In the case of no Real Estate Agent participation the home buyer or seller will not be entitled to this donation, but it will not affect the lender credit or lender donation in any way. The donation will be made directly to the school.