Why top real estate producers rely on Keith Brown

"Keith Brown is the Fairfax mortgage lender I've counted on for years. His pre-approvals stick, he uses local appraisers, and his loans close on time." Learn more »

Why homebuyers trust Keith Brown

"Keith Brown got us a great rate on the right type of loan. When there was an underwriting issue, he solved it so we closed on time with no surprises." Learn more »

Call Keith at 703-449-6821 or GET STARTED TODAY!

NMLS ID#195682

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Which type of home loan or refinance is right for you?

How much mortgage can you afford? Are you eligible for a VA or FHA loan? What type of conventional mortgage programs might answer your needs? Are 5-7 year ARMs worth considering? What is a jumbo mortgage and what rate differences apply? How can I reduce or work around expensive Mortgage Insurance with a downpayment of less than 20%.

To find the right answers, Keith Brown looks at your credit, income, debt and how long you plan on being in your home.  He can then draw on the direct-lending resources of Intercoastal Mortgage to secure you the best rates and terms. You end up with a mortgage that’s the best fit for your budget and your plans for the future.

Get Started with our Mortgage Calculator

Conventional Conforming Home Loans

Conventional Conforming Financing refers to any non-Government (FHA or VA) loan that is backed by either Fannie Mae or Freddie Mac.  Conventional loan programs offer down payments as low as 3% on loan amounts to $453,100.  On loans over $453,100 to $679,650 the down payment increases to 5% down.  Loans over $679,650 are Jumbo loans and the minimum down payment on Jumbo loans generally increases to 10% on loan amounts to $850,000 and 15% to loan amounts of $3 Million.

Conventional loans have multiple term options of 10, 15, 20 and 30 year terms.  You get a considerable interest rate discount on loan terms of 15 years or less.

Conventional loans are offered in both Fixed rates and Adjustable Rates (ARMs).  For more information on ARMs.

Conventional financing falls into two categories: Conforming loans and Jumbo loans.  Conforming loans carry loan amounts less than $679,650 and are backed by either Fannie Mae or Freddie Mac loans.  Anything over $679,650 is a Jumbo/Non-Conforming Loan.  For more information on Jumbo loans.

Conforming loan amounts fall into two areas: traditional conforming amounts that go to $453.100.  Loans amounts greater than $453.100 are referred to as High-Balance or Jumbo-Conforming loan amounts.  High-Balance conforming loans can carry a rate that is 125% to .250% higher and the High-Balance loan limit varies area by area.  For the majority of the Northern Virginia/Metro DC area, the max conforming loan amount is $679,650.  However this amount can be less, substantially less, in other areas.  Click this link for a detailed listing of the maximum conforming loan amounts by County/State (details)

Conforming Loan Pros:

- Mortgage Insurance (MI) costs are considerably less than FHA loans with down payments of less than 20% (and, of course, there is not any MI on down payments of 20% or more).  There are also a variety of ways to pay MI that can be tailored to meet borrowers’ needs.  There are even options to avoid payment of MI entirely with down payments as low as 3%.  For detailed information/options on Mortgage Insurance.

- With down payments of 5%, you may be able to do a Combination Loan and thus avoid Mortgage Insurance in its entirety. Click this link for more information on Combination Loans and Second Trust's. For detailed information on Combination Loans.

- Conventional financing can be used to purchase Second Homes and Investment Property.  2nd Homes normally require a 10% down payment; investment properties start at 20% down. 

Cons:

- Interest Rates and Mortgage Insurance (MI) costs areheavily tiered based upon credit scores.  You get your best mortgage rates at scores 740 and greater.  You get your best MI rates on credit scores above 760.  For every 20 points below these targets, the rates and MI costs increase.  Thus knowing the credit score is the most critical factor in determing your interest rate and MI cost.