Conventional Financing
A Conventional loan is a mortgage not guaranteed by the government. However, most conventional loans will follow the guidelines established by Fannie Mae (FNMA) and Freddie Mac (FHLMC). This type of loan is good for borrowers with a favorable credit score and allows more flexibility in loan terms and higher loan limits.
Unlike FHA, VA or RD loans, conventional loans do not require private mortgage insurance (PMI) unless the borrower has less than 20% down. 20% down however, is not a requirement and some conventional loans allow as little as 3% down! Once the loan reaches 20% equity, PMI can be canceled.
In addition to standard conventional loan programs, GEM Home Loans Team powered also offers the following niche conventional loan programs:
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Fannie Mae HomeReady
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Freddie Mac Home Possible
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Freddie Mac HomeOne
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Freddie Mac Refi Possible
Our Products
At GEM Home Loans, we take pride in offering a diverse range of mortgage products tailored to meet the unique needs of our clients. Whether you're a first-time homebuyer, a seasoned investor, or someone looking to refinance, our wide array of mortgage options ensures that you find the perfect fit for your financial goals. Here's a glimpse into our comprehensive mortgage products
Government Financing
Government loans are backed by the federal government. The loan is funded or originated by the mortgage company, but has a guarantee from either the Federal Housing Administration (FHA), USDA Rural Development (RD), or US Dept of Veterans Affairs (VA).
Government loans open the door for borrowers that have little to no money saved for a down payment, a challenging credit history or have lower credit scores. Government loans offer easier qualifying requirements and are widely used in the industry.
Government-insured loans can be used for purchase, renovation (through the FHA 203(k) loan), or refinance transactions.
Government loan programs include:
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Federal Housing Administration (FHA)
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USDA Rural Development (RD)
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Veterans Affairs (VA)
Jumbo Financing
The Federal Housing Finance Agency (FHFA) sets a limit on the dollar amount a conventional loan must conform to. Any loans beyond this limit are known as a Jumbo loan. With a Jumbo Loan from GEM Home Loans Team, you can expand your options and find your dream home that will meet your needs now and in the future.
GEM Home Loans Team offers a number of Jumbo Mortgage Programs to fit a variety of situations. These include Purchase loans, Asset-Qualifier, Rate and Term and Cash-Out Refinance loans.
Highlights include:
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As little as 10% down
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Loan amounts up to $4 Million
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Primary residence, second homes, and investment properties are eligible
Maryland Mortgage Program Authority Down Payment Assistance
MMP's Down Payment Assistance programs offer crucial support for Maryland residents aiming to buy a home. Whether it's SmartBuy 2.0 easing student debt burdens, HomeCredit providing tax credits, or MMP 4% Grant Assist lowering upfront costs, these initiatives make owning a home in Maryland more attainable. Through partnerships and innovative solutions, MMP simplifies the path to homeownership, making your dream home a tangible reality.
National Down Payment Assistance
Looking for down payment assistance outside of Maryland?
We can help with that!
Down Payment Assistance (DPA) can:
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Reduce out of packet cash to close
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Put cash savings to work by improving the home and growing equity
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Free up cash to pay down student loan debt or other bills
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Save cash to start investing for the future
GEM Home Loans offer a number of down payment assistance programs including:
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Chenoa Fund DPA for FHA financing
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The National DPA for Conventional financing
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State Housing Finance Authority DPA and MCC
Renovation Financing
GEM Home Loans Team is a Renovation Loan specialist. We were even featured on the Lifetime Network “Designing Spaces” home design television show! With a Renovation loan, you can bundle the cost of purchasing or refinancing with the cost of renovation into one single loan!
We offer the FHA 203k and Conventional HomeStyle renovation loans. These allow for the same qualifying factors as a traditional FHA or Conventional loan with the ability to lend up to the estimated after-improved value of the home!
Eligible renovations include:
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Small repairs with a minimum renovation cost of $5,000
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Kitchen remodels including appliances
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New roof
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Additions
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New flooring
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Instillation of an in-ground pool
Other Unique Financing
Still not finding what you are looking for?
GEM Home Loans Team has a number of unique loan programs including:
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Qualifying on assets without income
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Real Estate Investor programs including DSCR
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Self-Employed financing options
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Bank statement qualifying