Up to $417,000


Conforming Loans 5% Down

limited down payment and retention of savings

We have dealt with Conforming Loans for over 20 years, ensuring that the mortgage loan conforms to a comprehensive list of guidelines. The professional and knowledgeable staff at Anna Kara Loans are at the clients’ disposable throughout the entire loan process. We will estimate the individual’s loan-to-value ratio, debt-to-income ratio, assess credit rating and history and prepare all necessary documentation.

Loan Programs Available:

Fixed Rate Product: 30 Year / 15 Year. Fixed-Rate Mortgage (FRM) is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or “float”. As a result, payment amounts and the duration of the loan are fixed and the person who is responsible for paying back the loan benefits from a consistent, single payment and the ability to plan a budget based on this fixed cost.

A 5% down loan program requires less cash upfront for a down payment, which allows people to keep more of their cash liquid for home repairs, taxes and other unforeseen expenses.

Mortgage Insurance will be required. Two most popular options include:

  • Borrower Paid Mortgage Insurance: BPMI or “Traditional Mortgage Insurance” is a default insurance on mortgage loans provided by private insurance companies and paid for by borrowers. BPMI allows borrowers to obtain a mortgage without having to provide 20% down payment, by covering the lender for the added risk of a high loan-to-value (LTV) mortgage.
  • Lender Paid Mortgage Insurance: LPMI is similar to BPMI except that it is paid for by the lender. The cost of the premium is built into the interest rate charged on the loan.

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