Rossi Real Estate Services LLC, Rossi Real Estate Services LLCPhone: (518) 598-7711
Email: [email protected]
Email: [email protected]
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When you plan on getting a mortgage, you have some choices. There are conventional, FHA, VA and other options. One term you'll likely hear is a conforming or a non-conforming loan. If you aren't sure what that means, you could end up confused about the kind of loan you're actually getting for your property. To protect your investment and your finances, make sure you understand your loan type. Here's what you need to know about conforming loans.
Conforming loans are generally what most people think of as conventional or traditional loans. They're what most banks and other lenders offer to the majority of borrowers when those borrowers need a mortgage. The reason they're called conforming loans is that they meet federal guidelines for Fannie Mae and Freddie Mac. These are two agencies that buy the loans from the bank. Being able to sell the loan to one of these agencies is a benefit to the lender.
Anyone who meets the qualifications -- and chooses a property that also qualifies -- can receive a conforming loan. Typically, to be conforming the loan has to be under a set dollar amount. For single-unit properties, for example, that limit was $484,350 as of 2019. If you want or need a mortgage bigger than that on a single-family home, you'd have to choose a nonconforming loan.
You'll also need a credit score of at least 620 (this may need to be higher based on your down payment and other factors), a debt-to-income ratio below 36 percent (or 45 percent for some loans) and private mortgage insurance if you don't have a 20 percent down payment. You'll also need to be 18 or older and have proof of income and identity.
Most people don't really choose this type of loan. It's just the one that's typically offered to them. It's the most common loan type, and it works very well for the majority of people. Lenders will often assume that this is the kind of loan you want, but there's no harm in asking them if another type of loan would be a better fit for your real estate needs.
As long as you meet the qualifications, you can get this type of loan. There aren't any special requirements, such as being a veteran or purchasing a property in a specific area of the country. Most people who apply for a conventional mortgage to buy a primary residence will have a conforming loan, because it's used most often and easier for banks to work with. Choosing this kind of loan is often easier for everyone involved.
Rossi Real Estate Services LLC is a boutique real estate brokerage firm that provides close personal attention to buyers and sellers in the Capital Region and surrounding areas. “Typical” is not a word that clients use to describe Rossi Real Estate's approach to home buying and selling. Building upon years of experience, Rossi Real Estate employs creative marketing approaches, combined with a vast network, to quickly sell homes. By creating home floor plans, professional photography, and online marketing videos, Rossi Real Estate is able to depict home layouts and professional marketing to potential buyers before stepping foot in your home; this saves the seller valuable time by attracting only those buyers who have greater interest in the home. Additionally, by employing targeted online marketing, Rossi Real Estate targets buyers searching for homes just like yours.
Joe Rossi, the Principal Broker at Rossi Real Estate, builds upon over 12 years real estate experience in every transaction. Joe zealously advocates for his clients by combining his diverse background in law, finance, complex negotiation, and management, with compassion and exemplary communication skills creates. He explains transaction details and guides his clients through every step of the buying and selling experience. Furthermore, Joe listens to his clients’ wants and needs. In a recent transaction, the buyer profusely thanked Joe, stating he was, “[T]he only one in the transaction that was capable of communicating with the sellers in a way that ensured we were able to close on our dream home”.
Our real estate practice includes leading professionals, all of which are NYS Licensed Real Estate Sales Associates: Joseph R. Rossi, Ryan Hart, & Dustin Cogswell. Their experience includes work at a fortune 100 company, military operations, and technical recruiting.
If you're looking for a real estate broker who goes above and beyond the industry, who genuinely cares about their clients, and who will drive results, contact Rossi Real Estate Services LLC today.
The Stuff our attorneys make us include...
In accordance with Real Property Law §442-H, Rossi Real Estate Services LLC implemented a Standardized Operating Procedure governing client engagement. As such, prior to any engagement, Broker:
1. Requires a buyer to produce identification if the identity of the buyer is not readily known through a personal relationship with the broker or licensed sales person;
2. Requires an exclusive agency agreement (i.e. exclusive broker agreement) prior to engagement with any buyer;
3. Does not require pre-approval for a mortgage loan; however, a pre-qualification letter for a mortgage loan or, for cash buyers, proof of funds is required.
Although Broker may not require certain information, a seller of real estate may require this information prior to showing the property and/or as part of any purchase offer.
