LOAN PROGRAM TYPES
LOAN PROGRAM DEFINITIONS
MAXIMUM LOAN AMOUNTS
30, 20 and 15 Year
Conforming Fixed Rate
Fixed For 30, 20 or 15 Years For Life Of Loan
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7-23 and 5-25 Conforming Extendable Balloon Fixed For 7 or 5 Years; Then Option To Refinance For Remaining 23 or 25 Years
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10/1, 7/1, 5/1 and 3/1 Conforming ARM Fixed For 10, 7, 5 or 3 Years; Then Converts To 1 Year Treasury Bill ARM
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1 Year Conforming Treasury Bill ARM Fixed For 1 Year; Then Adjusts Annually
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6 Month Conforming LIBOR ARM Fixed For 6 Months; Then Adjusts Every 6 Months
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30 and 15 Year Jumbo Fixed Rate Fixed For 30 or 15 Years For Life Of Loan
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10/1, 7/1, 5/1 and 3/1 Jumbo ARM Fixed For 10, 7, 5 or 3 Years; Then Converts To 1 Year Treasury Bill ARM
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1 Year Jumbo Treasury Bill ARM Fixed For 1 Year; Then Adjusts Annually
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