Company Name Lending - Loan Options

Community Mortgage Funding, LLC. provides you with many loan financing options to suit your needs. Whether you are purchasing or refinancing your home, CMF can guide you with the best loan option for your primary residence, investment or even your vacation home.

Conventional, Conventional High Balance, Jumbo, FHA, VA, USDA and Reverse Mortgage financing is available in the following states: AZ, CA, CO, FL, ID, IL, KS, MI, MN, NV, NJ, OH, OK, OR, PA, TX and WA.

Conventional High Balance

Wanting to purchase or refinance a home that is more expensive than the average home? We have High Balance options for you. These loans are available in selected counties throughout the US and allow qualified borrowers to finance more.

95% Max Financing Purchase or Refinance Rate & Term
80% Max Financing for Cash out
FICO score: 620 Minimum
Occupancy type: Primary residence, Vacation Home, Investment Property
Loan Limit: The Federal Housing Finance Agency (FHFA) publishes annual high-cost area loan limits that apply to all conventional mortgages delivered to Fannie Mae.

Conforming - Conventional

These are loans that are not insured by any government agency, such as FHA, VA, USDA. They offer attractive loan terms and conditions suitable for all occupancy types, whereas government loans are for primary residence only. Fixed and Adjustable rate loans are available with a Conventional loan.

97% Max Financing Purchase or Refinance Rate & Term
80% Max Financing for Cash out
FICO score: 620 Minimum
Occupancy Type: Primary Residence, Vacation Home, Investment Property
Loan Limit: The Federal Housing Finance Agency (FHFA) publishes annual high-cost area loan limits that apply to all conventional mortgages delivered to Fannie Mae.

Jumbo (Up to $3 Million)

Jumbo serves two loan purposes.

1) For properties located in a county that does not offer high balance loans.

2) For borrowers wanting to finance up to 3 million dollars [1]. These loans are available to anyone looking for financing in higher priced areas.

Purchase or Refinance Rate & Term
Cash out Refinance
FICO Score: 680 Minimum [2]
Occupancy type: Primary residence, Vacation Home, Investment Property

[1] Maximum loan amounts vary based on loan-to-value, occupany type, credit score, transaction type and location.

[2] Minimum credit score requirements vary based on loan-to-value, transaction type and occupancy type.

FHA

The Federal Housing Authority (FHA) was created by the federal government to help provide an additional affordable financing option to qualified borrowers. These loans are government-insured and allow for less stringent guidelines. This allows more Americans opportunity to make the dream of homeownership possible.

96.5% Max Financing Purchase or Refinance Rate & Term
80% Max Financing for Cash out (Standard FHA)
FICO score: 620 Minimum
Occupancy type: Primary residence only
Loan Limit: FHA Has a maximum loan amount that it will insure, which is known as the “FHA Lending Limit”. These loan limits are calculated and updated annually and vary by geographic location.

Home loans may be the best solution for many qualified military personnel. There are millions of veterans and service personnel eligible for Guaranteed loans by the US Government. VA loans offers a number of notable benefits.

100% Max Financing Purchase or Refinance Rate & Term
90% Max Financing for Cash out
FICO Score: 620 Minimum
Occupancy type: Primary residence only
Loan Limit: The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. There are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you. The loan limits are calculated and updated annually and vary by geographic location.

USDA

If you're looking to own a home in rural areas, Community Mortgage Funding is partnered with the US Department of Agriculture (USDA) to offer 100% financing. USDA eligible areas are mapped with the link below. Income and location limits apply.

100% Max Financing Purchase or Refinance Rate & Term
No Cash Out Available
https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp
FICO Score: 640 Minimum
Occupancy type: Primary residence only
Loan Limit: USDA does not set specific loan limits for their program. Instead, they limit who can qualify for the program by setting income and location limits.

Reverse Mortgage HECM

A HECM Reverse Mortgage (Home Equity Conversion Mortgage) is a way to convert a portion of your home’s equity into tax free money returned to you. No regular monthly mortgage payments are required. If you are at least 62 years old, live in the home, and have equity, you may qualify.

Pay off your existing mortgage
May receive monthly payments
Mortgage payment eliminated
Occupancy type: Primary residence only

HomeReady

HomeReady is a program within the FNMA conventional loan product. It is designed to help those with low to moderate income, in designated areas to utilize income flexibilities, such as room rent income to qualify.

HomeReady lookup map: https://ami-lookuptool.fanniemae.com/amilookuptool/
Loan Limits: The Federal Housing Finance Agency (FHFA) publishes annual conforming loan limits that apply to all conventional mortgages delivered to Fannie Mae.

The guidelines are a little more flexible when it comes to income, credit and non-occupying borrowers. The program offers two major benefits. One is the flexible guidelines and two is the lower payments. Ask your loan officer if you qualify.

California Housing Financing Agency (CALHFA)

An eligible first time homebuyer borrower can purchase a home with little or no money out of pocket with a Conventional or FHA loan. Combine the down payment and closing cost assistance together for max assistance.

Down Payment Assistance: 2nd lien position, deferred payments.
- Down payment assistance program available to anyone who has not had ownership in a property in the last 3 years
- FHA - Maximum down payment assistance program not to exceed 3.5% of the purchase price or appraised value, whichever is less.
- Conventional - Maximum down payment assistance program not to exceed 3% of the purchase price or appraised value, whichever is less.
- VA - Maximum down payment assistance program not to exceed 3% of the purchase price or appraised value, whichever is less
Closing Cost Assistance: Can be in 2nd or 3rd position, deferred payments.
- Maximum closing cost assistance up to 2% or 3% of the purchase price
FICO score: 680 Minimum
Program paired with: Conventional, Conventional High Balance, FHA or VA
Dream for All Program: A shared appreciation loan option for down payment or closing costs
- Conventional First Mortgage loan
- 30-year term with a fixed interest rate
- If your home increases in value, you pay some of the increase to CalHFA when you sell or refinance
- CalHFA uses those funds to help future homebuyers

Nevada Rural Housing Authority (NRHA)

Home at Last down payment assistance can also be used for closing costs.

The assistance is provided in the form of a 3-year forgivable, 0% interest, no scheduled payment second loan. It is paired with a 30-year first mortgage and a fixed interest rate.

Conventional – Max assistance up to 5% of the purchase price
FHA - Max assistance up to 4% of the purchase price
No first-time buyer requirement
No asset limits
No purchase price limits
FICO score: 680 Minimum
Program paired with: Conventional or FHA

Loan Options

CONVENTIONAL LOAN PRODUCTS

GOVERNMENT INSURED LOAN PRODUCTS

LOAN PROGRAMS PAIRED WITH CONVENTIONAL, FHA or VA FINANCING

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