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You are here:  /  /  / Conventional Loans
# Conventional Loans
Conventional loans are the most common and widely available mortgage option. For borrowers with good credit, balanced income and debt and some down payment, they are often the least complicated way to get the most flexible mortgage options. They are also the only loan type that can finance vacation homes and investment properties.
Conventional loans are not insured by any government agency. They are funded by mortgage lenders and underwritten to the broad guidelines set by Fannie Mae and Freddie Mac. Because conventional loans are designed to be able to be sold on the secondary market, they usually have to conform to those guidelines.
A large downpayment is NOT required to qualify for a conventional loan. Private Mortgage Insurance (PMI) is available for borrowers with less than 20% down to qualify for a conventional loan. For qualified borrowers, conventional loans with PMI are available with as little as 3% downpayment.
PMI premiums are based on loan to value (LTV) with rate tiers at every 5% above 80 (80-85, 85.01-90 etc) and are heavily affected by credit score. Borrowers with a credit score above 740 can get very low PMI rates, and the coverage will automatically terminate when the loan reaches 78% of the original value. In some cases, borrowers with a high credit score may consider a Lender Paid MI option that eliminates the monthly MI entirely.
Some highlights of Conventional loans:
* The most flexibility in loan terms, from 10-30 year amortization
* Private mortgage insurance is available for loans with less than 20% down
* No monthly PMI loans are available for borrowers with excellent credit
* Can be fixed or adjustable rates
* The maximum conforming loan limit is now $424,100, with expanded loan limits in some high-cost areas
* For most programs, there are no income restrictions
* Can be used to finance vacation homes and investment properties
* Available for purchase and refinance transactions.
Pinnacle Mortgage Corp. is committed to offering the widest selection of conventional loan options in New England. Because we are not a bank, we can work with many mortgage lenders to make sure that we have have the right combination of conventional loan options for you. We work with some of the most aggressive rate lenders, some of the most flexible underwriting lenders, and some of the broadest product option lenders in the region and the country. If you’re looking for a multi-family investment property in Manchester, a vacation home in Laconia, or a great rate on your new home in Concord or Salem, we have the right conventional mortgage option for you.
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Pinnacle Mortgage Corp. NMLS# 1323739 is licensed in AL, CT, FL, GA, IL, IN, MA, ME, MI, LA, NC, NH, NJ, OH, OK, PA, RI, SC, TN, TX, VA, VT. NMLS records for consumers can be found .
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You are here:  /  /  / FHA 203k Loan
# FHA 203k Loan
The FHA 203k Loan is a renovation program that provides funds for both the purchase and renovation of a home. There are two types of FHA 203k loans. The first is normal 203k, which is given for properties that need structural repairs such as a new roof or a room addition. The second is the streamlined203k, which is given for non-structural repairs such as painting and new appliances. The minimum Loan Amount is $5000.
You are here:  /  /  / FHA Loans
# FHA Loans
FHA Loans insured by the Federal Housing Administration (FHA) are often the best option for people who need a little extra flexibility when qualifying for a new home mortgage. This can be borrowers with imperfect credit, low money down, or who need to qualify for a slightly larger loan amount.
FHA  loans can be used for purchasing a home or refinancing an existing mortgage. You do NOT need to be a first time buyer – anyone who does not currently own a home financed with an FHA mortgage, who is buying a new home to use as their Primary Residence is eligible.
Existing FHA loans may be eligible for a streamline refinance as well. This is a reduced paperwork refinance that usually does not require an appraisal or income documentation, and may be an ideal solution to lower the interest rate and monthly payment on a current FHA loan.
FHA loans can also be used to finance home improvements. By financing the cost of the work to be done, home buyers and owners can make the repairs or upgrades they want and still keep the low down payment and flexible qualifying terms of an FHA-insured loan.
Some highlights:
* 3.5% down payment for credit scores as low as 580, or down to 500 with 10% down
* Shorter time requirements after a bankruptcy or foreclosure than conventional lending – as little as 1 year
* A minimum of 3.5% down for purchases – money can be a gift.
* No reserves required for one or two family homes
In most cases, FHA loan approval begins with an automated underwriting system know as the TOTAL Scorecard. The automated system reviews all aspects of the FHA loan application – credit history and current debt, income, employment history and more. If the universal, automated underwriting system approves the file – even with lower credit scores or higher debt to income ratios – many lenders will approve the loan without further limitations.
There are some minimum property requirements for FHA loans – there can be no peeling paint in the interior or exterior of the property, all utilities and systems must be functional, there can be no health or safety hazards evident, etc.  A good home inspection is your best defense against possible property issues.
There are maximum loan limits set by county. The maximum loan amount for a single family home in most New Hampshire counties is $270,050, but is as high as $523,250 in Strafford and Rockingham counties. There are no income limits on FHA loans.
The mortgage loan originators at Pinnacle Mortgage Corp.  have 30 years of experience with crafting FHA loans. We work with select lending partners to make sure that we have the right FHA solution for you, whether you need additional credit flexibility, a fantastic interest rate, or to finance money for renovation. Please call us today at 1-800-535-7629 or Apply online and one of our Trusted, Professional & Experienced Loan Officer’s will help you!
You are here:  /  /  / USDA Rural Development Loans
# USDA Rural Development Loans
Much like HUD and the VA, the US Department of Agriculture provides a mortgage loan guarantee program called USDA Rural Development Loans. This is NOT limited to homes in the woods, or on farms. In fact, most towns in New Hampshire are eligible for the program.
It offers 100% financing to qualified borrowers, at very low interest rates, and with very low mortgage insurance premiums. If you are buying a home in an eligible area, and meet the program requirements, the combined cash required at closing and monthly payment is difficult to beat with any other loan program.
* Requires no down payment, and closing costs can be financed up to the appraised value.
* Flexible credit requirements.
* Available for single-family, primary residence homes only.
* You do not neet to be a first time home buyer, but you cannot own another home at the same time.
* There are income limits for the program, that vary slightly by county.
* House must be in an RD-eligible area. The quick lookup map can be found  .
To learn more about the benefits of an RD loan, just complete the form on the right, and we’ll be glad to answer your questions.
You are here:  /  /  / VA Loans
# VA Loans
VA Loans are Designed to offer long-term financing to veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
Apply for a VA Loan with a VA Qualified Lender.
You are here:  /  /  / Jumbo Loans
# Jumbo Loans
Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. Typically Jumbo Loans require a higher down payment than traditional loans.
You are here:  /  /  / Fixed-Rate or Adjustable-Rate Mortgage Loan
# Fixed-Rate or Adjustable-Rate Mortgage Loan
One of the first choices a homebuyer will need to make is whether you want a Fixed-Rate or Adjustable-Rate Mortgage Loan. The bulk of loans will fit into one of these two categories, however, there is a third option that will allow you to “hybrid” the two.
An adjustable-rate mortgage, (ARM): The interest rate of the mortgage adjusts periodically based on market conditions. For example, your payment will go up if rates go up and go down if rates go down. Fixed-rate Mortgage: Unlike an adjustable-rate mortgage the interest rate is set at the time you take out the loan and will not change. Fixed-rate home loans can be 10 years, 15 years, 20 years or 30 years fixed. 30-year fixed is the most common because it allows your mortgage payment to be the lowest. Hybrid ARM: Features an initial fixed interest rate for a certain amount of time and then becomes an adjustable-rate for the remainder of the term. Standard terms are 3, 5, 7, or 10 yrs.
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# Calculator
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# Loan Tool Kit
Please check out these valuable resources on the mortgage and loan process:
Many more on this site:  