• Credit Score as low as 620
  • As low as 5% down
  • FAST and Reliable, In-house processing and underwriting
  • Upfront and monthly PMI options (Private Mortgage Insurance)
  • Cashout refinances on conventional loans up to 85%
Any loan that does not meet Fannie Mae and Freddie Mac guidelines fall into the non-conforming category (i.e. Jumbo Loans). Fannie Mae and Freddie Mac are two stockholder-owned corporations that purchase mortgage loans from mortgage lending institutions that comply with the guidelines. They package these mortgages into securities and sell the securities to investors.

Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable property types. Fannie Mae and Freddie Mac announce new loan limits every year.

  • The 2013 conforming loan limits for first mortgages:
  • One-family: $417,000
  • Two-family: $533,850
  • Three-family: $645,300
  • Four-family: $801,950
The maximum loan amount is 50 percent higher in Alaska, Guam, Hawaii, and the Virgin Islands. Properties with five or more units are considered commercial properties and are handled under different rules.

The loan limit for second mortgages is $208,500 (in Alaska, Guam, Hawaii, and the Virgin Islands, the maximum second loan amount is $312,750).

The sum of the original loan amounts of the first and second mortgages cannot exceed $417,000 (or $625,500 in Alaska, Guam, Hawaii, and the Virgin Islands).

If the first and second mortgages exceed $417,000, it falls under Jumbo loan guidelines.

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DISCLAIMER

Bank of England Mortgage Division has tried to provide accurate and timely information; however, the content of this site may not be accurate, complete or current and may include technical inaccuracies or typographical errors. From time to time changes may be made to the content of this site without notice. Bank of England Mortgage Division may change the products, services, and any other information described on this site at any time.

The information published on this site is provided as a convenience to visitors and is for informational purposes only. You should verify all information before relying on it and decisions based on information contained in our site are your sole responsibility. If you need specific details about any information contained in our site, you should contact Bank of England Mortgage Division at (248) 504-5114.

This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states.  ENG Lending and Bank of England are not affiliated with any government agency.

Bank of England Mortgage Division is a division of Bank of England. NMLS 418481. Member FDIC.