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Loan products, defined

Conventional Loans

A conventional loan is a mortgage not backed by any Government agency such as the Federal Housing Administration (FHA) or Veterans Administration (VA).

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  • Conventional loans meet the lending requirements of Fannie Mae and Freddie Mac, the two largest buyers of mortgage loans in the US. Fannie Mae and Freddie Mac are government-sponsored entities (GSEs) that act as links between banks and lenders, the federal government, and private investors. Their mission is to provide easy access to funds, or “liquidity” to help support the US housing market.
  • Commerce Home Mortgage is a Direct Seller to Fannie Mae and Freddie Mac and is an in-house lender from application to closing which means that Commerce has more control over the lending process with fewer underwriting restrictions. This translates into the following benefits for borrowers:
  • More streamlined, less-burdensome process
  • Faster closings
  • In addition to the Fannie Mae and Freddie Mac conventional loan programs, Commerce also offers the following specialized programs:

Fannie Mae HomeReady and Freddie Mac Home Possible

    Affordable lending programs designed to promote sustainable homeownership for credit worthy low-to-moderate income borrowers which boast numerous benefits including but not limited to : Reduced cost Private Mortgage Insurance (over 90% LTV), improved rates, and as little as 3% down payment.

Fannie Mae Homestyle Renovation

    Whether purchasing or refinancing, the CHM Homestyle Renovations loan will help complete repairs, or build the dream home you've always envisioned.
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