Super Conforming Fixed Rate Loans

Easier to qualify for than Jumbo Financing. 30 Year, 20 Year, 15 Year and 10 Year Fixed Rates terms available. These fixed rate loans have monthly payments that never change, ever! The longer the loan term, the more time you have to pay the loan off and therefore your payment will be lower.

Loans funded

Loan Amounts

Loan Amounts from $548,251 to:

$822,375 (1-unit)

$1,053,000 (2-unit)

$1,272.750 (3-unit)

$1,581,750 (4-unit)

Click here to see your max county limit

Reliable

Credit Scores

Minimum credit score 620. If there is more than one borrower, we will use the lowest middle score among all borrowers.

Home

Property Types

Single Family Home

Condominium

2-4 Unit Properties

Why Super Conforming Fixed Rate?

 

  • Easiest to qualify for if your loan size is over $548,250. You avoid the stricter Jumbo qualification guidelines.
  • Monthly principle & interest payment never changes. Although proportions of principle vs interest will change as you pay the balance down. Go to the Calculator Page to see this in action.
  • If you have mortgage insurance, you can remove this insurance without refinancing the loan. Simply call the servicing department and request it to be removed once you believe you the property has 20% equity.
  • Impounds not required unless your loan to value is above 90%. Loans in Texas and Florida will differ on this point.

 

Tips

 

  • If you are just above the loan level $548,250, you may want to consider paying the principle balance down to this amount. The interest rate pricing is better – check out both loan sizes in our Instant Rate Quote engine and see the difference!
  • The 15 year fixed rate mortgage is highly recommended by Empire, if you don’t mind the higher monthly payments which lead to the loan being paid off in a shorter amount of time. With lower interest rates than almost all other loans, with this loan you will be paying much less interest over the life of the loan. You will also see your equity quickly increasing with the substantial monthly principal payments.
  • If you are thinking of refinancing an existing 30 year fixed mortgage, consider the 20 year fixed rates. Shaving years off of your loan term, this loan will improve on your goal of paying off the mortgage earlier than you originally intended.
  • Additional principal payments monthly is another good idea. They lower the principal loan balance to which the interest rate is applied monthly, and therefore provides less interest expense and more principal payment on a monthly basis. Some clients prefer to do this rather than commit to a 15 year fixed rate loan, deciding for themselves when and how much additional capital to contribute, while maintaining  the lower, original principle & interest payment that comes with longer term financing.

Home Purchase

 

Down Payments

Minimum Down Payments vary depending on several factors including occupancy type (primary, second home or investment), property type, & credit score. Generally, these rules follow for minimum down payment and a 620 credit score:

  • Primary Residence: 5%, 15% for two units, 20% for 3-4 units.
  • Investment Property: 20%, 25% if two to four units
  • Second Home: 10%

 

Mortgage Insurance (MI)

If you are putting down less than 20%, you will have mortgage insurance added to the loan. There are two options available to you on how to add it:

*Note, the better your credit score and the more down payment, the less expensive MI is.*

  • PMI: Private Mortgage Insurance, a monthly amount charged to you in addition to your principle & interest mortgage payment.
  • LPMI: Lender Paid Mortgage Insurance, you have zero additional monthly payment, but your interest rate pricing will be a bit worse than doing PMI. This pricing is not available on our website, so please call or email us for a quote.

While PMI may give you a higher monthly liability than LPMI. For PMI, once you reach 80% loan to value, you can cancel the PMI and keep your lower interest rate.

 

Qualifications

Easier qualifications than Jumbo programs (which have a maximum of 43% debt-to-income ratio). Debt-to-Income ratio maximum is 50% on these programs, although certain scenarios may require a lower ratio, this is the absolute limit for most transactions. (DTI=Debt/Income).

Gift Funds May be used for primary or second home transactions only. Gifts can be from a relative, fiancé or domestic partner only. Minimum borrower contributions may apply on certain scenarios.

Refinance Your Home

 

Loan to Value (LTV)

The loan to value is the loan divided by the value of the home, represented as a percentage. Loan pricing on interest rates factors in what the LTV percentage is on the transaction. With more equity in the property, rates and pricing improve as the perceived risk in the transaction decreases.

Maximum LTVs change depending on the occupancy type and type of property:

  • Primary Residence:
    • Rate/term refinance (No cash-out): 95% max, 85% two unit, 75% three-four units.
    • Cash-out refinance: 80% max, 75% two to four units.
  • Second Home:
    • Rate/term refinance (No cash-out): 90% max
    • Cash-out refinance: 75% max
  • Investment Property:
    • Rate/term refinance (No cash-out): 75% max
    • Cash-out refinance: 75% max, 70% for two to four units.

Cash-Out

Cash-out interest rates will be more expensive than rate/term interest rates, and best pricing can be found by keeping the LTV under 60% if at all possible. You should see significant pricing improvements at this level.

Qualifications

Easier qualifications than Jumbo programs (which usually have a max 43% debt-to-income ratio). Empire’s maximum Debt-to-Income ratio is 50% on these programs, although certain scenarios may require a lower ratio, this is the absolute limit for most transactions.