There’s a reason Conventional Loans have been popular for generations – by spreading out payments over a longer time period, they make homeownership affordable to large numbers of people. At Everett Financial, we offer a wide range of repayment terms, allowing you to dial in a monthly payment that you can comfortably manage.

• Fixed-rate loans
• Repayment terms of 10, 15, 20, 25 or 30 years
• Down payments as low as 3% (Down payment can be a gift from a family member)
• Loan limit in most U.S. counties is $548,250. In most high-cost areas, the limit is $822,375. (Buying a more expensive house? See our Jumbo Loans.)
• Minimum credit score of 620, in most cases
• Easy application process
• Personal assistance from friendly loan officers
• Annual interest payments on home loans may be tax-deductible; consult your financial counselor

HomeReady^®

If you have a high enough credit score and you qualify based on income, Fannie Mae’s HomeReady^® Mortgage could be the solution for you.

Here’s a snapshot of the ideal HomeReady^® borrower:

• Low income
• First-time or repeat homebuyers
• Limited cash for down payment
• Credit score of at least 620; if your credit score is at least 680, you may get even better pricing
• Supplemental boarder or rental income
• Purchase or refinance transactions eligible

The HomeReady^® Mortgage lowers the hurdles of homeownership.

• Low Down Payment: As low as 3% down payment for purchases and refinances
• Flexible Sources of Funds: Can be used for down payment and closing costs with no minimum contribution required from your own accounts
• Affordable Mortgage Insurance (MI): Reduced MI coverage requirement above 90% loan-to-value
• Homeownership Education: The online Framework^® course prepares you to manage the responsibilities of homeownership

HomePossible^®

If you qualify as a very low- to low-income borrower, you may have options under Freddie Mac’s HomePossible^® program,

Here’s a snapshot of the ideal HomePossible^® borrower:

• First-time homebuyers with limited credit history or rebuilding credit
• Seniors looking to downsize
• Newlyweds and new graduates with limited funds
• Renters with long-term roommates; rental proceeds can be used as qualifying income

The HomePossible^® Mortgage can help you reach your goals.

• Low Down Payment: As low as 3% down payment for purchase and no cash-out refinance transactions.
• Flexible Sources of Funds: Non-occupant co-signers may help borrowers qualify for 1-unit properties, with no minimum contribution required from your own accounts
• Flexible Property Types: PUD, condo and manufactured homes eligible
• Credit Flexibility: Borrowers with little to no credit history can qualify with 95% loan-to-value

How can refinancing benefit you? It depends on the details of your current mortgage and your long-term financial goals. But here are a few common reasons why people come to Everett Financial to refinance their mortgage.

• Lock in lower interest rates, which can reduce your interest charges over the short term and the long haul of your home loan
• Change the repayment period, which can result in smaller monthly payments
• Eliminate debt more quickly, freeing up money for other needs
• Borrow against the equity they’ve built up in their home – known as “cashing out” – to gain funds for home improvements and other life expenses