Texas Law requires all real estate licensees to give the following information about brokerage services - IABS_Compliant4trecWebsites.pdf. Each office is independently owned and operated.
The lending world is a very complex one and your lender is by far the best source for information, which is why I always share the names and contact information for several lenders with whom I have worked in the past. It still doesn't hurt to have some idea of what they are talking about when you enter their domain. I have broken down the basic loan types and structures as well as described a few options for special circumstances to help make the lending process a bit easier.
First of all, you need to be aware that there are numerous loan types and lenders are always coming up with creative solutions to help their clients. Here are the basics:
The main difference between the two is that one follows the guidelines set forth by Fannie Mae and Freddie Mac (GSE eligibility) and the other does not. In most cases the underwriting issue is with the loan amount. Anything over the amount set by Fannie Mae and Freddie Mac would be considered a jumbo loan and is subject in most cases to a higher interest rate because the risk is higher. That dollar number is subject to change yearly and is set higher in Alaska and in Hawaii.