Sullivan Mortgage Source Services

A
Licensed Mortgage
Broker

Services We Offer

Purchase, Refinance and Construction
Loan Programs

CONVENTIONAL / CONFORMING
A conventional loan is any loan that is not insured or guaranteed by a government agency while a conforming loan is a loan which conforms to the Federal National Mortgage Association Corporation guidelines.
CONVENTIONAL / JUMBO
The jumbo is a nonconforming loan and differs from your normal "Fannie / Freddie" loan in the amount that is borrowed. These loans assume the name "Jumbo" when the loan amount exceeds the loan limits set by FNMA and FHLMC. Because the Jumbo is a higher risk loan with a higher than average loan amount, some lenders may charge slightly higher interest rates.
FHA
FHA loans have lower down payment requirements and allow sellers to pay closing costs that other programs may not.
VA
These loans are often made without any down payment at all. Because private mortgage insurance is not required, monthly payments are lower making it easier to qualify.
CUSTOM CONSTRUCTION
Custom Construction Loan Program is a combination construction and permanent loan directly to the owner-borrower for the purpose of constructing their permanent residence.
LOT PURCHASE
A lot purchase loan is for the purchase of a piece of property that does not have a structure built upon it at the time of closing.

ITEMS NEEDED FOR LOAN APPLICATIONS