Emanuel “Manny” Caraballo / The Federal Savings Bank

Emanuel “Manny” Caraballo / The Federal Savings Bank NMLS # 2146362 The Federal Savings Bank is an Equal Opportunity lender and member FDIC. Licensed in all 50 States

Allow yourself to have the freedom to make choices about your life that you couldn’t make before 🏠🔑👌 ...
11/28/2022

Allow yourself to have the freedom to make choices about your life that you couldn’t make before 🏠🔑👌

Conventional loan🏡✅📃Conventional loans, which are not backed by the federal government, come in two forms: conforming an...
11/27/2022

Conventional loan🏡✅📃
Conventional loans, which are not backed by the federal government, come in two forms: conforming and non-conforming.

✅As the name implies, a conforming loan "conforms” to the set of standards by the Federal Housing Finance Agency (FHFA), which includes credit, debt, and loan size. For 2022, the conforming loan limits are $647,200 in most areas and $970,800 in more expensive areas.

✅Non-conforming loans – These loans do not meet FHFA standards. Instead, they cater to borrowers looking to purchase more-expensive homes or individuals with unusual credit profiles

👉 Pros of conventional loans
- Can be used for a primary home, second home, or investment property
- Overall borrowing costs tend to be lower than other types of mortgages, even if interest rates are slightly higher
- Can ask your lender to cancel private mortgage insurance (PMI) once you've reached 20 percent equity or refinance to remove it
- Can pay as little as 3 percent down on loans backed by Fannie Mae or Freddie Mac
- Sellers can contribute to closing costs

👉 Cons of conventional loans
- Minimum FICO score of 620 or higher is often required (the same applies to refinancing)
- Higher down payment than some government loans
- Must have a debt-to-income (DTI) ratio of no more than 43 percent (50 percent in some instances)
- Likely need to pay PMI if your down payment is less than 20 percent of the sales price
- Significant documentation is required to verify income, assets, down payment, and employment

A down payment of 20% or more is even better because you can avoid PMI! A hefty down payment reduces your monthly paymen...
11/25/2022

A down payment of 20% or more is even better because you can avoid PMI! A hefty down payment reduces your monthly payment and ensures you start off with equity in your home.✔👆👀

A mortgage is a great option for purchasing a home. You can make monthly payments while the value of the home increases....
11/24/2022

A mortgage is a great option for purchasing a home. You can make monthly payments while the value of the home increases. This allows you to build equity and make a profit on your home. Contact now and get the right advice for you to start your financial life in the right hands ✔😎✔

A credit history is a record of your credit accounts and your history of paying on time as shown in your credit report. ...
11/23/2022

A credit history is a record of your credit accounts and your history of paying on time as shown in your credit report. Consumer reporting companies, also known as credit reporting companies, collect and update information about your credit record and provide it to other businesses, which use it make decisions about you. Credit reports have information about your credit activity and current credit situation such as your loan paying history and the status of your credit accounts.📄👀😎

We did it again! Thanks to YOU, we were once again named as one of the Fastest-Growing Private Companies in America. Thi...
09/07/2022

We did it again! Thanks to YOU, we were once again named as one of the Fastest-Growing Private Companies in America. This is the fourth time that we have been a part of the Inc. 5000 list. This is a great honor as we continue to work to achieve our mission for helping families achieve homeownership. With The Federal Savings Bank…Home Begins Here! https://www.thefederalsavingsbank.com/

Both Fannie Mae and Freddie Mac have removed their COVID overlays for self-employed borrowers. How exciting! For loans i...
06/13/2022

Both Fannie Mae and Freddie Mac have removed their COVID overlays for self-employed borrowers. How exciting! For loans in process and new applications with tax returns dated 2020 or 2021, self-employed borrowers will no longer need to provide a P&L or bank statement to document recent business income. Contact me for your homebuying needs!

and myself celebrating another successful closing. When it comes to deals on the North Shore of Long Island, Corey and ...
05/21/2022

and myself celebrating another successful closing. When it comes to deals on the North Shore of Long Island, Corey and myself are the perfect team.



05/04/2022

Great information from the best in the business!!

04/23/2022

We are rallying together to raise money for Brandon and his family. At the youn… Amanda Fay needs your support for Donate to Help Brandon Aviles Beat Cancer

Veterans can use their VA Entitlement to put down as little as 0% on their next purchase or refinance. Contact me today...
04/01/2022

Veterans can use their VA Entitlement to put down as little as 0% on their next purchase or refinance. Contact me today to learn more about the advantages available to you through your VA benefits!

Buying a second home or vacation property is different from purchasing a primary residence. The good news is that we are...
03/31/2022

Buying a second home or vacation property is different from purchasing a primary residence. The good news is that we are experts in both! The Federal Savings Bank’s Second Home Product makes the process simple and easy.

Address

395 N Service Road
Melville, NY
11747

Telephone

+16315949920

Website

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