Is a 40 year conventional loan possible or is it cut off at 30?

there are a hand full of lenders who offer 40 year mortgages, however the rate is higher, which in turn, lowers the actual benefit.. you wont really see a major reduction in payment by going out to 40 years.. This January, when FNMA releases DU9.01, the maximum term on a mortgage will be reduced to 30 years, making a 40 year mortgage a thing of the past.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Most lenders offer only 15 and 30 year fixed rate loans. You may want to consider an interest only loan, if you need lower payments. BTW, payments on a 40-year loan are only slightly lower than on a 30-year loan.

40 yr amortization programs are available, however you best rates are 30 yr.if you are considering a 40yr to reduce your monthyl payment ,you should consider a program without MI, (can be paid by borrower or lender)or a Buydown program which will reduce the rate by 2% on the intital year,emarez@thefederalsavingsbank.com