Conventional offers .

“Conventional” just means that the loan is not part of a specific government program.

A conventional mortgage is a home loan that isn’t backed by a government agency, such as the FHA or VA. Conventional mortgages often meet the down payment and income requirements set by Fannie Mae and Freddie Mac, and they often conform to the loan limits set by the Federal Housing Finance Administration (FHFA).

Conventional Loan – Does not need to be first time home buyers

Primary Residence, one Borrower must be first time home buyer

  • Minimum of 5% down payment
  • Terms; 30, 20, 25, 15 and 10 year loans
  • For second home ( vacation home) 10% down payment
  • For Investment home ( rental ) 20% down payment
  • Investment property only due to Texas cash out rules
  • Loan amounts can go up to $647,200.00
  • Mortgage Insurance can be paid monthly, upfront as a one time payment or rolled into the rate and or loan amount. For a smaller monthly payment.
  • Minimum credit scores is 620.
  • Citizen, Permanent Resident or Work Visas are allowed
  • Full documentation using tax returns and w2’s or 1099’s
  • Escrows are not required, taxes and insurance can be excluded from the monthly payment
  • Gift Funds for a relative are allowed
  • Home must be livable
  • Recently renovated home, new construction or older home is allowed. Single family residence and town home as well
  • Co-Signers are allowed