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 No Mortgage Insurance
Loan Parameters
- Minimum Down Payment 10.1% of the sales price
- Loan amount for refinance, up to 89.9% of the value of the home
- 680 Minimum Credit Score.
- Loan amounts from $200,000 to $647,200.00
- Fixed rates and terms
- No prepayment penalties to pay extra or early
- Purchase transaction and or refinance of primary residence or Second home
- Citizen, permanent resident or Work Visas are allowed
- Full documentation using tax returns and w2’s or 1099’s
- Escrows required, taxes and insurance must be included in 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 only
Bryan E.
Came to the Contrasto team to prequalify for a new house loan. We had worked with Contrasto when getting our current home.They took time to explain what we needed, ad were very helpful in suggesting where we could get additional help. They are great partners. The Contrasto team was very professional, courteous and provided excellent service to me when I was buying a new home.
Santiago T.
“My wife and I have used Patti's services on two different occasions when we purchased homes. She always provided excellent service, is very knowledgeable, very professional, and very friendly. We highly recommend her.”
Heltor H.
"Outstanding service!!! Patti and Team are amazing!! They will work hard to get you the best possible deal and ensure the entire process is completed in a timely manner. All the while explaining you the entire loan cycle step-by-step, so you never feel out of place. If you have any doubts about whom you should be working with, contact Patti and Team. You won't regret it!!"