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
- 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