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).

Family Opportunity – Conventional Loan

Does not need to be first time home buyers.

This loan is perfect for a borrower who is looking to buy a home for their elderly parents and or child that may be disable.  It allows the borrower to take advantage of “First Tiem home buyer” loan programs that offer lower rate and low down payments, without the need to occupy the home themselves.

Loan Parameters

  • 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
  • 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 an insurance can be excluded from the monthly payment
  • Gift Funds for a relative are allowed
  • Home must be livable
  • Debt to income ratios, up to 48%
  • Seller Contributions up to 3% of the loan amount.
  • Recently renovated home, new construction or older home is allowed. Single family residence and town home as well
  • Co-Signers are allowed