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.
- 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
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.
“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.”
"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!!"