Generally for buyers with good credit and down payments of 3% or more.
Conventional loans are for buyers with good credit, good savings, and the ability to put more than a 3% down payment. Conventional loans are also good options for buying investment property. We offer the following conventional loan programs:
- Freddie Mac Direct
- Fannie Mae Direct
- Freddie Home Possible
- Fannie Mae HomeReady
- Fannie Mae RefiNow
- Freddie Mac Refi Possible
- Aggregators and Minimum FICO 620
PROS
- Easy approval process
- Only 1 year of tax documents is required for W2 borrowers
- Flexible mortgage insurance options for borrowers with less than 20% down
- Easier appraisals for condo financing
- Both ARM and Fixed options are available
CONS
- Harder to qualify with low credit score
- Longer waiting periods after a bankruptcy, loan modification, short sale or foreclosure
- FICO score and loan amount can affect mortgage insurance and rate
ESTIMATE PAYMENT