Loan Options

Conventional Loans

Loan Options:

Conventional Loans

These are aka “conforming” or “A-paper” loans, and are typically backed by Fannie Mae or Freddie Mac. They can be a 30 year term, down to a 10 year term, and be a fixed rate or adjustable rate. Here’s why you’d consider a conventional loan:

 

  • Typically the easiest to go through the underwriting and closing process, since these guidelines demand the “best borrowers”. This often gives potential sellers a perception of a “more qualified borrower” in a multiple offer situation, although that’s not always the case.

 

  • Appraisal requirements can be more liberal than the other types of loans require.

 

  • PMI is removeable without refinancing, after 78% equity position is met. If you put 20% or more down on a conventional loan, there is no PMI. We also have no-PMI option for loans with less than 20% down.

 

Down Payment

3-5%

CALL FOR ELIGIBILITY SPECIFICATIONS

Max Loan Amount

$424,100

FOR MOST FL SINGLE FAMILY HOMES

Minimum Credit Score

620

CALL FOR EXCEPTIONS

Seller Contributions

2-9%

% OF PRICE DEPENDS OF LTV

DTI Max

50%

CALL FOR ELIGIBILITY SPECIFICATIONS

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