Conventional Loan Highlights
This product is backed by non-government sponsored lenders and thus there are generally less restrictions, guidelines, and fees associated with these programs. Additionally these loans will have higher income and credit score requirements.
What can I use the loan for?
For the purchase, refinancei, or renovation of any primary, secondary (lake/vacation home), or investment/rental property. This can be used for single family homes, duplexes, four-plexes, and double-wide manufactured homes.
Benefits
- IDEAL FOR BORROWERS WITH HIGHER CREDIT SCORES AND A DOWNPAYMENT (3%)
- Lower closing costs and fees
- Less guidelines and restrictions
- No private mortgage insurance (PMI) options available
- More immediate equity in your home
- No prepayment penalties
- Have the ability to finance the construction or the purchase and home improvements/renovations in one loan
Low Downpayment Options
There is a misconception that it takes a 20% downpayment but depending on income and credit score restrictions the downpayment options can get as low as 3%-5% down.