When did the conventional mortgage get better than FHA?
Over the past few years FHA Mortgage products have become very popular when buying your dream home.
You may now have a better option with a conventional mortgage. We are happy to see if you qualify for one of our low down payment conventional mortgages. Here are 3 of our favorite programs!
Well… How do I qualify for a conventional mortgage?
See if you qualify for any of these conventional mortgages:
Looking to buy a home for the first time?
We can loan you 97% of the value of the home.
$100,000 mortgage we will loan you $97,000
The seller can pay up to 6% of your closing costs
620 credit score!
You are thinking? Is this better than FHA?
Well… FHA will only finances 96.5% (larger down payment)
Plus+ FHA requires you to carry Mortgage Insurance for the life of the loan
With this first-time home buyer conventional mortgage, you don’t carry mortgage insurance (higher monthly payments) for the life of the loan.
The 97% 1st time home buyer program also has a loan limit of $453,100!
You’ve got to occupy the property as your primary residence
Gift Funds are allowed!!!
You can only purchase 1 unit
Your minimum credit score is 620
Available to medical doctors, dentist, podiatrist, ophthalmologist, and veterinarians. Not available to chiropractors.
Up to 50% Debt to Income Ratio!!
Can loan up to $1,250,000
Seller can contribute between 3% and 6% of the purchase price towards closing costs
We do accept future and projected income!!
When looking to buy a home, you should definitely see if you qualify for one of these low down payment conventional mortgages.