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Conventional Mortgage Loans

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!

  1. 97% 1st time homebuyer
  2. HOMEREADY Program
  3. $0 Down Doctors’ Mortgage

Well… How do I qualify for a conventional mortgage?

 

See if you qualify for any of these conventional mortgages:

97% 1ST time home buyer

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!

Next is the HOMEREADY program is still 97% financed by GVC Mortgage

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

Last is the Doctor’s only mortgage

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.