Conventional Loans
Conventional loans are good credit loans with a 5% down payment or more. They are usually broken down into 2 categories: Conforming and Jumbo. A conforming loan is a loan of $ 417,000 or under. A jumbo loan is a loan of anything over a conforming loan. Sometimes we will suggest a two loan combination called a "Piggyback" loan to avoid PMI (Private Mortgage Insurance). The reason we do this is that interest is tax deductible but the PMI is not. Payments are lower as well.
Benefits:
- Computer
loan underwriting (very fast).
- Lowest interest
rates.
- With good to excellent credit, debt ratios can go as high as 50%.
Conditions:
- 2 years verified
employment history (Multiple jobs okay).
- For other
income sources, 3 years continuance is required.
- Good Credit.
- On loans
less than 20% down, 5% of the down payment must come from borrower's
own funds. In other words, no gifts for at least 5% of purchase
price.
For FREE PREQUALIFICATION, click here.
For more information, please e-mail or call 800-784-5363