Conventional Loan Products

A conventional loan is a type of mortgage that isn’t backed by a government agency. Instead, Conventional mortgages must meet the down payment and income requirements set by Fannie Mae and Freddie Mac and conform to the loan limits set by the Federal Housing Finance Administration (FHFA).

You can qualify for a conventional loan, with a credit score as low as 620, however a score that's above 740 will help you get the best rate. Also, your MI (mortgage insurance) will calculate off your credit score as a conventional buyer, so the higher your credit score, the lower your MI will be.

As a first-time homebuyer you may be able to make a down payment that's as low as 3% with a conventional loan. Although something to keep in mind, is that a higher down payment will help get you a lower rate and lower MI amount. Conventional rates, along with the MI amount, adjust off the LTV ratio, and the lower the LTV, the lower your rate and MI amount will be.

Refinancing A Conventional Loan

1. Rate/Term Refinance

Up to 97% LTV
DTI max 50%
620+ FICO
Eligible for primary, second and investment properties

2. Cash-Out Refinance

620+ FICO
DTI max 50%
Eligible for primary, second and investment properties
LTV's as high as 80% on primary home and 75% on second home and investment cash-out refinances

1% DOWN Conventional Program

30-Year Fixed primary purchases ONLY
Max LTV = 97%
Down payment grant can cover up to the lesser of 2% Loan Amount or $4,000
Minimum FICO = 620
Income up to 80% of the AMI- *must meet the county loan limit requirement.

Contact Me To Get Approved

Qualifying Guidelines

620+ FICO
Primary, second and investment properties
Max DTI 50%
Down Payment as low as 3% for first-time homebuyers
LTV's as high as 80% on primary home and 75% on second home and investment cash-out refinances
High Balance available for loan amounts over the county loan limit
Lender and seller paid Temporary Rate Buydowns available
Available on single- and multi-wide manufactured homes, condos, PUDs and One-Time Close New Construction loans

Homeone

First-time homebuyers may qualify with this 3% down payment solution.

Purchases up to 97% LTV
No income restrictions
Available in all geographic locations
Eligible for single family homes, including townhouses and condos
At least one borrower must be a first time homebuyer
Available on single- and multi-wide manufactured homes with LTV up to 95%, and PUDs
Lender and seller paid Temporary Rate Buydowns available

Homeready

Conventional options for borrowers looking to purchase with a low down payment or refinance with limited equity.

Purchases up to 97% for FTHB
Refinances serviced by FNMA eligible up to 97% LTV
Reduced Mortgage Insurance
High Balance available
Income up to 80% of the AMI- *must meet the county loan limit requirement.
Gift funds eligible for entire down payment
Available on single- and multi-wide manufactured homes with LTV up to 95%, condos, and PUDs
Lender and seller paid Temporary Rate Buydowns available

Home Possible

A great alternative to FHA financing for borrowers looking to purchase with a low down payment or refinance with limited equity.

Up to 97% LTV
620+ FICO
First time homebuyers, move-up borrowers and retirees
Refinances up to 97% LTV, regardless of current mortgage program
High Balance available
Income up to 80% of the AMI- *must meet the county loan limit requirement.
Available on single- and multi-wide manufactured homes, condos and PUDs
Lender and seller paid Temporary Rate Buydowns available