Conventional Loans: Flexible Financing for a Variety of Needs
Program Summary
Conventional loans are a popular choice for borrowers seeking flexibility and affordability. Whether you’re purchasing your primary residence, a second home, or an investment property, conventional loans offer competitive rates, higher loan limits, and customizable terms. With options for low down payments and no private mortgage insurance (PMI) requirements in some cases, conventional loans provide accessible solutions for a wide range of buyers.
Key Benefits
- Flexible Property Types: Ideal for primary residences, second homes, and investment properties.
- Low Down Payment Options: Loan-to-value (LTV) ratios as high as 97% for purchases and rate/term refinances.
- Competitive Loan Limits: Financing available up to county loan limits, with high-balance options for higher-priced homes.
- Cash-Out Options: Access up to 80% of your home’s value for primary residences and 75% for second homes or investments.
- Temporary Rate Buydowns: Reduce your initial payments with lender- or seller-paid buydown options.
Program Details
- Credit Requirements: Minimum credit score of 620, with flexibility for qualified borrowers.
- Property Eligibility: Financing available for single-family homes, condos, and multi-unit properties.
- Loan Purpose: Perfect for purchases, rate/term refinances, and cash-out refinances.
- Income Verification: Requires standard income and asset documentation to ensure eligibility.
Who Is This Program Best For?
- Borrowers with 620+ credit scores seeking competitive rates and flexible terms.
- Buyers looking to finance a second home or investment property.
- Homeowners who want to refinance for better terms or access home equity with a cash-out refinance.
- Those looking for loan options that don’t require private mortgage insurance (PMI) with 20% down.
Next Steps
Ready to explore your conventional loan options? Contact us today or apply online to get started. Our team is here to help you every step of the way!