Conventional Programs

The conventional program has been the most commonly used program for generations. In recent days and the with strong competition from federally insured or guaranteed programs, conventional loans are quickly becoming a choice for those with 20% down, solid employment and credit histories. PMI (Private Mortgage Insurance) is required on loan-to-values exceeding 80%. Banks and mortgage insurance companies have experienced huge losses in the recent economy due to large foreclosure rates experienced in many markets. This has tighten the criteria used to qualify and the cost for PMI has skyrocketed. Be sure to review all your options.

Conventional loans typically adhere to Fannie Mae and Freddie Mac guidelines and in recent times, the loan amount limits have increased to $417,000 for most areas (higher in high-cost areas). It is a great option but when PMI is needed on the higher Loan-To-Value scenarios, these programs may no longer be your best bet .

Be sure to consult with your Mortgage Banker and review what other options are available.

Looking for a low down-payment solution? Consider these:

  USDA Rural Development Program

  VA Programs

FHA Program

  FHA 203k Rehabilitation Program

  Section 184 Native American Guaranty Program

Reverse Mortgages

Determine your eligibility and Get Pre-Approved free of charge online or by talking to a Conventional Mortgage Banker. We have the knowledge and resources to express forward your application while maximizing your benefits. If homeownership is in your future, Get Pre-Approved today.