Using a Conventional loan to Purchase a Home
Conventional loans are loans that are not guaranteed by a government entity. Conventional loans can be used for primary residences and investment properties. Conventional loans vary in a variety of ways and can be used on a variety of properties. The Conventional loan is the least restrictive loan on the market.
- Minimal Down Payment and Closing Costs.
- Maximum loan amount is $417,000.00.
- The minimum down payment is 3% of Sales Price.*
- Gift funds can be used for down payment and closing costs allowed.
- Seller can credit up to 3% of sales price towards buyers costs on principal residences.
- Seller can credit up to 2% of sales price towards buyers costs on investment properties.
- Credit Qualifying Guidelines such as:
- 620 minimum credit score.*
- Maximum debt-to income ratio of 45%.
- Self Employment is acceptable.