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.  

Highlights:

• 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.

*Restrictions apply