CONVENTIONAL LOAN
If you have enough cash on hand to make a large down payment, you’re likely to save on mortgage insurance with a Conventional Loan. Conventional Loans are often seen as the strongest option in a multiple offer situation.
Program Highlights
- 5% down payment with 3% options available
- Low mortgage insurance that is removed when 20% equity is reached
- Maximum loan amount of $647,200
- 3% seller contribution is allowed and can increase with larger down payments
- Minimum property standards
If a borrower makes a down payment of less than 20% on a Conventional Loan, the rates of mortgage insurance vary according to credit scores, debt-to-income ratio, the type of mortgage insurance a borrower chooses, as well as the loan-to-value ratio.
