95% Purchase Loan
Conventional conforming home loans are currently made available to individuals who are ready to finance a home with a down payment of 5% or more. Although they require monthly mortgage insurance and as well as above average credit history, unlike FHA financing there is not any upfront mortgage insurance.
While there are some stipulations, conventional financing can be used to purchase a single-family residence, townhouse or a condominium. The property must be owner occupied and if its is a condominium or a town home, it must also meet specific guidelines such as percentage of units that are owner occupied and the current status of the homeowner’s association.
If low down payment conventional financing is an option that may work for your situation, let our home loan experts assist you with your new purchase today.