Conventional Loan

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CONVENTIONAL LOAN

Movement Mortgage conventional loans come in a variety of options and with excellent advantages for qualified borrowers. While FHA and other government loans can have certain property restrictions, a conventional loan can be used on nearly all property types. Those able to put 20% down are afforded additional savings in the waiver of private mortgage insurance.  

 

 

SHORT ON DOWN PAYMENT? HERE ARE A FEW CONVENTIONAL LOW DOWN PAYMENT OPTIONS

Fannie Mae Home Ready!

  • Home Ready is a fixed-rate, affordable housing program for creditworthy, low-to-moderate income borrowers offering up to 97% financing.

  • Freddie Mac Home Possible & Home Possible Advantage is designed for low-to-moderate income homebuyers purchasing or refinancing properties in target areas.

  • Maximum financing (LTV/CLTV) and minimum credit score requirements are determined based on the loan product 

  • Private Mortgage Insurance (PMI) is required on conventional loans with a loan to value less than 80%.

 

 

REWARDS OF CONVENTIONAL QUALIFYING

  • A range of down payment options

  • Advantages for higher down payments

  • Option to eliminate mortgage insurance with a 20% down payment

  • Financing for properties commonly restricted by government loans

Phone number- 612-209-7922

Email- Mark@marksvihel.com