CONVENTIONAL Purchase
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.
SHORT ON DOWN PAYMENT?
Here Are A Few Conventional Low Down Payment Options
HomeReady 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
Designed for low-to-moderate income homebuyers and/or individuals purchasing or refinancing properties in target areas.
Maximum financing (LTV/CLTV) and minimum credit score requirements are determined based on the loan product type
Private Mortgage Insurance (PMI) is required on conventional loans with an LTV > 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
May 3, 2024
