Open any Door
The most common program one thinks of today is a Conventional home loan. Whether you’re a first time buyer, seasoned investor or looking to purchase a vacation home, Conventional financing can be the best solution.
One of the numerous hidden gems of Conventional financing is purchasing a condo, in which the complex is not approved for an FHA Home Loan. Conventional financing programs do not require a prior approval!
Conventional Advantages
As low as 3%
Low down payment when you’re a first time buyer.
Down Payment
With 20% Down
Save tens of thousands of by not paying PMI.
No PMI
For Any Purpose
Primary, Second homes and Investments allowed.
Purchase
Help Save Money
Niche products can reduce a your rate.
Niche Products
Purchase Any Condo
Finance in condo complex’s that do not allow for FHA financing at this time.
Co-Signers Allowed
Need a cosigner? No problem. Use occupying or non-occupying co-signers.
Cash To 80% LTV
Have equity? Tap up to 80% of the home’s value and use your cash to your benefit.
Fixed & Adjustable Rates
Access both fixed and adjustable rates for when a shorter term is ideal.
Self Employed Okay
Get approved with only one years’ of tax returns for more purchasing power.
Flexible Student Loans
Have student loans? No problem. Use the income-based payment to qualify.
Frequently Asked Questions
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For a first-time buyer (who is someone who has not owned a home within the last 3 years) is only required to do a 3.00% down payment.
If you’re not a first time buyer, the minimum down payment required is 5.00%.
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A first time buyer is anyone who has not owned a home in the last 3 years.
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In order to qualify for Conventional financing, you must wait the below amount of time, depending upon the event:
4 years after a Short Sale
4 years after a Bankruptcy
4 years after a Foreclosure
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Collections are okay! In many cases they are not accounted for, unless the automated underwriting system calls for it.
For a true collection account, a lender will qualify you with a monthly payment of 5.00% of the existing balance.
Medical collections are not accounted for and will have no bearing on your qualifying.
Charge-Off accounts are “charged off” by a creditor, lenders will not count it as a debt.
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There are a couple ways lenders must approach student loans:
Student Loans in Forbearance: lenders use 1.00% of the balance as the monthly payment.
Student Loans on an “Income-Based-Repayment” Plan: If you’re on an IBR plan, the lender can use the current agreed upon monthly payment for qualifying.
Student Loans in Deferment: lenders use 0.50% of the balance as the monthly payment.
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Yes! A spouse can purchase the home on their own without the other spouse’s credit or income being accounted for.
However, the spouse (who is not on the loan or title) will be required to sign-off (with the title company) and acknowledge the other taking title as “married man/woman, as sole and separate property”.
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YES!
Conventional financing allows a non-occupying co-signer to help you qualify. Better yet, they do not care if the co-signer is a family member or not (like FHA does).
Keep in mind, the co-signer needs to qualify the same as you. The lender will use the lower of the two mid-FICO scores for pricing as well.
