Conventional has a small down payment program too, and in some ways it’s better than FHA…
1) 3% down (97% financing).
2) Max loan amount is $417,000 (much higher than FHA).
3) Debt to income ratio, and reserves determined by automated underwriting.
4) Standard MI coverage of 35% is a MI factor of 1.15% (CHEAPER THAN FHA)
5) No up front MI!
This program does require a minimum credit score of 680.
If you want to purchase a home and have a low down payment – this program is an option for you!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
To see if you qualify for a mortgage right now – CLICK HERE and fill out this simple application.
To sign up for my weekly mortgage quick tips – CLICK HERE.
Do you need cash out of your home, but you don’t want to refinance the…
I wanted to address the two most common questions that I get regarding reverse mortgages……
Do you need cash out of your home, but you don’t want to refinance the…
Would you like to get cash out of your home, but you don't want to…
If you need cash out of your house, but don't want to touch your first…
I wanted to address the two most common questions that I get regarding reverse mortgages……