Chris Luis, My Favorite Mortgage Broker
"I work for you, not the banks."
MBR 1575, NMLS 1159714
Conventional mortgages are the traditional loans offered to borrowers with the best credit scores.
Most homebuyers, even some realtors believe that 20% down payment is required.
You can get a conventional mortgage for 1% - 3% or 5% depending on your credit and whether you are a first time home buyer.
Here are the highlights:
- Minimum credit score is 620
- 5% Down Payment for 2nd time buyers
- 1st Time Home buyer – 3% down payment
- The higher your credit score, the lower your rate.
- Sellers can up to 3% toward closing costs.
- Virtually any home is eligible, except for manufactured-mobile homes.
- Rates slightly higher than FHA or VA.
- PMI (Mortgage Insurance) required if you are placing less than 20% down, but you can have it waived by paying a higher interest rate.