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Conventional Loans

Most of the loans generates today are FHA insured mainly due to the low down payment requirements and higher DTI requirements. Nevertheless, conventional loans are a great option and less expensive with the help of Private Mortgage Insurance (PMI). Recently new options for PMI have made it possible for borrowers to obtain a conventional loan with as little as 5% down payment and have a lower monthly payment than with an FHA loan. Instead of an addition to the monthly payment the PMI is financed into the loan therefore eliminating the monthly payment add on. If you would like to know if you qualify for this program please fill an application and one of our professionals will contact you.

 Following are some of the features and requirements on conventional loans:

Credit score – the minimum score changes on a regular basis so call for details. Credit scores and down payment go hand in hand. The lower the score the greater the down payment required.

  • Debt-to-income ratio - this is the total monthly payments divided by your gross income. The maximum this number can be depends on how much down payment your putting to buy. Call us for the most recent information.
  • Income Documentation - all income has to be verified by way of paystubs and W2’s. If a person is self employed or received variable income such as gratuities, overtime or commissions then tax returns will be required.
  • Job Requirements – must have had a steady job for the past 2 years. Valid letters of explanation will be required to explain gaps in employment.
  • Foreclosures /Short Sales – foreclosures and short sales in the credit report have to show that a minimum of 2-7 years have transpired since the date of the foreclosure, depending on the down payment.
  • Bankruptcies – a minimum of 2 years since the bankruptcy was discharged is necessary in general for conventional lenders. In addition certain credit history must have been established.
  • Basic Pre-Approval

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