Conventional Loans

Open Any Door

Conventional Home Loans

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 this program is purchasing a condo in which the complex is not approved by FHA. Conventional programs do not require a prior approval!

Conventional Advantages

As Low As 3%

Down Payment

Low down payment when you’re a first time buyer.

No PMI

With 20% Down

Save tens of thousands of dollars by not paying PMI.

Purchase

No Matter the Purpose

Primary, Second or Investment homes allowed.

Niche Products

Help Save Money

Niche products can reduce the down payment or rate.

is Conventional Financing Right For You?

That is not a simple question to answer as everyone has specific needs and goals. The typical profile of a conventional user is one with a good FICO score, lower debt-to-income and will have funds for a down payment. The best advice we could give would be to speak with a mortgage specialist to unpack best options.

Conventional Benefits

Purchase Any Condo

Finance in condo complex’s that are NOT currently FHA approved.

Self Employed Okay

Get approved with only one year of tax returns for a higherpurchase price.

Co-signers Allowed

Need a cosigner? No problem. Use occupying or non-occupying co-signers.

Cash-Out Up to 80% LTV

Have equity? Tap up to 80% of the home’s value.

Fixed & Adjustable Rates

Access both fixed and adjustable rates for when a shorter term is ideal.

Flexible Student Loans

Have student loans? No problem. Use the income-based payment to qualify.

Ready To Explore All Options?

Frequently Asked Questions

How long do you need to wait to be approved after a "major credit event"?

In order to qualify for Conventional financing, you must wait the below time, depending upon the event:

4 years after a Short Sale
4 years after a Bankruptcy
4 years after a Foreclosure

What is the definition of a "First Time Buyer"?

A first time buyer (who is able to put as little as 3% down on a new home) is anyone who has not owned a home in the last 3 years.

What if I have collections?

Collections are okay! In many cases they are not accounted for, unless the automated underwriting system calls for action.

True collection accounts a lender will qualify you with a monthly payment of 5% 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.

I have student loans, how will they affect what I qualify for?

There are a couple ways lenders must approach student loans:

Loans in Forbearance: lenders use either 1% or .50% of the balance as the monthly payment. This depends upon if it’s Fannie Mae or Freddie Mac.
Student Loans on Income-Based-Repayment: If on an IBR plan, the lender can use the current agreed upon monthly payment for qualifying.
Student Loans in Deferment: lenders use either 1% or .50% of the balance as the monthly payment. This depends upon if it’s Fannie Mae or Freddie Mac.

Am I able to take title on my own if I am married?

Yes, one spouse can purchase the home on their own without the other spouse’s credit or income being accounted for. However, the spouse 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 seperate property”.