Conventional Financing is for Excellent Borrowers who still have equity in their home. These customers deserve the lowest rate without mortgage insurance.
Credit Scores need to be 700 or better for each borrower otherwise there are adjustments to pricing that hurt the savings
Fixed Rates and Adjustable Rate Mortgages available at rates as low as 3.75%
These programs generate the lowest payment for refinances and purchases because usually there is no mortgage insurance
Mortgage insurance is required for 80%-90% financing on purchases or refinances
DU Refi Plus or Freddie Mac Relief allow for up to 105% ,and in some cases 125% financing, without PMI for homeowners who previously secured Fannie Mae or Freddie Mac financing on their homes
I can price your loan with points or without. Typically you pay a point to buy your rate lower if you intend to stay in the home for a while
Loans for Primary Residence, Second Homes or Investment Properties
Fannie Mae or Freddie Mac Loan Programs make for an easier process. Fha has more paperwork
Maximum 6% seller paid closing costs for purchase loans 80% and under
Maximum 3% seller paid closing costs for purchase loans 90% and under
No Prepayment Penalties
Special Note about Condos: Many lenders don't want these types of loans because associations are hurting due to high foreclosure rates. Most lenders require 30% down if they are going to do them at all.
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