Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional (or conforming) mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or an adjustable rate.
In 2016, Conventional Financing is available with only 5% equity (or 5% down payment) for loan amount up to County Limits. All Counties allow up to 417,000 and several counties in California allow higher amounts (maximum 625,500.)
Conventional loans are the most commonly used program. Courtesy Mortgage is able to follow Fannie Mae and Freddie Mac guidelines directly without any “overlays.”
Some examples of our Conventional niche segments available include –
- Qualify on only One Year Tax Return for Self Employed Borrower (Business Established for 2 Years but only most recent year income required)
- Qualify on only W2 and paystubs (No Tax Returns Required)
- Lender Paid Mortgage Insurance up to 95% of property value (No monthly mortgage insurance charged in payment)
- Debt to Income Ratios up to 50.49%
- Can pay Debt through closing to help Qualify
If you would like to learn more about conventional financing please reach out to us today. We will be happy to review and advise specifically after learning your details.