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A conventional loan is a mortgage not by the governmnet insured such as FHA, VA or USDA. In Fact, this group includes Jumbo Loans as well as alternate loan products those that don’t meet Conforming guidelines. Most conventional loans are conforming. In other words, they conform to the guidelines of Fannie Mae and Freddie Mac. The purpose of these government-sponsored entities is to make mortgages more widely available. As a result, benefits such as 3% down payment are available. In addition, there are specific programs for first-time homebuyers.
Conforming loans, often referred to as conventional, are available for primary, vacation and investment properties. However, the loan limits are 510,000 for a single-family home. Above this limit, the loan is considered a Jumbo loan. However, in high priced home areas higher loan limits apply called High Balance Loans and are Conforming.
These conforming loans allow up to 95% fiancing for primairy homes, 90% second-vacation homes and 85% financing for investment property. Property types allowed are 1-4 Family Unit, Condominiums, Townhouses, PUDs and double wide manufactured homes are allowed.
Conventional fixed rate financing up to 97% for primary residences of single family homes, condominiums, Townhomes PUDs.
3% Down Payment First-Time Homebuyers
Fannie Mae HomeReady and Freddie Mac Home Possible programs are for the first-time homebuyer primary residences only. They are designed for low to moderate income families. Consequently, lower rates and mortgage insurance premiums make these programs easier for buyers to qualify.
CharterStone Mortgage has access to preferred low PMI premiums keeping your overall payment low. You will find the final payment with no MI is lower with us than other mortgage providers. This is a great fit for those with very good to excellent credit. Other credit levels may want to consider an FHA or VA loan. Let’s compare, call us today!
This program does not have a separate payment for mortgage insurance and is available up to 97% financing. The rate is higher than the standard program however the overall payment is lower. This program works best for very good to excellent credit scores. Call us today to compare programs.
Programs are subject to change without notice. All applicants must meet underwriting guidelines from the lender that are subject to change without notice and must meet all Federal and State regulations. This information is not guaranteed to be accurate due to changing financial and economic environment.
**CharterStone Mortgage is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.
Programs are subject to change without notice. All applicants must meet underwriting guidelines from the lender that are subject to change without notice and must meet all Federal and State regulations. This information is not guaranteed to be accurate due to changing financial and economic environment.
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We are avaialble 7 days a week by phone, to meet in person or apply on line.
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