Conventional Home Loan

 

Conventional Home Loan

Conventional financing are those loans that follow the guidelines of Fannie Mae and Freddie Mac. We are a direct seller to Fannie/Freddie which gives us the advantage of fewer overlays that restrict guidelines. The max loan amount currently in Maricopa County for 2017 is $424,1000. This loan is designed for borrowers with good credit history and the rate is based on credit score, down payment and loan amount and is more favorable when each of these is higher.

More Specifics:

  • Down payment
    • 5% minimum down payment (1st time homebuyer is 3% down!) on Owner Occupied
    • 10% minimum down on Second Homes
    • 20% minimum down on Investment Properties
    • May be your own funds including 401k loan
    • May be a gift from an acceptable source, ie close relation, employer gift on Owner Occupied and Second Homes
  • Terms
    • 30 Yr Fixed, 20 Yr Fixed, 15 Yr Fixed, 10 Yr Fixed, 5 Yr ARM, 7 Yr ARM, 10 Yr ARM
  • Credit score
    • Minimum score 620 (720 if more than 6 finance properties)
  • Property type
    • Up to 4 units/Single Family Home/Condo/Townhome/Patio home
  • Occupancy
    • Owner Occupied, Second Home and Investment Properties
    • Up to 10 financed properties on 2nd home and investment properties, no limit if loan is for Owner Occupied
  • Seller Contribution
    • Over 90% LTV max 3%, 75.01-90% LTV max 6%, Below 75% max 9%, Non-Owner Occupied capped at 2% on all NOO loans
  • Transaction types
    • Purchase/Refinance – Cash-Out and Rate-Term
    • DELAYED FINANCING (we can finance properties recently purchased with cash or a short term loan, or other borrowed funds)
  • Credit history (in some cases, extenuating circumstances may apply for shorter wait periods)
    • Bankruptcy Chp 7, 11 – after 4 years from Discharge/Bankruptcy Chp 13 – 2 years from Discharge, 4 years from Dismissal/Foreclosure/Deed in Lieu – after 7 years from Trustee Sale/Short Sale – Eligible after 4 years of title transfer
  • Mortgage Insurance
    • Required on loans over 80% loan to value/No upfront MI required
    • Types
      • Borrower paid monthly
      • Lender paid MI in interest rate, so rate will be higher
      • Single Premium – paid upfront instead of a monthly MI payment
      • Lender financed MI (on refinances)
    • There are options to avoiding MI such as a 1st and 2nd mortgage combination

 

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