Standard Conventional loans are offered as low as 5% down and do not have income restrictions.
Borrower Benefits and Program Details
- Available for purchase transactions
- Cash out refinances and no cash out refinances allowed
- Cash out the equity of your property up to 80% loan to value
- 5% minimum down payment required
- Primary Residences, 1-4 units, Condos and Planned Unit Developments
- Minimum FICO score of 620
- No Income Limits
Here is a summary of the advantages and disadvantages, of conventional mortgages.
- Mortgage insurance not required if 80% loan to value (LTV) or less
- Cancel existing mortgage insurance at 80% LTV
- Can be used on all property types
- More loan program options
- Can hold numerous conventional loans
- Higher down payment requirements
- Larger down payments for multifamily properties
- Higher reserves for multifamily properties
- May be more difficult to qualify for than FHA or other government-backed loan
- Mortgage insurance still required for loans above 80% LTV
PLEASE NOTE: LOAN PRODUCTS AND THEIR GUIDELINES CAN CHANGE AT ANY TIME.
DISCLAIMER: This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must qualify under underwriting requirements and satisfy all contingencies of loan approval. Rates and terms subject to change without notice. Norcom Mortgage NMLS ID # 71655 (www.nmlsconsumeraccess.org)