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Deandria Green NMLS# 2192710
Branch Manager/Loan Officer
601-927-8470
Conventional Loan
A conventional loan, or "traditional" loan, is a conforming mortgage that follows the guidelines put in place by Freddie Mac and Fannie Mae.
Requirements
620 min FICODown Payment Options:
- 3% First Time Home Buyer
- 5% Primary Residence
- 20% Investment Property
- 10% 2nd Home
First-Time Homebuyer
Loan Options
-Multiple Terms Available: 15, 20, 25, & 30 Years
-No mortgage insurance with down payments greater than 20 percent loan-to-value
-This is a universal product, so it's easy to shop around and compare
A conventional 97% LTV (loan-to-value) loan is similar to the traditional conventional loan; however, this specific program allows prospective home buyers to purchase a home with only a 3% down payment. To qualify, the following guidelines must be met:
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Loan amount may not exceed $510,400
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Must be a one-unit, single family dwelling
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Must be the owner's primary residence
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At least one borrower has not owned a home in the last three (3) years
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Must be a fixed rate mortgage
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Minimum FICO score of 620
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