When did the conventional mortgage get better than FHA?
Over the past few years FHA Mortgage products have become very popular when buying your dream home.
You may now have a better option with a conventional mortgage. We are happy to see if you qualify for one of our low down payment conventional mortgage. Here are 3 of our favorite programs!
- 97% 1st time homebuyer
- HOMEREADY Program
- Doctors’ Mortgage
Well… How do I qualify for a conventional mortgage?
See if you qualify for any of these conventional mortgages.
97% 1ST time home buyer
- Looking to buy a home for the first time?
- We can loan you 97% of the value of the home.
- $100,000 mortgage we will loan you $97,000
- The seller can pay up to 6% of your closing costs
- 620 credit score!
- You are thinking? Is this better than FHA?
- Well… FHA will only finances 96.5% (larger down payment)
- Plus+ FHA requires you to carry Mortgage Insurance for the life of the loan
- With this first-time home buyer conventional mortgage, you don’t carry mortgage insurance (higher monthly payments) for the life of the loan.
- The 97% 1st time home buyer program also has a loan limit of $453,100!
The HOMEREADY program is still 97% financed by GVC Mortgage
- You’ve got to occupy the property as your primary residence
- Gift Funds are allowed!!!
- You can only purchase 1 unit
- Your minimum credit score is 620
Oh.. The Doctor’s only mortgage
- Available to medical doctors, dentist, podiatrist, ophthalmologist, and veterinarians. Not available to chiropractors.
- Up to 50% Debt to Income Ratio!!
- Can loan up to $1,250,000
- Seller can contribute between 3% and 6% of the purchase price towards closing costs
- We do accept future and projected income!!
When looking to buy a home, you should definitely see if you qualify for one of these low down payment conventional mortgages.