NRL Mortgage conventional loan come in a variety of options and with excellent advantages for qualified borrowers. While FHA and other government loans can have certain property restrictions, a conventional loan can be used on nearly all property types.
If you’re active duty military, a veteran or an eligible family member of a military veteran, you may qualify for a Veterans Affairs (VA) loan. The VA Mortgage is a government-based product offering 100% financing of the reasonable value of the property, with less restrictive qualifying terms than conventional programs.
SHORT ON DOWN PAYMENT? HERE ARE A FEW CONVENTIONAL LOW DOWN PAYMENT OPTIONS IF A FIRST TIME HOME BUYER:
Fannie Mae HomeReady®
HomeReady® is a fixed rate, affordable housing program for creditworthy, low-to-moderate income borrowers offering up a 3% down payment options if you are a first time homebuyer
Freddie Mac Home Possible
Designed for low-to-moderate income homebuyers and/or individuals purchasing or refinancing properties in target areas
Maximum financing (LTV/CLTV) and minimum credit score requirements are determined based on the loan product type
Private Mortgage Insurance (PMI) is required on conventional loans with an LTV > 80%.
Interested in taking the first steps?
REWARDS OF CONVENTIONAL QUALIFYING
👉 620+ Fico score requirements
👉 A Range of down payment options
👉 Advantages for higher down payment
👉 Options to eliminate PMI with a 20% down payment option or Lender Paid Options
👉Financing for properties commonly restricted by Government loan products
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NMLS ID 181407
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Last Updated 9-26-2021