Conventional Loan
Conventional financing is a loan made at the risk of the lender without benefit of any government guarantee or government insurance. 
A conventional loan with an LTV (loan to value ratio) of greater than 80% requires primary mortgage insurance, which can be paid monthly. The borrower must have 5% of his/her own funds for the down payment and 2 months reserves on deposit. Closing costs must be paid by the borrower.
Requirements of a conventional loan applicant include excellent credit, job stability with sufficient income, a sizable down payment, and low debt to income ratios. Borrowers who meet conventional financing guidelines are sometimes rewarded with an interest rate only slightly lower than an FHA interest rate.
Contact us anytime to speak with someone about financing options.
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