Conventional Loan Programs

Conventional lenders offer more variety than the FHA, which only offers the 203k program. Non-government rehab loans include construction loans–short-term financing due upon completion of the work–and construction-to-permanent financing programs, in which the construction loan is converted to a regular mortgage loan, such as Fannie Mae’s HomeStyle Renovation loan.

Buy a Home With Only 3% Down Conventional Financing and No Monthly PMI.. It will save you $195 a month over the conventional loan with PMI, refinance into conventional programs with limited equity and No PMI, and save on average $200-$300 a month.

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Alan Waters, loan originator with VanDyk Mortgage, says these newer loan programs were designed to rival Federal Housing Authority (FHA) loans, which allow down payments as low as 3.5 percent.

Most conventional loan programs allow you to purchase single-family homes, warrantable condos, planned unit developments, and 1-4 family residences. A conventional loan can also be used to finance a primary residence, second home and investment property. Find Out if a Conventional Loan.

1St Time Home Buyer With Bad Credit Tips for first-time homebuyers with bad credit. While first-time homebuyers with bad credit face more challenges than buyers with excellent credit, there are several steps you can take to demonstrate that you are a creditworthy borrower. Talk to a housing counselor.

Unconventional mortgages and loans. A wide variety of unique mortgage loan programs for you to research and utilize. We are an unconventional loan resource for alternative real estate financing. We service and inform the consumer on the topic of unconventional mortgages and loans.

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Changing gears and going with a different mortgage loan program such as switching from a conventional loan to loan insured by the FHA could be another viable route in keeping monthly mortgage costs.

for most programs will be 45%. The maximum loan to value will be reduced to 95% (or 5% down required for conventional financing going forward). Those clients who had a deed-in-lieu or pre-forclosure.

A conventional loan is a type of mortgage that is not part of a specific government program, such as Federal Housing Administration (FHA), Department of Agriculture (USDA) or the Department of Veterans’ Affairs (VA) loan programs. However, conventional loans are commonly interchangeable with "conforming loans", since they are required to conform to Fannie Mae and Freddie Mac’s underwriting requirements and loan limits.