Conventional Loan
Lending limits and guidelines for Conventional Loans. Conventional Loans are purchased from the Mortgage Companies by FNMA (Fannie Mae) & FHLMC Freddie Mac).
Down Payment Minimums
Minimum down payment for an owner-occupied residence (first time home buyer) 3%Minimum down payment for an owner-occupied residence (NON-first time home buyer) 5%
10% for second home.
15% for investment home.
PMI (Private Mortgage Insurance) Requirements
Required on any home where down payment is less than 20% with options to avoid a monthly premiums with less than 20% downSeller Contribution Limits
3% maximum on LTV (loan to value) of 90.01% or more6% maximum on LTV (loan to value) of 90% or less
May add usual and customary on top