With Conventional Financing, you can purchase/refinance a primary, 2nd home or Investment home.
There are many advantages on a Conventional loan such as:
- Scores as low as 620
- 3% minimum down payment for first time home-buyers
- Property taxes and property insurance escrows may be waived if financing 80% or less
- Lender Paid Mortgage Insurance available when financing over 80% (some restrictions apply)
- Up to 6% seller contributions towards buyer's closing costs allowed
- Gift of funds are allowed, if needed for down payment and/or closing costs