CONVENTIONAL LOANS

For primary residences, second homes/vacation properties, or investment
Current minimum credit score required is 620
No Credit score exceptions allowed
Excellent financing source for typically higher credit scores that also have sufficient down payment
Maximum loan amounts at $417,000
Primary Residences up to 95% with a minimum score of 680
Second Homes or Vacation properties up to 90% with a minimum score of 720
Investment Properties up to 80% with a minimum score of 620
Single Family Homes, Townhomes, Condos, & 2 to 4 unit properties
Condo financing subject to additional terms and conditions based on the project
Special foreclosure programs available for eligible Fannie Mae Foreclosures **

NO PMI (Private Mortgage Insurance) for loans financed at or below 80%
Financing above 80% will require PMI or alternative financing with a 2nd mortgage (80/10/10)
Alternative options for how PMI can be structured in lieu of monthly payments
Now available for 2nd homes & Vacation properties up to 90%!!!!!

720 Minimum score for financing up to 90%
620 Minimum score for financing up to 80%
Financing above 80% will require PMI or combined with a 2nd mortgage (80/10/10)
Must be a true secondary residence (No Investment Properties)
Condos currently are only available up to 80% with additional underwriting requirements

Specific for eligible Fannie Mae REOs found at www.HOMEPATH.com
NO PMI (Private Mortgage Insurance)*
NO Appraisal Required
Financing Limits & Credit Scores:
- Primary Residence: 97% Maximum Financing (660+ Score)
- Primary Residence 95% Financing = Better Rates (660+ Score)
- 2nd Homes: 90% Financing (680+ Score)
- Investment properties: 85% Financing (680+ Score)
620 to 659 Scores = 80% Maximum
Seller Concessions Permitted if negotiated with sales contract
NO Condos & NO Manufactured Homes