Hilde's Mortgage Blog

Conventional loans, the most versatile mainstay of home financing and still available today.

Be it purchase or refinancing; be it owner occupied, second home or investment property; conventional loans are still available. True, if your mid credit score is less then 740 points you may end up paying some additional fees. The amount of those fees depends on the loan purpose and your actual credit score. It could be very little to actually prohibitive.

Financing can be as much as 95% of purchase price. For owner occupied purchase transactions the seller is allowed to pay up to a 3% sales concession. In plain english, the seller can pay up to 3% of the sales price in typical buyer closing cost and prepaids. That usually is enough to cover all of the buyer funds needed to close aside of the 5% down payment. The down payment will have to come from the buyer's own funds.

For more details give me a call.