We have "The Rates"
Right now We have 100% Financing for First Time Home Buyers through Freddie Mac
Conventional mortgages make up 80% of the loans we arrange for our clients. In the past, typical conventional loan applicants boasted good credit, moderate debt, and often had funds available for a down payment, typically around 20% to evade mortgage insurance.
However, the landscape of conventional loans has evolved, introducing enticing low down payment programs with reduced mortgage insurance. Programs like Home Ready and Home Possible now extend opportunities for first-time homebuyers to secure financing with as little as 3% down, even for condominium purchases.
In 2024 the conforming loan limit will be $766,550
Conventional loans place significant emphasis on credit scores. With our preferred lender, you can qualify with a median credit score as low as 620. However, it’s essential to note that pricing adjustments are applied based on credit scores below 740, 720, 700, and 680. Therefore, it’s crucial to evaluate these adjustments in comparison to FHA loans.
While conventional loans have stricter credit score requirements, FHA Mortgages tend to be more accommodating to individuals with lower credit scores.Also FHA PMI is more forgiving on the lower credit scores compared to Fannie Mae/Freddie Mac.
We’re dedicated to assisting you in securing a conventional loan, provided that your middle credit score is above 620. If your score falls below this threshold, we’ll offer guidance on improving your credit to help you qualify.
Lake Worth Beach Mortgage Inc – Your Trusted Mortgage Advisors
