Conventional mortgages comprise 80% of the loans that we originate for our customers. In years past, a typical conventional loan customer was a good credit customer with moderate debt and some money to put down on the transaction. Usually 20% to avoid mortgage insurance.
Nowadays, conventional loans have taken on a new look with some excellent low money down programs, with reduced mortgage insurance.
Home Ready and Home Possible are two mortgage loan programs that offer low money down options as low as 3% down to first time home buyers. (Even on a condo!)