Coventional
- Commit to a slightly higher monthly payment and pay off your mortgage in less time
- Keep your fixed rate so you can budget confidently
- Get a mortgage with only 5% down payment
- Put down 20% or more and you won’t pay mortgage insurance
Requirements
Down Payment:5% of the final loan amount
Credit Score: 620 minimum
Mortgage Insurance: No (if under 80% loan-to-value)
Maximum Loan: Yes*
*Some “high balance” areas have loan limits above the standard level
- Fixed rates so you know what you’re paying every month
- Lower monthly payments than 15 year mortgages
- Get a mortgage with only 5% down payment
- Put down 20% or more and you won’t pay mortgage insurance
Down Payment:5% of the final loan amount
Credit Score:620 minimum
Mortgage Insurance:No, if under 80% loan-to-value
Maximum Loan Limit:Yes*
*Some “high balance” areas have loan limits above the standard level
