Conventional Loan

 Down payment

· 3%, 5%, 10%, 15%, 20% or more

· If you put down 20% or more, you can
avoid private mortgage insurance (PMI)

 Maximum mortgage amount

· $766,550 for a single unit

· Higher amounts may be available for multi-unit properties

Credit score requirements

· 620 FICO® Score or more
 

Qualifying ratios

· Per automated underwriting

PMI

· PMI is based on credit score and down payment

Seller concessions

· 9% for LTV/CLTV* ≤ 75%

· 6% for LTV/CLTV 75.01%–90%

· 3% for LTV/CLTV > 90%  2% for investment properties

Gift funds

· Gift funds are allowed for the down payment or closing costs.

Second home and vacation home down payment requirement

· Second homes and vacation homes require a 10% down payment.

Investment home down payment requirement

· 1-unit properties require a 15% down payment

· 2-, 3- and 4-unit properties require a 25% down payment

· Ability to finance up to 10 properties with restrictions

Miscellaneous

· No income restrictions

· No location restrictions

· No purchase price restrictions

Loan-to-Value (LTVs) and Combined Loan-to-Value (CLTVs) may vary by loan amount.