A Conventional loan is a mortgage that is not backed by any Government agency such as the Federal Housing Administration (FHA) or Veterans Administration (VA). Conventional loans meet the lending requirements of Fannie Mae and Freddie Mac, the two largest buyers of mortgage loans in the US. Conventional Loans are ideal for borrowers with more established credit, employment, and savings history. While 20% down allows a homeowner to avoid PMI, Lucrative Home Loans can offer no-PMI options with as little as 3% down. (down payment is subject to credit, and debt to income ratios, not all borrowers may qualify for 3% down, 3% down could result in a higher APR) Please contact Lucrative Home Loans for more information.
A Conventional loan is a mortgage that is not backed by any Government agency such as the Federal Housing Administration (FHA) or Veterans Administration (VA). Conventional loans meet the lending requirements of Fannie Mae and Freddie Mac, the two largest buyers of mortgage loans in the US. Conventional Loans are ideal for borrowers with more established credit, employment, and savings history. While 20% down allows a homeowner to avoid PMI, Lucrative Home Loans can offer no-PMI options with as little as 3% down. (down payment is subject to credit, and debt to income ratios, not all borrowers may qualify for 3% down, 3% down could result in a higher APR) Please contact Lucrative Home Loans for more information.
Conventional loans have a number of different programs they offer such as HomeReady and HomePossible programs.
HomeReady offers loans for borrowers who:
Have lower income
Are first-time or repeat homebuyers
Have limited cash for down payment
Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
Are looking to purchase or refinance
With HomeReady, cash for down-payment and closing costs can come from multiple sources, such as gifts, with no minimum personal funds required. Borrowers may also have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road.
Home Possible and Home Possible Advantage are conventional loan programs created by Freddie Mac. They are affordable given their smaller 3% to 5% down payment requirement.
Have lower income
Are first-time or repeat homebuyers
Have limited cash for a down payment
Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
Are looking to purchase or refinance
For more information on HomeReady and HomePossible, please contact Lucrative Home Loans Inc or please visit:
Conventional loans have a number of different programs they offer such as HomeReady and HomePossible programs.
HomeReady offers loans for borrowers who:
Have lower income
Are first-time or repeat homebuyers
Have limited cash for down payment
Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
Are looking to purchase or refinance
With HomeReady, cash for down-payment and closing costs can come from multiple sources, such as gifts, with no minimum personal funds required. Borrowers may also have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road.
Home Possible and Home Possible Advantage are conventional loan programs created by Freddie Mac. They are affordable given their smaller 3% to 5% down payment requirement.
Have lower income
Are first-time or repeat homebuyers
Have limited cash for a down payment
Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
Are looking to purchase or refinance
For more information on HomeReady and HomePossible, please contact Lucrative Home Loans Inc
