| – Not limited to first time home buyers– No income limits– The loan limit for a conventional loan is $417,000 (for a single family home or condo)– Minimum down payments: 5% of the sales price in most markets for single family homes
10% down for condos 20% down for two-family owner-occupied properties (primary residence) 25% down for 3 or 4 unit owner-occupied (primary residence) purchases –Seller can pay some or all closing costs and prepaid expenses associated with a purchase but this needs to be negotiated into the contract and is limited as follows: for owner occupied purchases of primary residences or second homes, if the down payment is 5% then the seller can pay 3% (of the sales price) toward closing; if the down payment is less than 25% (but more than 5%), the seller can pay 6% toward closing and if the down payment is 25% or more, the seller can pay 9% toward closing. – Minimum of 620 credit score required by Merrimack Mortgage Company for conventional loans. Note: the interest rate may be higher for lower credit scores depending on the property type, the down payment, etc. –rehab funds available under a special conventional program –monthly mortgage insurance payments will be required on loans with less than 20% down |
