–The loan limit for a conventional loan is $484,350 (for a single family home or condo)
— Minimum down payments: 10% down for second home purchases for conforming loan A conforming loan is a conventional mortgage that meets the requirements to be purchased by Fannie Mae or Freddie Mac. “Conforming” means the loan conforms to their guidelines — on loan amount, credit, documentation, and property type — which allows the lender... More pricing
–Seller can pay some or all closing costsClosing costs are the fees and charges due at closing beyond the down payment itself — the collection of costs that pay for all the work, insurance, and government processes required to originate a loan and transfer (or refinance) a property. They... More and prepaid expenses associated with a purchase but this needs to be negotiated into the contract and is limited as follows: if the down payment is between 10% and 25%, the seller can pay 6% toward closingClosing is the meeting — typically in person — where all parties sign the final loan and property paperwork and the transaction becomes official. It’s the last step in the process, the point where months of paperwork, verification, and waiting turn into... More and if the down payment is 25% or more, the seller can pay 9% toward closingClosing is the meeting — typically in person — where all parties sign the final loan and property paperwork and the transaction becomes official. It’s the last step in the process, the point where months of paperwork, verification, and waiting turn into... More.
— Minimum of 680 credit score required for conventional loans however if the downpayment is over 25%, a credit score of 640.
Note: the interestInterest: the cost of borrowing money, charged as a percentage of the outstanding balance and paid in arrears (unlike rent, which is paid in advance). More rate may be higher for lower credit scores depending on the property type, the down payment, etc.
–seasonal properties can be financed under this program
–other terms available through our broker relationships
— JUMBO loan pricing and options available upon request..
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