Conventional 3% Down 1 Unit

FHA Alternative 

This loan is ideal for well qualified buyers. The funds, credit, and income requirement are stricter than government loans. This is also a great alternative to an FHA loan with a slightly higher down.

Credit score: 620 minimum
Property type: SFR, Condo, PUD
Occupancy: Primary residence
Down Payment: 3% minimum
Loan to Value: 97% Max. CLTV: 97%
Gift Funds Allowed 3%
Closing cost: Seller and/or lender can pay up to 3%
Debt Ratio: 45%

Additional Notes:

  • Condos must be Fannie Mae approved
  • Lender-paid closing cost available
  • Impounds optional with more than 10% Down
  • Unpermitted additions/conversation on case by case basis
  • Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs
  • One of borrowers must be a first time buyer. Must be primary residence. First time buyer not required.
  • Less than 20% down requires mortgage insurance
  • Mortgage reserves may be required based on AUS findings
  • No Mortgage Insurance program available
  • Flips usually one appraisal. No home inspection required.

This page contains program highlights only. See sidebar links for further information and details.

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