Conventional Loans

Conventional loans, sometimes thought of as Fannie Mae or Freddie Mac loans, are the most popular type of loan.  They are used to purchase a primary residence, and investment property or a second home whereas the government sponsored loans backed by FHA, VA and USDA can only be used to purchase a primary residence.

SOME OF THE BENEFITS OF A CONVENTIONAL LOAN

  1.  Down Payments as low as 3%
  2.  Gift Funds can be used for the down payment
  3.  620 Minimum Credit Score
  4.  Purchase not only Primary Residence but also a second home or investment property
  5.  Multiple Mortgage Insurance options as well as the ability to drop off at 80% loan to value
  6.  Better your credit the better the interest rate and mortgage insurance
  7.  Seller Contributions of 3%, 6% or 9% depending upon loan to value
  8.  Loan limits across the United States to $417,000 with some higher values in certain areas

 

ITEMS NEEDED TO OBTAIN A FIRM LOAN COMMITMENT

  1.  Social Security Number
  2.  Employment history for the past two years, including address and phone numbers
  3.  W-2’s and or 1099’s for the past two years
  4.  Tax Returns, both personal and business, for the past two years if self-employed
  5.  Current paystubs for the past 30 days
  6.  Current award letters for income derived from pension/retirement/social security etc
  7.  Residence addresses for the past two years, landlord name, address, phone number
  8.  Assets statements for the past two months (all pages of the statements)
  9.  Property information on any other properties owned

 

No income limits or occupancy restrictions make this loan a viable options for nearly everyone.  Contact me to find out if this is the best option for you.

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Get in Touch:

We’d love to hear from you! Contact Patrick today and get started buying the home of your dreams.

Address: 11 Spokane St. Suite 100. Wenatchee, WA. 98801

Phone: 509.860.4955

Email: patrick.davidson@nafinc.com