Conventional Loans

A conventional loan typically follows the guidelines of government sponsored enterprises, such as Freddie Mac and Fannie Mae.  They require a higher qualification level and are more credit dependent.  They also provide the best payment options.  In order to qualify, your monthly costs must meet a specific percentage of gross monthly income and require a credit check.  The buyer is responsible for a down payment of 5 – 20%.  Rates can either be fixed or adjustable.

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