The conventional program offers higher loan amounts than FHA and permits second homes and investors.
- Homeowners for purchase with 5% down payment, or 5% equity for refinance loans (based on after improved value).
- Second homes with 5% down payment or 5% equity for refinance loans.
- Investors loans with 20% down payment or 20% equity for refinance.
- Only one loan is needed for purchase and home improvements.
- May obtain more funds than with traditional loans by using the improved value of the home (after improvements).
- There are no required improvements or restrictions on the types of repairs allowed.
- Finance up to 6 months of mortgage payments during the renovation/construction period.
- 30 or 15 year fixed rates
- Adjustable rates available
- Single family dwellings
- 1-4 unit properties
- Purchase Loans
- 5% down payment up to $322,700
- 10%-20% down payment to investors
- Refinance Loans
- 5% equity payment up to $322,700
- 10%-20% equity payment to investors