Conventional loan 2016

Conventional loan 2016 - There are several types of conventional loan programs that you may qualify for. Each program has different down payment, credit score, property type and loan-to-value requirements.

Fannie Mae and Freddie Mac have several programs for first time home buyers with a low down payment.

• My Community program requires a minimum down payment of 5%. The borrower’s income cannot exceed 100% of the annual HUD Area Median Income for the subject property’s location.
  
• Home Possible® program requires a minimum down payment of 5%. First Time Home Buyers must participate in a home ownership education program. 40-year fixed rate Home Possible® mortgage.
• Community Solution loans provide additional flexibilities for teachers/educational institution employees, firefighters, police, healthcare workers and military personnel.
  
• HomeChoice loans offer borrowers with a disability or who have a family member with a disability who may need greater underwriting flexibilities, including non-occupying co-borrowers.
• HomePath® program is a fixed-rate, fully amortizing loan program that provides the financing for properties that are owned by Fannie Mae as a result of foreclosure or other similar action such as a deed-in-lieu.
  
• Conforming loans that promote home ownership for first time home buyers with programs that offer a low down payment.
• Conforming High Balance are mortgages originated using higher maximum loan limits that are permitted in designated high-cost areas.

Fannie Mae and Freddie Mac require a minimum credit score of 620 to buy a home. Their mission is to help ensure that home buyers and home owners have access to mortgage financing.

What documentation will I need?

• Personal tax returns for the past 2 years with W2's
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Copy of sales contract

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