A conventional loan is one that isn't back by any government entity such as FHA or VA. If you are putting less than 20% down you will be required to carry monthly mortgage insurance also know as private mortgage insurance (PMI).
What is the minimum downpayment?
Fannie Mae Home Ready Mortgage you can purchase a home with as little as 3% down.
Maximum loan limits by dwelling type
- 1 unit is $453,100
- 2 unit is $580,150
- 3 unit is $701,250
- 4 unit is $871,450
Types of properties eligible
- Single Family Homes
- 2, 3, or 4 unit properties
Second homes and rental investment properties unlike government backed loans are eligible for financing.
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