What is a conventional mortgage?
The most common mortgage product in America. A traditional home loan for well-qualified buyers purchasing or refinancing a primary home, second home, or investment property. These loans are backed by private investors allowing for faster closing than other forms of financing.
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Down payments start at 5% (3% for first-time buyers)
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Best suited for strong credit profiles with lower Debt-To-Income ratios.
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PMI is calculated based on down payment and credit score. PMI is removed after 20% down.