Conventional
Loans
Conventional loans are slightly more flexible when it comes to analyzing income and structuring a borrower who owns multiple properties. They even allow, in some cases, for self-employed borrowers to use one year of income to qualify instead of two, which can be incredibly advantageous.
Loan Features
— Purchases, Refinance, and Cash-Refinance
— Primary Residence, Second Home, Investment
— Property Types: Single Family 1-4 units, Townhouses, Condos
— Minimum Down Payment: 3%
— Minimum Credit: 620
— Loan Limit: $726,200
Mortgage Insurance (MI): Based on credit, loan amount, down payment. Mortgage Insurance is terminated after the loan is paid down to 80% of the original principal value.