First Time Home Buyers can put as little as 5% down and receive a Conventional (not FHA) mortgage IF:
1. You haven’t had ownership interest in a home in the past 3 years
2. You are purchasing a House, not a Condo
3. You are using it as your primary residence
4. Credit score and income requirements apply*
If you don’t fit into this box, you can still finance on a Conventional mortgage with as little as 10% down. You’ll need a 720 FICO score but you can avoid the high mortgage insurance payment of FHA and won’t be as limited in your condo shopping.
For more information on today’s available financing or for a free pre-approval consultation, contact me at corinne.guerra@rwfmortgage.com.
*minimum 720 FICO score and 40%DTI. other qualifications may apply.
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