Primary Residential Mortgage, Inc. – Team Primary is pleased to announce that we are now allowing the entire 5% down payment requirement on a conventional loan to come from a gift, just like the FHA currently does.
Are you or someone else you know in the process of looking to purchase a home with a conventional mortgage rather than an FHA mortgage? If you’re looking to avoid a lifetime cost of the FHA’s monthly mortgage insurance, the conventional loan route may be your best bet.
Conventional loans are generally coined “traditional loans,” which are typically backed by Fannie Mae or Freddie Mac.
Private mortgage insurance is not needed at a 88% LTV; FHA requires it throughout the entirety of the loan.
-680 FICO score, 41% debt to income ratio or
-720 FICO score, 45% debt to income ratio
-3 open trade lines for 12 months minimum, with at least one of those trade lines “active” within the last 12 months
Primary Residential Mortgage, Inc. is an equal housing lender PRMI 3094
Connecticut Department of Banking #8750, 937508