It’s more common for borrowers who have a stronger credit profile to apply for a conventional / conforming loan, which is a loan that:
- Has a maximum loan amount of $726,200 for a single family residence. Limits may be higher in counties that are designated as “high cost” (map available here: https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx )
- Minimum credit score requirement of 620
- Minimum down-payment of 3%
- Private Mortgage Insurance (PMI) not required on loans with at least 20% down-payment/equity
- Can be used for primary residences, second/vacation homes, and investment/rental properties
- Available for 1-4 unit residential properties
- Some properties (i.e., condos) are more easily financeable with a conventional loan
LOCAL ADDRESS
2065 First St., Suite 102
Slidell, LA 70458
Call/Text: 985-77-RATES
(985-777-2837)
Email: [email protected]
NMLS #101822
Branch NMLS #2252127
CORPORATE ADDRESS:
(This is not the main page for Amres Corporation)
1 Neshaminy Interplex Dr., Suite 310
Trevose, PA 19053
Call: 844-242-6656
Web: www.amres.com