Southern NH 97% Conventional Financing

There is a misconception that you may not obtain a conventional loan unless you can provide a huge down payment. Even though FHA financing is common for new property buyers with low down payments, there are certain conventional mortgage choices with low terms. This blog describes Southern NH 97% conventional financing.

Other Qualification Details

Income and Debts

For any kind of loan, the debt to income percentage for a borrower is analyzed. This involves an examination of any recurring debt (existing loans, credit cards, etc.) compared to monthly sources of income. Normally, the debt-to-income ratio (with the expected payment for the new loan) cannot exceed a set value. For conventional financing, that amount is actually lower than FHA mortgages. This makes it tougher for certain buyers to be eligible or could lead to a lower pre-approval amount.

Other Loan Criteria

For home buyers with acceptable debt-to-income ratios and who also fulfill other relevant requirements, conventional loans provide an easier underwriting process overall. PMI rates will also be less expensive and may result in notable savings. Be aware that conventional loan qualification criteria differs from loan company to loan company.

Additional Information About Southern NH 97% Conventional Financing

Different mortgage options offer distinct benefits and drawbacks plus closing costs and monthly installments. It is a good idea to study your choices, compare them, and pick one that better fulfills your particular requirements and finances. It is valuable to obtain information from a reputable mortgage consultant for current details. Most provide no-cost pre-approvals and advice. For help with locating a local home loan broker, contact Buddy Pope at Bean Group at 603-562-5186 or buddy@popesays.com.