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FAQ
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| Conventional
loans (up to $365,950) |
| Conventional/conforming loans are
the most common loan programs available. They come in many
different forms but are limited to loans of up to $359,650.
The most favorable terms are available if you have at least a
20% down payment. There are conforming loans that are
available with as little as 5% down. Anything less than
20% down will require private mortgage insurance (PMI) from the
lender.
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No PMI programs (private mortgage insurance) use 2 loans
in combination and allow you to borrow up to 95% of the value of
the property without requiring you to have PMI. Typically
these programs are described as 80/10/10 or 80/15/5 loans
(80% 1st mortgage, 10% or 15% 2nd mortgage and 5%
down).
In many cases these programs can save you money, although not
all. We'll typically evaluate both programs (with and
without PMI) to see which one saves you money.
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