Fixed Loan
15-, 20-, 30-Year Fixed Loan
Conventional loans typically are harder to qualify for than FHA loans and require a slightly higher down payment. However, in some cases rates can be lower and have lower closing costs. Also, monthly mortgage insurance is usually less or can be nothing with 20% down payment.
Loan Details
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5% minimum down payment required on purchase
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Minimum credit score - usually 620
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Post- bankruptcy: can qualify after 4 years
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Post-foreclosure: can qualify after 7 years
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Post-short-sale: Can Qualify after 2 years (LTV restrictions may apply)
