We offer Conventional loan programs to our clients.
- Conventional loans can be used for either Purchases or Refinancing
- The minimum down payment on a Conventional loan is 3%.
- We can offer Conventional loans for our clients that have a Debt to Income Ratio (all debt payments on credit including new house payment divided into gross monthly income) as high as 50%. Most lenders require 45% or lower. This allows you to get more buying power (Higher purchase price) with us compared to many other lenders.
- We are able to offer Conventional programs with as low as a 620 middle credit score.
- Conventional loans allow borrowers to get financed that have had a chapter 7 bankruptcy that has discharged 4yrs ago or older.
- Conventional loans allow borrowers to get financed that have had a chapter 13 bankruptcy that has discharged 2yrs ago or older. If Chapter 13 was a dismissal the waiting period is 4 yrs or older from dismissal date.
- Conventional loans allow borrowers to get financed that have had a foreclosure that is 7 yrs old or older.
- Conventional loans allow borrowers to get financed that have had a short sale that is 2 yrs old or older with a 20% down payment, 4yrs old or older with a 10% down payment, and 7yrs old or older with a 5% down payment.
- Conventional loans have no prepayment penalty. These loans can be paid off anytime with no penalty for early payoff.
- Conventional loans offer fixed rates and ARM's (Adjustable Rate Mortgages)
- Conventional loans charge a monthly PMI (Private Mortgage Insurance) on each loan when the borrower puts down less than 20% of the purchase price. The PMI is included in the borrowers monthly house payment. However...At ACMC we offer a Conventional loan program with only 5% down payment that has no monthly PMI in the house payment. This increases the borrowers buying power by keeping the borrowers house payment lower and thus allowing the borrower to afford a higher purchase price.
**If your credit score is lower than required for this program check out our credit rescore program where we may be able to raise your credit score within a few business days.