CONVENTIONAL
REFINANCE
Information Summary
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IS A CONVENTIONAL REFI THE BEST OPTION FOR YOU?
A Conventional Mortgage might be best for you if:
- You have at least 5% to put down. (But you can put down 3%.)
- Your credit score is 700 or higher. (The higher it is, the more likely you are a conventional customer!
- You want to finance $417,000 or less.
- You can survive a more rigorous underwriting process.
Fannie and Freddie have both launched programs geared to first time home buyers. These products require only 3% down, and can be a great option to FHA! Contact us, and we will work to find you your best option!
BASIC CONVENTIONAL LOAN PARAMETERS
VA Streamlines are easy!
MORTGAGE INSURANCE FOR CONFORMING LOANS
VA charges a fee of .5% of your loan amount. As with the funding fee you paid with your initial purchase, this fee can be applied to your loan balance at closing. The VA IRRRL Calculator automatically accounts for this fee.
If you were exempt from the VA funding fee on your purchase, you should be exempt for an IRRRL. Your updated Certificate of Eligibility will state your exemption status.
As with your original VA Mortgage, there is no monthly mortgage insurance!
CONFORMING LOAN DOCUMENTS
Thank you so much for all your help buying our townhouse! Your patience and kindness made the process as smooth as possible. We look forward to doing business with you again in the future. Thank you!
Joe and Aimee C.
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