An option for many homebuying plans
Conventional financing may fit a primary home, second home or investment property, depending on the program. Credit, documented income, debts, assets and property type affect the available terms.
You may not need a 20% down payment
Certain Fannie Mae programs offer down payments as low as 3% for eligible borrowers. Program, occupancy, income and first-time-buyer requirements vary. A smaller down payment may bring mortgage insurance and different pricing.
Compare offers on the same basis
Review the Loan Estimate, projected payment, upfront costs and your expected time in the home. Ask whether mortgage insurance can be removed and what conditions apply.