The 80/20 mortgage has not existed for several years now. Currently, only USDA and VA offer 100% financing. Fannie Mae/Freddie Mac will require at least 5% down for a Conventional mortgage. For very strong borrowers, a 3% Conventional mortgage might be an option.
Only FHA loans have life of loan Mortgage Insurance. With a Conventional mortgage, the MI will automatically be dropped at 78% LTV.
Conventional mortgage and Conventional MI company guidelines are definitely more strict than FHA.
If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.