Aside from a HomePath mortgage, a Conventional mortgage with 3% down has only recently become more available in Atlanta again. Previously, the MI companies were all requiring at least a 720+ credit score. That has just been lowered to 680+.
In general, Conventional loans have stricter debt to income ratios and are not as forgiving for past credit issues (.i.e Bankruptcy, Foreclosure, Consumer Credit Counseling, late payments, etc).
You have posted a number of questions here. It is very important for you to understand that all answers that you receive are very generic in nature and may or may not apply to your specific situation. I have seen a number of Borrowers go astray because they are relying in generic information rather than sititng down and speaking with a Loan Officer about their exact circumstances.
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.