Conventional Loans: Primary Residences and 2nd homes allow for the following seller concessions: 3% of the sales price with less than 10%.
fha conventional loan This is even lower than fha loans require. conventional loan – 5% – 20% down payment; conventional 97 Loan – 3% down payment; First-Time Homebuyers. While conventional mortgages are the most popular type of home loan used today. FHA loans are the most popular type of mortgage used by first-time homebuyers. Mainly because of the low credit and down payment requirements.
Note: The seller concession amount is a percentage of the sales price of the property. Conventional Loans Seller Concession Guidelines. For example, with a conventional loan the maximum amount the seller can provide on loans with less than 10% down is 3% of the sales price. On a $250,000 price that equals $7,500.
"Like many first-time home buyers, she needs cash to help with closing costs and down payment so the best type of loans for her will be the kind with low down payment requirements and high seller’s.
disadvantages of fha loans Typical Pmi Rates average pmi rate For Fha – Average Pmi Rate For Fha – Find out about all the features of our refinance mortgage loans. It’s an easy way to refinance your loan to the lower interest rate and monthly payments.