CONVENTIONAL 30 YEAR FIXED LOAN
HOME READY & HOME POSSIBLE*
Borrower Benefits
• 3% minimum down payment (any loan-to-value up to 97%)
• 1st time buyer not required
• Non-owner occupant co-borrower allowed with maximum
95% loan-to-value
• May combine with down payment assistance program when available
Requirements
• Owner-occupied homes only including condos
• Purchase & rate and term refinances allowed (cash out
transactions not permitted)
• Qualifying income must be 80% of area median income or less. Check your area using:
https://ami-lookup-tool.fanniemae.com/amilookuptool/
If you have any additional questions, be sure to contact Bill Lavelle Mortgage Group to see if a conventional loan is the right choice for you.
