When it comes to financing a dream home, a conventional loan from Southeast Home Loans might be the most ideal solution.
Conventional loans are mortgage loans not backed by a government agency. These are the most common types of mortgage loans for homebuyers. Some popular conventional loans include:
Conventional loans are an ideal choice for a short-term, adjustable-rate mortgage. Compared to a fixed-rate loan, this option comes with a lower interest rate, which may save thousands of dollars to refinance the loan, sell the home, or pay off the mortgage entirely!
*Introductory rates do expire & interest rates and monthly mortgage payments may increase or decrease each year depending on the market.
It’s important to be aware of the stricter guidelines that come with a conventional loan. The three most important requirements include: a credit score at a minimum of 620, a minimum down payment of at least 3%, and a maximum debt-to-income ratio of 43% to 49%.
Our HomeReady Special Purpose Credit Program (SPCP) is a conventional loan product that comes with ZERO income restrictions.
With this loan, the borrower will receive a $5000 grant applied to their down payment, plus up to $500 toward a 1 year warranty as well as up to $500 towards appraisal costs. At least one person on the application must be a first time borrower, and all parties must reside in this home as their primary residence.
Applicants must currently reside in the approved census track within the cities of:
If you’re a match for these requirements, contact us for more information to get started with your enrollment!
