Sounds like a conventional loan is an option. Be firm with your agent and have him get you pre approved for both an FHA an conventional with PMI. You will need a full 10% down for the conventional loan. As for the 90 days some conventional lender have put a 120 day time frame on the ownership by private owners.

This is where conventional loans have really improved. FHA loans used to be the low-down-payment leader, requiring just 3.5% down. But now. it’s about as easy a refi as you can get. But there are.

Conventional loans only require a monthly mortgage insurance fee, and only when the home owner puts down less than 20 percent. Plus, that mortgage insurance cost is often lower than that of government-backed loans. conventional loans are actually the least restrictive of all loan types, in some respects.

You can even get someone to gift you 2% to go with your 3% down payment to be at 95% LTV and pay less monthly Mortgage Insurance. Or, I even have product that is a 95% LTV Conventional and that 5% down is entirely a gift – no money of your own in transaction.

Minimum Credit Score For Conventional Loan A mortgage company’s definition of bad credit might not be what a consumer considers to be bad credit. A credit score of 620. and 48 months on conventional loans, no matter the down payment. Why.

1% to Buy My Home No PMI! If you. income can be considered only if the borrowers are married, two veterans who aren’t married can get a VA loan together. A veteran who wants to buy with a non-spouse, non-veteran co-borrower.

You can get a conventional loan with as little as 1% or 3% down. The minimum down payment for FHA’s 3.5%. FHA loans also require you to pay monthly mortgage insurance, potentially for the life of the loan depending on the size of your down payment.

Flexible PMI options are available for loans with less than 20% down payment. Don’t wait any longer and find out how much you can get Pre-Approved for. Whether you are considering purchasing or refinancing an existing conventional mortgage loan, Clear Lending can help you.

Conventional Loan Terms Conventional loans are growing in popularity thanks to low rates and increasingly flexible guidelines. A conventional loan is one that is not formally backed by any government entity such as FHA, VA, and USDA. Rather, it is a loan that follows guidelines set by Fannie Mac and Freddie Mae,Mortgage Insurance Fha Vs Conventional

It’s a little known fact – It still is possible to purchase a home using a conventional loan with 3-5% Down payment and still avoid Monthly Mortgage Insurance.

There are many good reasons to obtain an FHA loan but one of the key selling points that has made them so popular is that you can buy a home with just 3.5 percent. down payment just a few years ago.