Flexible Down Payment Options
Qualified first-time buyers may be able to purchase with as little as 3% down, while 5% to 20% down is common for many borrowers.
Multiple Property Uses
Conventional loans may be used to finance primary residences, second homes, and investment properties for qualified borrowers.
PMI May Be Canceled
Private mortgage insurance is typically required with less than 20% down but may be canceled when sufficient equity is reached.
First-Time Buyer Programs
Programs such as Fannie Mae HomeReady® and Freddie Mac Home Possible® may offer reduced mortgage insurance and flexible qualifying options.
Competitive Financing
Qualified borrowers with strong credit and stable income may benefit from competitive rates, flexible terms, and predictable monthly payments.
More Purchase Flexibility
Finance a primary home, second home, or investment property with a loan option that supports different homeownership goals.
Lower Down Payment Potential
Eligible buyers may be able to purchase sooner with low down payment options and approved sources such as gifts or assistance programs.
Long-Term Cost Control
The ability to cancel PMI when equity requirements are met may help reduce future monthly housing costs.