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- Conform to Fannie Mae/Freddie Mac guidelines with regard to determining credit worthiness of lending.
- Typically require higher qualifying FICO credit scores.
- Rates of interest tend to be higher on average because they are not government insured.
- Does not need to be your primary residence to receive funding.
- Can come in many forms such as construction loans or rehab loans.
- Max income limits may apply for certain programs, typically those meant to assist first time home buyers.
- Max loan to value is typically less, whether for reducing your payments or getting equity from the home.
- Monthly Mortgage insurance can be applicable depending on the total loan to value.
- More stringent debt-to-income ratio requirements can be more flexible with compensating factors.
Learn more about conventional loan programs here: http://www.fanniemae.com/portal/index
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