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Many buyers still believe a Conventional mortgage requires 20% down. It doesn\u2019t. In fact, first-time homebuyers may qualify for as little as 3% down<\/strong> with competitive terms and flexible options.<\/p>\n

Conventional Loan Benefits for First-Time Buyers<\/h2>\n
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3% down payment<\/strong> for eligible first-time buyers. See our Conventional Loans<\/a> page.<\/p>\n<\/li>\n
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No upfront PMI<\/strong> (there\u2019s no FHA-style upfront mortgage insurance premium). Learn about PMI basics<\/a>.<\/p>\n<\/li>\n
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PMI can be removed<\/strong> once your loan-to-value (LTV) hits 80%<\/strong>\u2014or structure the loan to avoid PMI<\/strong> with certain strategies.<\/p>\n<\/li>\n
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Fewer property restrictions<\/strong> compared to some government programs.<\/p>\n<\/li>\n
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Flexible appraisals<\/strong> on many property types (case-by-case).<\/p>\n<\/li>\n
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Often faster closings<\/strong> when documentation is complete. Try our Loan Checklist<\/a>.<\/p>\n<\/li>\n<\/ul>\n
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Want to estimate payments? Use our Mortgage Calculators<\/a>.<\/p>\n<\/blockquote>\n
Trade-Offs to Consider<\/h2>\n
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Rates may be higher than FHA<\/strong> for certain credit profiles. Compare options on our FHA Loans<\/a> page.<\/p>\n<\/li>\n
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Debt-to-Income (DTI) caps<\/strong> are generally tighter than FHA. We\u2019ll run scenarios and optimize your file.<\/p>\n<\/li>\n<\/ul>\n
Rate & PMI Discounts for Moderate Income<\/h2>\nYou may qualify for reduced interest rates and lower PMI<\/strong> through Fannie Mae HomeReady\u00ae<\/strong> or Freddie Mac Home Possible\u00ae<\/strong>. These programs help qualified borrowers stretch their buying power. Start with our First-Time Homebuyer hub<\/a> and check local options on Down Payment Assistance<\/a> (including Florida\u2019s Hometown Heroes<\/a>).<\/p>\n
Next Steps<\/h2>\n
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Talk with Abel<\/strong> about your budget and timeline: Schedule an Appointment<\/a>.<\/p>\n<\/li>\n
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Prefer to start now? Apply Online<\/strong>: Secure Application<\/a>.<\/p>\n<\/li>\n
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Questions? Call 786-622-2224<\/strong> or visit our Contact page<\/a>.<\/p>\n<\/li>\n<\/ul>\n\n
\u00a0<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"
Many buyers still believe a Conventional mortgage requires 20% down. It doesn\u2019t. In fact, first-time homebuyers may qualify for as little as 3% down with competitive terms and flexible options. Conventional Loan Benefits for First-Time Buyers 3% down payment for eligible first-time buyers. See our Conventional Loans page. No upfront PMI (there\u2019s no FHA-style upfront […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[57],"tags":[715,721,730,726,716,722,22,720,724,723,196,717,727,719,728,729,725,718,592],"class_list":["post-2525","post","type-post","status-publish","format-standard","hentry","category-conventional","tag-3-percent-down","tag-80-ltv","tag-appraisal-requirements","tag-closing-timeline","tag-conventional-mortgage","tag-debt-to-income-ratio","tag-down-payment-assistance","tag-dti-limits","tag-fha-vs-conventional","tag-first-time-homebuyer-2","tag-florida-hometown-heroes","tag-home-possible","tag-homeready","tag-interest-rates","tag-mortgage-calculators","tag-mortgage-preapproval","tag-pmi-removal","tag-private-mortgage-insurance","tag-vma-lending"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t