Conventional Loan as a Primary Residence

8 Replies

Hi Everyone,

So I am curious to know that if by buying a house with a conventional loan as a Primary residence, would I still have to put down 20%-25% down? Thanks for all or any responses.

Originally posted by @Jorge Rivera :

Hi Everyone,

So I am curious to know that if by buying a house with a conventional loan as a Primary residence, would I still have to put down 20%-25% down? Thanks for all or any responses.

 No, there are lots of options down below 10% w/ conventional financing. 

I’m also looking for a primary with a conventional loan. My loan officer at wells Fargo advised, i Can put as low as 3%down.

Originally posted by @Huso Akaratovic :

I’m also looking for a primary with a conventional loan. My loan officer at wells Fargo advised, i Can put as low as 3%down.

HHhmmm Seems like its just like an FHA Loan. I guess I will have to talk to a local lender in my area. See what they advice.

Originally posted by @Jorge Rivera :

Hi Everyone,

So I am curious to know that if by buying a house with a conventional loan as a Primary residence, would I still have to put down 20%-25% down? Thanks for all or any responses.

3.5% Financing is available for FHA up to family.

Originally posted by @Jorge Rivera :
Originally posted by @Huso Akaratovic:

I’m also looking for a primary with a conventional loan. My loan officer at wells Fargo advised, i Can put as low as 3%down.

HHhmmm Seems like its just like an FHA Loan. I guess I will have to talk to a local lender in my area. See what they advice.

 Commercial from Fannie Mae. Both Fannie and Freddie have offerings to compete with FHA, that will be better financing and make for stronger offers, provided you have good credit.

I went conventional on my first home purchase, because it wouldn’t pass for FHA. I needed 10% down. But now I am in a better position for what I want to ultimately do because of it.

You can go conventional now, then FHA on your next house as long as it’s single family and you live in it. I didn’t know this until recently.

Yes, conventional has a 3% down conventional loan. As Chris mentioned it’s a better deal.....you are more qualified in the buyer’s eyes, less stringent inspection and you can remove PMI sometime in the future where with fha the MIP is for the life of the loan.