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CONVENTIONAL

For those with good credit, conventional loans are a great low down option for primary, vacation, and investment homes.

 

Things to know:

- Manufactured homes, warrantable condos, and 1-4 unit stick built homes can be financed.

- As low as 3% down on one unit primary residences!

- More units, second homes, or investment properties require a larger down payment of at least 10-15%. If you are looking to buy a multifamily investment property and will live in one unit, try FHA for the lowest down payment.

- Minimum 620 credit score required.

- 2021 Conventional loan limits for single family homes in the more populated areas of Washington are $776,250, and for 4 unit homes $1,492,800.

- Take advantage of the appreciation we've seen in this market and do a cash out refinance up to 80% LTV to finance another property, do renovations, etc.

- While conventional loans are great for investors, there are limits to what it can offer. For more investor friendly programs, go here.

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Aleksey Moody, Loan Officer #2091836 

Edge Home Finance Corporation, NMLS #891464. 1206 Pacific Ave #600, Tacoma, WA 98402

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Edge Home Finance Corp, is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580. 

Pre-approvals are based on underwriter review of credit and income documentation only. A pre-approval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and verify a complete loan application after you are preapproved in order to qualify.

This is not a commitment to lend. Prices and guidelines are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision.

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