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can i get a conventional loan as a first time homebuyer?

i have the down payment of 20% but i didn't know if first time homebuyers only had to get fha loans by noahwebman from Fargo, North Dakota. Jul 12th 2013 Reply


Eric Vander Werff (Loanguy99201)
#87 ranked lender in Washington - 27 contributions

With a credit score above 620 and 20% down, yes - you can get a conventional fixed or adjustable rate loan. The 20% down gives you a ton of options and the higher your credit score, the better your terms. Please let me know if you need a pre approval - no cost or obligation.

Jul 12th 2013
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

As long as your credit score is above 620 and you have 3 to 4 established trade lines being reported you should have no issues with getting a conventional mortgage. the higher your credit score the better the terms you will get.

Jul 12th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

First time buyers usually have used FHA, because it generally requires a lower down payment.Since you have a 20% down payment, you can qualify for a conventional loan, which would not have "mortgage insurance" (MI) attached to it,so your payment would be less, than one that has MI. As noted by others the better your credit score, the better the rate is generally would hold true, up to certain point.I would suggest you contact a local licensed mortgage professional to get your credit reviewed, and a pre approval set up, so you can talk confidentlywith a real estate agent about what you can afford to buy.

Jul 12th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

First time buyers usually have used FHA, because it generally requires a lower down payment.Since you have a 20% down payment, you can qualify for a conventional loan, which would not have "mortgage insurance" (MI) attached to it,so your payment would be less, than one that has MI. As noted by others the better your credit score, the better the rate is generally would hold true, up to certain point.I would suggest you contact a local licensed mortgage professional to get your credit reviewed, and a pre approval set up, so you can talk confidentlywith a real estate agent about what you can afford to buy.

Jul 12th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

First time buyers usually have used FHA, because it generally requires a lower down payment.Since you have a 20% down payment, you can qualify for a conventional loan, which would not have "mortgage insurance" (MI) attached to it,so your payment would be less, than one that has MI. As noted by others the better your credit score, the better the rate is generally would hold true, up to certain point.I would suggest you contact a local licensed mortgage professional to get your credit reviewed, and a pre approval set up, so you can talk confidentlywith a real estate agent about what you can afford to buy.

Jul 12th 2013
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Jason Vondrak (jvondrak)
#219 ranked lender in California - 1,741 contributions

Yes you can definitely get a conventional loan as a first time homebuyer. With a conventional loan you need to have at least 20 percent down to avoid paying PMI (10 percent down with PMI) and a credit score of at least 620. FHA loans are often referred to as "first time homebuyer loans" because they allow a down payment of as little as 3.5 percent and lower credit scores, both of which first time buyers often have.

Jul 12th 2013
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

Yes, with 20% down and Income, asset, and credit qualify- you can get a conventional loan-check with a local lender who can help you through the process.

Jul 13th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Aabsolutely you can get a conventional loan. You can also do it with only 3% down

Jul 13th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Yes you can!

Jul 13th 2013
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Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions

Yes.

Jul 13th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,895 contributions

Sure... we can offer many people a conventional loan with just 3% down. Most conventional loans start with 5% down. Conventional loans are better than FHA in two ways. First, the mortgage insurance is cheaper, and can go away when you reach 80% loan-to-value. After recent FHA rules changes, FHA mortgage insurance is more expensive and if you put less than 10% down, the mortgage insurance is for the life of the loan. www.JoeMetzler.com

Jul 15th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

You are fine. Go for it.

Jul 15th 2013
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

Yes, even if you were only doing a 3% down payment you can get a conventional loan as a first time home buyer. However, this also depends on you getting pre-qualified with a complete review of your income and credit. Best wishes and good luck,

Jul 15th 2013
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

Definitely! Lowest rates. Best Service. 20 years experience in the industry. I am always happy to assist so if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss anything at all with me in an easier format. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Dec 11th 2013
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