Our comprehensive selection of conventional loans may be just the right fit for you whether it’s your primary residence, secondary/vacation home or an investment property.

Product highlights (additional requirements may apply):

• 1% Down payment – Primary home (Min 720 Fico Score)
  • You put down 1%
  • Your lender contributes 2%
  • Giving you 3% equity at closing

• 3% Down payment – Primary home
• 5% Down payment – Primary home
• 10% Down payment – Second home
• 15% Down payment – Investment property
• Fixed interest rate or  ARM loans
• LPMI option – Lender paid mortgage insurance
• No closing cost option available

Qualification Considerations:

• Minimum 620 Fico Score
• DTI limited to 43% – 50% depending on DU findings

Financing amounts for conventional loans are equal to or less than the limits established by Fannie Mae and Freddie Mac.

Advantage: the 1% down payment requirement is the lowest in the industry for qualified borrowers. Also, conventional loan have no mortgage insurance after you reach 80% LTV.

Disadvantage: the interest rate is usually a little higher than FHA and the Max DTI is only 50% depending on DU Findings.

These loans are backed by the Federal Housing Administration (FHA) and it’s designed to help lower income earners, senior citizens and first-time home buyers. It is also a great program for primary residence.

Product highlights (additional requirements may apply):

• ­Minimum 3.5% down payment
• Down payments can be gifted from family members or your employer
• More buying power with expanded qualifying and underwriting ratios (Up to 56.99% DTI)
• Streamline refinance with no appraisal, assets, or income verification
• No closing cost option available

Qualification Considerations:

• Minimum 580 Fico Score­ Bankruptcy records must be at least two years from discharge date to application date
• ­ Short Sale and foreclosure records must be at least three years from application date
• Townhouses, row homes and condos must be within an FHA approved project

FHA looks at the borrower’s ability to repay among other factors. Poor credit score in the low 580’s and with a higher DTI will not necessarily disqualify borrowers for an FHA home loan. Mortgage limits for FHA financing will vary by area. Contact your loan specialist to get more information.

Advantage: FHA loan have lower interest rates, low down payment requirement, and lower Fico Score and higher DTI tolerance.

Disadvantage: the upfront Mortgage Insurance of 1.75% based off the loan amount and monthly MI of .85% for the life of the loan for any FHA Case Number assigned after June 3, 2013.

We pride ourselves in helping our veterans get the mortgage loan they deserve. Here at Bonneville Financial Service we provide loans backed by the U.S. Department of Veterans Affairs (VA), which is designed to support military veterans, active duty service members and their families by offering up to 100% financing for qualified applicants.

Product highlights (additional requirements may apply):

• No down payment
• No mortgage insurance
• Low interest rates
• More buying power with expanded qualifying and underwriting ratios
• IRRRL streamline refinance with no appraisal, assets, or income verification
• Cash out to 100% LTV with a 580 Fico Score
• No closing cost option available

Qualification Considerations:

• Minimum 580 Fico Score ­owner occupied only
• No late payments on mortgage for 12 months
• Veterans: provide DD­214
• Active Duty Service Members: provide a current statement of Certificate of Eligibility (COE)

A Veteran is someone who served on active duty for a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. They may have a discharge as long as it wasn’t for being dishonorable. In addition, a Veteran may be someone with more than 6 years of service in the National Guard or Reserves.

Advantage: 100% financing for purchases and refinances with no mortgage insurance. It’s also assisted by the government.

Disadvantage: in most cases there’s a funding fee regardless if it’s a purchase or refinance. Only available for primary residence/owner occupied.