Mortgage Miracles Happen is a conventional mortgage broker for conventional home loans, for both purcahse loans and also refinance mortgage and cash-out refinance loans.
We get wholesale pricing and pass the savings on to our clients. We save our clients a lot of money as a mortgage broker. We get paid from the banks that fund the loans. This is a win-win for our clients.
Contrary to what many people have heard that you have to have 20% down to buy a house, this is NOT true.
We offer conventional mortgage loans to purchase a home with as low as 3% down payment.
Down payment as low as 3% down (97% LTV / Loan amount of the purchase price) are Fannie Mae Home Ready loans or Freddie Mac Home Possible loans. These loans have Maximum Income guidelines (a maximum amount that the borrower on the loan can make per year).
Fannie Mae – Home Ready – 3% Down.
Freddie Mac – Home Possible Mortgage – 3% Down Purchase & Refinance
For those that make more than the maximum income limits by Fannie Mae/Freddie Mac, the next smallest down payment avaialble is 5% down. This is avaialble to anyone that qualifies based on credit and other guidelines. Many people buying a house will have a 5% down payment.
Mortgage insurance is required on loans that have less than 20% down payment.
Loans that have less than 20% down payment (or LTV that is greater than 80%), are a great option to not having a large down payment.
With & without mortgage insurance options.
We can help you with determining which loan option is best for your circumstances, whether a conventional loan, an FHA mortgage loan or another product.
The maximum amount a conventional loan can be is based on loan limits, also known as conforming loan limits. The conforming loan limits change each year. Some areas have higher loan limits, such as certain counties in California, Hawaii and Alaska.
