Conventional Refinance Guidelines

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Conventional Refinance loan programs. conventional refinance loan: When mortgage rates drop, every homeowner should think about refinancing their current home loan with a new mortgage loan at a lower mortgage rate to save money on interest. A refinancing can save a homeowner tens of thousands of dollars over the life of their mortgage loan.

 · A conventional refinance is any refinance loan that conforms to guidelines set by Fannie Mae or Freddie Mac. This type of refinance is available with as little as 3% equity with the 97% conventional refinance program. For a conventional refinance the lender requires an appraisal and documentation regarding the borrower’s income and assets.

Conventional loans are conforming loans that meet criteria set by Fannie Mae and Freddie Mac. Conventional mortgages are not guaranteed by the.

Conventional refinance rates and guidelines for 2018 1. Conventional refinances for non-owner occupied residences. 2. cash-out / debt consolidation conventional refinance. 3. Cancel FHA or USDA mortgage insurance. 4. Refinance out of *any* type of loan. 5. Reimburse a cash home purchase.

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Unlike FHA loans, which take into account safety and security concerns as part of the appraisal process, conventional loans are approved solely on the value of the property. These looser regulations make conventional loans an attractive choice for homes that need a little bit of work, or need to be sold quickly.

If you are a service member on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the relief you may be eligible for under the Servicemembers Civil Relief Act or applicable state law.

This topic contains information on cash-out refinance transactions, of the new mortgage loan except if delayed financing guidelines are met.

 · Down Payment Requirements for Deferred Student Loans conventional mortgage. conventional loans typically require a 5% down payment. There’s a new program from Fannie Mae and Freddie Mac starting at the end of March, 2015 to allow a down payment of only 3%. This beats the socks off of the FHA Mortgage that requires a 3.5% down payment.

With a conventional refinance, homeowners can: Refinance a primary residence, second home, or investment property. Turn the home’s equity into cash at closing. Eliminate private mortgage insurance (pmi). cancel FHA mortgage insurance. Shorten the loan term.