Conventional Lending up to 95% Loan to Value “Conventional lending is a type of financing that has been popular for many years. It is the typical loan that most buyers want to obtain.
The conventional market extends financing to homebuyers for as little as 5% down! This small down payment must be the borrowers OWN funds, ‘sourced and seasoned’ in your checking/savings account for at least 60 days (or from the sale or another property etc). The seller is allowed to pay up to 3% towards ‘seller paid closing costs’ on behalf of the buyer in this type of transaction. Buyers can obtain a 30, 20, 15 or 10 year terms for their loans on this type of product Appraisals in Knox County for a Conventional loan are $400.00. Our current minimum credit score requirement for a conventional loan is a 640. However, we normally like to have at least a 680 in order to secure the best rate and lowest Mortgage Insurance Premiums.”