Conventional loans are any mortgage that are not insured or guaranteed by the federal government. Conventional loans require a buyer to put anywhere from 5% to 20% down on a Knoxville home, which is why many Knoxville first time home buyers may opt for a different loan program.
- Buyer puts anywhere from 5% to 20% down on a home
- Can finance primary residence, second homes, and investment properties
- Can finance condos, planned unit developments, modular homes, manufactured homes, and 1 to 4 family residences
- Loan amounts up to $417,000
- Mortgage insurance disappears after loan-to-value reaches 78%
- Credit score must be 620 or higher
If you’re a Knoxville first time home buyer with the option to put 5% down or more on a home, a conventional loan can be a great option. They offer low monthly payment options and loans that do not have mortgage insurance for the life of the loan.
Are you thinking about buying your first Knoxville home for sale this year? If so, do not hesitate to give Knoxville Home Team a call today. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.com. Kati can be reached at 865-696-1888 or via email at Kati@KnoxvilleHomeTeam.com. We’ve helped countless first time buyers find the perfect home for them and we’d love to help you do the same!