Who can benefit from this loan?1. Clients looking for competitive or no PMI (private mortgage insurance).

2. Clients looking to buy second home or investment properties.

3. Parents who want to buy their kids a house while going to school.

4. Clients looking for higher loan amounts compared to FHA.

USA Mortgage and Conventional Loans1. Largest Mortgage bank in Missouri.

2. Underwriting, processing and funding in house.

3. Freddie Mac and Fannie Mae direct lender which means easier closings and less conditions.

4. Fast turn times on approval and funding.

5. Offers low or no origination fees.

6. Offers competitive rates.

Conventional LOANS

573-397-609033 E. Broadway St. 290 Columbia, Mo 65203www.missourimortgagesource.com

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MORE INFORMATIONON THE CONVENTIONAL LOAN

• Requires minimun of 5% down payment.

• There are no income limits.

• Allow single family resident, condos that meet Fannie Mae and Freddie Mac requirements, Duplexes, modular homes, and qualified manufacture homes.

• There are no restrictions on location of the property.

• The maximum loan amount for conventional loans depend on the county.

Boone County loan limit is at $417K.

• Conventional does not allow non-owner occupants co-borrower to help with debt to income. If using this option the loan has to go Freddie Mac.

• Conventional doesn’t have up-front funding fees.

• If the down payment is less than 20%, there will be a monthly mortgage insurance which is calculated based on credit, debt to income, loan to value, etc.

• PMI companies who lenders get the mortgage insurance from have different guidelines as well and sometimes they could pose an issue even if the lender approves the file.

• Conventional loans offer primary resident, secondary home and investment property options.

• Gift money is allowed. Must be able to verify and document the source.

• Down payment requirements are:

Primary home: Minimum of 5%

Secondary home: Minimum of 10%

Investment home: Minimum of 15-20%

573-397-609033 E. Broadway St. 290 Columbia, Mo 65203www.missourimortgagesource.com

Company NMLS: 227262 | Missouri Residential Mortgage Licensee