Designed for first time home buyers. This is the minimum loan percentage a home buyer may give in conventional finance. Down payment has to be from the buyer's own money.
Excellent credit is required, or no credit history is acceptable.
This is a non-conforming loan. Designed for owner-occupied properties only. Two months PITI reserves are required. With this program the Borrower can refinance the actual mortgage and obtain additional money. Borrowers must have excellent credit and the necessary income.