This refers to a mortgage with an interest rate that changes periodically (also known as a variable rate mortgage).

Borrowers can be rejected for conventional loans for any number of reasons, including being self-employed, a history of bankruptcy, unsteady employment history or insufficient cash reserves. Non-conventional loans cater to borrowers who may have been rejected for these reasons.

This refers to a loan that conforms to the guidelines set forth by Fannie Mae and Freddie Mac. Conventional mortgage borrowers must meet or exceed these guidelines.

The answer to this question can be complicated and ultimately depends on the mortgage product. See below: ·         Fannie Mae (conventional): You do NOT need prior landlord experience to use 75% of lease. ·         Freddie Mac (conventional): You need 2 years of landlord experience to use 75% of…

If you meet the requirements from your lender, the answer is usually yes. The purpose of the second property will likely impact whether you qualify for a second mortgage. If you’re planning on using it as a second home, you’ll…

The short answer is yes. If you’re purchasing a property that won’t be your primary residence (with between one and four units), you fall into what’s called a non-owner occupied mortgage. Requirements for this type of loan are more stringent…