Flexible Down Payment Options

A conventional loan through Quintessential Mortgage Group offers qualified buyers a range of down payment choices and strong financing benefits. Unlike some government-backed programs that may limit property types, conventional loans can be used on most homes, giving you greater flexibility.

Low Down Payment Conventional Options

Fannie Mae HomeReady
A fixed-rate affordable housing program for qualified low-to-moderate income buyers, offering financing up to 97%.

Freddie Mac Home Possible & Home Possible Advantage
Programs designed to support eligible buyers purchasing or refinancing in targeted areas. Financing limits and credit requirements vary by loan structure.

Private Mortgage Insurance (PMI) is required for conventional loans with less than 20% down.

Program overview

Conventional loans have long been a favored option among homebuyers, and this latest enhancement elevates their appeal even further. In the past, acquiring a 2-unit property necessitated a substantial 15% down payment, while 3-4 unit properties required an even more substantial 20% down payment. However, the recent update opens up new possibilities, enabling you to offer your clients the chance to acquire 2-4 unit owner residences with a mere 5% down payment.

This development is particularly advantageous for individuals interested in 3-4 unit properties that might not meet the criteria of FHA’s Self-Sufficiency test.

QMG Revolutionizing the 5% Multifamily Loan Landscape

Our 5% Multifamily Loan Program offers key benefits that make it an attractive option for prospective buyers for owner occupied homes. With a minimal 5% down payment requirement, this program lowers the barrier to entry for multifamily property ownership. Advantages of this program include:

  • A 5% Down Payment: Significantly lower down payment requirements for 2-4 unit primary residence purchases.
  • No Income Limits: Clients can benefit from this financing option without being concerned about income restrictions.
  • No Self-Sufficiency Requirement: Unlike FHA loans, conventional loans do not impose a self-sufficiency requirement, providing greater flexibility.

Our loan officers work with you to fully utilize the capabilities of this loan program. You have the freedom to leverage this financing option without worrying about income restrictions, allowing more flexibility in your homeownership goals. Additionally, unlike FHA loans, there’s no self-sufficiency requirement, providing you with even greater flexibility and control over your multifamily property. Our loan officers work with you to obtain the right multifamily loan. Owner-occupied housing is achievable whether it might be through a standard purchase, Cash-Out Refinances, HomeReady, or HomeStyle Renovation– we work to ensure your loan exceeds your needs and achieve your real estate aspirations.

Contact our team of skilled loan officers today, and see if the 5% multifamily program is right for you!

Program Overview

The Homestyle Renovation program offers borrowers the opportunity to avoid unnecessary closing costs usually associated with going to closing on a loan to acquire the property and a second closing on a home equity loan to pay for renovations. Fannie Mae combines the needed financing into a single loan that allows borrowers to finance renovations. Financing the purchase of a home when it needs extensive repairs can leave buyers feeling lost and without a solution. At Quintessential Mortgage Group, our team of professional mortgage loan originators has the solution in a Homestyle Renovation loan backed by Fannie Mae.

Empowered Financing

When borrowers find a home, our mortgage loan officers find a provider offering Homestyle Renovation financing. The provider is shown the improvements the borrowers plan to make, so the appraisal is based on the projected value of the home following the completion of the repairs. Borrowers purchasing homes that cannot be occupied during the renovation process may incorporate up to six months of mortgage payments in their financing. Features of a Homestyle Renovation Loan include: 

  • Saving money with a single closing
  • Loan-to-value based on post-improvement valuation
  • Borrowers may finance any permanent improvement adding value to the property, including swimming pools

Find out if the homestyle renovation program is right for you, and contact one of our professional loan officers today. We’re prepared to go through the loan process together and bring our professional knowledge to you.