Conventional Loan Features

California Coastline

Conventional financing is available up to 99% ltv (only 1% down) on an owner occupied purchase of a 1 unit property type, but many of the low down converntional programs have income limitations and or First Time Buyer requirements. Contact us so we can discuss your specific situation, as there are many options available today. Clients looking at more expensive properties, units, a secong home or a non owner occuppied (rental) should also be prepared to have a larger down payment and cash reserves available.

Clients that can not document their income, per standard FNMA guidelines, will find that some of our investors will now offer loans to people with significant assets (this is called asset depletion qualifying).  There are now loans available that use only the properties rental income to qualify for the loan.  We are also now starting to see some hard money lenders offer loans for Foriegn Nationals and "Stated Income" loans.  All of these programs will reguire large down payments, significant cash reserves and very good credit scores.

Buyers of condominiums need to be aware that while low down payment financing is available, it is generally limited to associations that are at least 50% owner occupied, not in or have any pending litigation and that meet the financial requirements outlined in FNMA’s Project Guidelines. Conventional loans with lower ltv’s can often have lower allowable project owner occupancy ratios, but Non Owner transactions always require a 51%+ project owner occupancy ratio, regardless of ltv.  Be sure your agent calls the HOA's management company to confirm the above before writing up an offer or ask your IPM representative to do so.

Be sure to look at the Helpful Resources link for information on closings costs, PMI and more.

IPM offers conventional Owner Occupied loans to 3 million dollars.


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Before starting your Online Mortgage Application, be sure and visit our Mortgage Application Checklist. Also, the Helpful Resources page will answer many of your questions on other loan related topics.

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Customer Reviews

"Jim went above and beyond to make my sure deal went through. Not only was he a true professional, but he also gave me a great rate and and super fast service. I will use Jim everytime and will highly recommend him for your purchases."
- D Desousa

"My wife and I have used Isle Pacifica Mortgage three times over the past 15 years or so to refinance residential loans. On each occasion, Jim was professional with many resources at his disposal. Over the years I recommended Jim to several close friends, all of whom had the same positive experience, and I would not hesitate to recommend him in the future."
  - Michael Specht