Conforming Loans


  • Conventional Mortgages allow both owner-occupants and investors to purchase 1-4 units, townhouses, approved condos or PUDs.
  • For Qualifying Ratios, see your Loan Originator
  • The first 5% down payment must come from the borrower’s own funds. After the initial 5%, remaining funds needed for closing may be supplemented with a gift from a relative or a seller’s contribution. Lower downpayment options available.
  • For owner-occupant transactions, the seller can pay up to 3% toward closing costs on loans with 5% down.
  • New conforming loan limits for Fairfield county:
    • 1 unit 695,150
    • 2 units 890,100
    • 3 units 1,016,650
    • 4 units 1,338,000
    • *higher loan amounts are considered jumbo
  • Buydowns are permitted on all fixed-rate mortgages to enable borrowers to qualify for a higher loan amount.
Fairview Financial Services in Bridgeport 008
Fairview Financial Services in Bridgeport 009

FHA Conventional

  • FHA Mortgages allow borrowers to purchase 1-4 units, townhouses, condos or PUDS.
  • Minimal down payment of only 3.5% required
  • Qualifying ratios are 31/50 (Can be higher with compensating factors)
  • Gift may be used for the down payment, closing cost and prepaids if the donor is a relative of the borrower, a close friend or employer.
  • 85% of rental income can be used to qualify for multi-family properties
  • Seller contributions not to exceed 6% of the sale price, which may be applied to closing cost, prepaid, points and buydown subsidies. (3% for HUD homes used toward closing costs only)
  • Loan limits depend on county.
  • Non-occupant Co-Borrowers are allowed to help buyers qualify for single-family residences.
  • FHA Mortgage are assumable

First Time Homebuyers Option

FHA – 3.5% Down

  • Minimal down payment
  • 6% seller concessions allowed
  • Financing for 1-4 unit owner-occupied properties

VA – 0% Down

  • Seller can pay all closing cost
  • No Mortgage Insurance
  • Financing 1-4 unit owner-occupied properties

Conventional – 5% Down

  • 3% seller concessions on loans w/5% down 6% seller concessions on loans w/ 10% or more
  • Financing for single family primary residences (including condos)
  • Multiple MI (Mortgage Insurance) options available.

USDA – 0% Down

  • 6% seller concession allowed
  • Low monthly mortgage payment
  • Financing 1-4 unit owner-occupied properties

free mortgage consultation and pre-approval!