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Conventional Loan

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Conventional Loan

Traditional Financing Made Easy Conventional Loans are a favored home loan solution for a clear reason. If you possess a strong credit score and desire lower monthly payments paired with the stability of a fixed interest rate, then choosing a Conventional Loan could be a sound financial decision on your path to homeownership.
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What is Conventional Loan mortgage?

A Conventional Loan is a type of mortgage loan that is not insured or guaranteed by the federal government, making it a non-government sponsored entity (GSE) loan. They are available through private lenders, such as banks, credit unions, and mortgage companies. Conventional loans can be used to buy a primary residence, secondary residence, or rental property, and they can come in a variety of terms and interest rates, both fixed and adjustable.

Benefits

Various down payment options available
Allowing borrowers to customize their payments based on their financial situation.
Competitive interest rates
Helping borrowers secure favorable terms and potentially save money over the life of the loan.
Flexible terms to suit your financial goals
Offering a range of options to align with your long-term plans and budget.
No upfront mortgage insurance for 20% down payments or more
Enabling borrowers to avoid the additional cost and potentially save on upfront expenses.

Requirements

Minimum 620 Credit Score
Most lenders require a minimum credit score of 620 for conventional loans.
3% - 20% Down Payment
Conventional loans typically require a down payment between 3% and 20%.
2% – 5% In Closing Costs
You’ll need 2% – 5% of the total purchase price to cover closing costs.
Debt-To-Income Ratio ≤ 50%
You’ll need a debt-to-income ratio (DTI) of no more than 50%.

Conventional Loan Loan Options

Conventional 15-Year Fixed
The conventional 15-year fixed mortgage presents the security of a locked-in, comparatively lower monthly payment for its shorter term.
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Conventional 25-Year Fixed
The conventional 25-year fixed mortgage provides the calmness of a guaranteed, relatively lower monthly payment over its span.
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Conventional 30-Year Fixed
The conventional 30-year fixed mortgage provides the reassurance of a stable, reduced monthly mortgage payment.
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LOAN OPTIONS

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25-Year-Fixed

15-Year-Fixed

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Conventional

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