Interested in a Conventional Loan?
Lower Payments Better Life
Conventional loans are the most popular loan type in America. If you have a steady source of W-2 income this may be the loan for you.
To get approved generally you need a credit score of at least 620 for a conventional loan, though a score that’s over 740 will help you get the best rate. Depending on your financial status and the amount you’re borrowing, you may be able to make a down payment that’s as low as 3% with a conventional loan. (Although be aware that a higher down payment may help get you a lower rate.)
- Loan specialist will guide you through loan process
- Decades of combined experience
- Multiple loan programs to fit your financing needs
- Prime mortgage solution
Who Is this loan for?
Lenders typically require a W-2 to determine your income. If you have excellent documents a conventional loan may be for you. Having a higher credit score can help you qualify for a lower interest rates
- Have a High credit score
- Stricter documents requirements
- 20% down payment needed to avoid PMI
CONVENTIONAL LOAN FINANCING
- A minimum credit score of 620
- Credit score of 740 higher for best rates
- Nearly 80% of mortgages in the United States are conventional
- Mortgage with a down payment as low as 3%
- Two years of W-2 statements typically required
- Most conventional loans, your DTI must be 50% or lower
What is a Conventional Loan?
Conventional mortgages are the most common type of home loan in the United States. Conventional loans are not backed by the government, but they do follow guidelines set by government-sponsored entities like Fannie Mae and Freddie Mac. These guidelines help to ensure that lenders don’t take on too much risk when issuing loans.
As a result, borrowers who choose a conventional mortgage can often get a lower interest rate than those who choose a government-backed loan. Conventional loans also tend to require a higher down payment than government-backed loans, but this is not always the case. Ultimately, borrowers should speak with a lender to determine which type of loan is right for their unique situation.
Individualized Lending Solutions
When it comes to finding the right financing for a mortgage, choosing an individualized lending solution is key. Whether you are a business owner, recently retired, or own an investment property, our range of lending options can help ensure that you have the funds you need to purchase or refinance the property.
