Conventional Loan
What Will I Need To Apply?
LEARN MOREConventional loans are the most common types of loans in the mortgage industry. These days, most conventional loans will be fixed rate. They’re funded by private financial lenders and then sold to government-sponsored corporations Fannie Mae and Freddie Mac. You can opt for 30-years or less when apply for the loan.
These loans have stricter requirements than FHA loans. Usually you will need a higher credit score and a lower debt-to-income ratio (DTI) to qualify than you would with an FHA loan.
Features and Benefits
What Will I Need To Apply?
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What Do You Need?
- Before we get going, here are a few things you may need to gather for a successful application process:
Is a Conventional Loan Right for You?
- A conventional loan is a great option if you have a great credit score and little debt (or enough income to offset your debt). You can avoid PMI by paying 20% of the loan upfront, which will lower your mortgage payments.
- If you’re unable to make a large payment upfront, conventional loans are available with a down payment as low as 3%. Your loan choice is personal
Reach out to our team to discuss your options
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