Loan Programs
Conventional
- 30, 20, 15, 10 YEAR FIXED RATE
- HOME READY / HOMEPOSSIBLE
Requirements
- Down Payment:
- 3% of the final loan amount
- Credit Score:
- 620 minimum
- Mortgage Insurance:
- No (if under 80% loan-to-value)
- Mortgage Insurance:
- No (if under 80% loan-to-value)
- *Some “high balance” areas have loan limits above the standard level
Conventional Loan Highlights
Competitive Interest Rates:
Access competitive interest rates that can lead to lower monthly payments and potential long-term savings over the life of your mortgage.
Flexible Down Payment Options:
Enjoy the flexibility to choose a down payment that suits your financial situation, with options ranging from 3% to 99%, allowing for greater customization.
Credit Score Variety:
Benefit from a broader range of credit score acceptance, providing opportunities for borrowers with different credit profiles to secure a conventional loan.
Private Mortgage Insurance (PMI) Options:
Explore various Private Mortgage Insurance options, including borrower-paid and lender-paid options, offering flexibility in managing and potentially eliminating PMI.
Loan Term Variety:
Choose from a range of loan terms, including 15, 20, and 30 years, allowing you to align your mortgage with your financial goals and preferred repayment timeline.
No Upfront FHA Funding Fee:
Unlike FHA loans, conventional loans do not require an upfront funding fee, potentially saving you money at the beginning of your homeownership journey.
Investment Property Financing:
Secure financing for investment properties, allowing you to diversify your real estate portfolio and potentially generate rental income.
Quick Loan Approval and Closing:
Enjoy a potentially faster and more straightforward approval process, making conventional loans an attractive option for those seeking a swift and efficient homebuying experience.
Have Questions? Contact LOAN OFFICER Today!
