Conventional Loans will often but not always have better rates, terms and/or lower fees than other types of loans. However, conventional loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt obligations, a down payment of 3-20% and reliable monthly income. Conventional loans are ideal for borrowers with excellent credit and at least a 3% down payment. REDUCED RATES AND OR LOWER FEES ARE AVAIALBLE TO BORROWERS WITH LOWER TO MODERATE INCOME ON MANY CONVENTIONAL LOANS. CONTACT US TODAY FOR DETAILS!
Fixed Rate Mortgages: Your rate and payment never change.
Adjustable Rate Mortgages: After the initial period your interest rate can change once a year.
For Purchase transactions Conventional Loans require the home-buyer to put down at least 3% - 20% of the purchase price of the home. For a Refinance transaction, most lenders require at least 5% equity in the property.
Most conventional loan programs allow you to purchase single-family homes, warrantable condos, planned unit developments, and 1-4 family residences. A conventional loan can also be used to finance a primary residence, second home and investment property.