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About Conventional Loan

A conventional loan is not insured by the federal government. They typically require a minimum of 3-5% down and have both fixed or adjustable-rate options. Popular conventional loan terms are 15 and 30-year. The conventional loan is typically for buyers with high credit scores with option of low or no mortgage insurance.

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Features of Conventional Loan

All loans are not created equal, personal loan has become a great option for people to use.

Great If You Have Good Credit

Since conventional loans are not backed by the government, they have a higher credit requirement for borrowers. However, in the long-term mortgage insurance benefit can help you save money over the length of the loan.

Get Rid of Mortgage Insurance Quicker

For other loan types, you must refinance in order to remove your mortgage insurance. However, with a conventional loan as soon as you pay off 20% of the loan you are eligible to remove your mortgage insurance which will save you money.

Come in with a Low-Down Payment

For some conventional loans, you can apply for down payment assistance and possibly secure a down payment as low as 3%!

Conventional Loan - Eligibility

Following is the minimum required eligibility criteria for Conventional Loans.

Minimum Down Payment

Beginning as low as 3%

Income

Income limits may vary

Credit Rating

Applicant should have the bank specified credit score of 620+

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Is it true that my down payment must be at least 20%?

You can come in with 3-5% down payment depending on whether you have been a previous or are a current home owner.

Can I qualify if I am self-employed?

If you are self-employed, we can help you qualify using two years’ worth of tax returns. We would need to be able to prove your income through your taxes if we want to use a conventional loan.

What is mortgage insurance?

Mortgage insurance is a security blanket for lenders and investors who provide the funds for your loan. You can get it removed from your mortgage payment with a conventional loan AFTER you pay off 20% of the loan or have earned equity of 20% to the end of the sentence.

Do I have to commit if I apply?

Apply for a free prequalification and your loan officer can let you know the limits in your area.

Get a Quote

Now apply for a Conventional Loan online, All you need to do is provide your details below application form.

Conventional Loans

About Conventional Loan

Get financing for whatever you need now

Features of Conventional Loan

Great If You Have Good Credit

Get Rid of Mortgage Insurance Quicker

Come in with a Low-Down Payment

Conventional Loan - Eligibility

Minimum Down Payment

Income

Credit Rating

Frequently Ask Questions

Is it true that my down payment must be at least 20%?

Can I qualify if I am self-employed?

What is mortgage insurance?

Do I have to commit if I apply?

Get a Quote

Request Quote Now!

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