Explore Conventional Loans
Discover the benefits of conventional loans, a popular choice for homebuyers seeking straightforward financing solutions. Learn how conventional loans offer flexible terms and competitive rates to fit your homeownership goals.
What Are Conventional Loans?
Conventional loans are mortgage loans not insured or guaranteed by the government. They are offered by private lenders and come with flexible terms and competitive interest rates. Conventional loans are ideal for borrowers with good credit and stable financial backgrounds.
Benefits of Choosing a Conventional Loan
Conventional loans offer several advantages, including:
- Flexibility: Various term options and loan amounts.
- Competitive Rates: Often lower interest rates compared to other loan types.
- Variety of Loan Programs: Including fixed-rate and adjustable-rate options.
- No PMI with 20% Down: Avoid private mortgage insurance with a 20% down payment.
Conventional Loan Requirements
To qualify for a conventional loan, you need to meet specific criteria:
- Credit Score: Generally, a credit score of 620 or higher is preferred.
- Down Payment: Typically, a down payment of at least 3% is required, but 20% avoids PMI.
- Income and Employment: Proof of stable income and employment history.
- Debt-to-Income Ratio: Must meet lender’s guidelines for debt-to-income ratio.
How to Apply
Ready to explore conventional loan options? Contact us to get started. Our team will assist you through the application process and help you find the best financing solution for your needs.
