Let’s get you settled into a home with a lower interest rate and more flexibility.
What is a Conventional Loan?
A conventional mortgage refers to any loan that is not insured or guaranteed by the federal government, as opposed to government-insured loans including a Federal Housing Administration (FHA), U.S. Department of Veteran Affairs (VA) and U.S. Department of Agriculture (USDA).
Benefits of a Conventional Loan
Conventional mortgages typically have a slightly higher down payment than government-insured loans; however, one of the benefits of a conventional loan is that it provides more flexibility with fewer restrictions.
If you have good credit and stable income, a conventional loan might be the right option for you.
- Lower interest rates for individuals with good credit.
- Minimum down payment of 3%.
- Flexible mortgage insurance options.
- Fewer penalties and fees.
- Flexible loan terms.
Our Conventional Loan programs
Adjustable-Rate Mortgage (ARM)
If you’re expecting to only stay in your home for a few years or if the current rate on a fixed-rate mortgage is too high an ARN might be the best option for you. This loan term comes with flexible interest rates that can change after the initial fixed-rate period. The increased and decreases are based on the current market.
If you’re planning on staying in one location for a long time this loan will give you the comfort of stability. A fixed-rate mortgage will protect you against rising rates. You can select anywhere from a 10-year to a 30-year term mortgage. However, lower term options typically have higher monthly payments, which also means you can quickly build home equity.
If you have a low debt-to-income ratio along with a higher credit score, but lack in the amount of funding needed to bring the loan amount under the conforming limit. A jumbo loan or a non-conforming mortgage can allow you the ability to purchase a more expensive home even when the loan amount exceeds the conforming limit set by the Federal Housing Finance Agency.
Ready to learn more?
The home buying process can be stressful for some, but I can help you navigate your loan options and together we can achieve your goal of being a home owner.