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Conventional Mortgage Products

A conventional loan is a mortgage that is not insured by the Federal Government. Conventional loans often have lower monthly payments than FHA. These types of mortgages generally have higher credit requirements and strict approval guidelines because they are not backed by the FHA.

Some Conventional Loan Features:

  • Rate/Term & Cash out refinance
  • Home Purchases
  • Down payment can be as low as 3% (For 30 year)
  • Up to 95% financing
  • 640+ FICO Score
  • DTI up to 45%
  • Lender paid mortgage insurance
  • Full income documentation required
  • Available for Self-employed individuals

30 & 15 year Fixed:

This fixed-rate mortgage is the most popular option, in large part, because of its fixed interest rate and lower monthly payments. Interest payments are spread out over 30 years with this type of loan, so you will end up paying more in interest over the life of the loan than you would with a shorter term. The 15 year option will usually offer a lower interest rate and will accumulate less interest over the term of the loan. While your monthly payment will be higher with the 15 year, you will be able to pay off your home faster. This mortgage option is often considered by those looking to refinance their home.

For More Information fill out the form below to speak with one of our Conventional Mortgage experts!

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