Conventional Loans are mortgage loans that meet the lending guidelines that have been set forth by Fannie Mae or Freddie Mac. Conventional loans generally have lower monthly payments when compared to other mortgage loans. However, conventional loans require a borrower to have very good-to-excellent credit, low or no monthly debt obligations, and stable monthly income. Conventional loans are ideal for borrowers that meet slightly more conservative underwriting standards. They are the most common and least expensive mortgage loan. Contact us to determine if a Conventional Loan is right for you.
Fixed Rate Mortgages: Your note rate along with your principal and interest payments never change throughout the life of the loan.
Adjustable Rate Mortgages (ARMS): After the initial fixed period, your interest rate is variable. Although still a loan option, these loan programs offer little to no benefit in the current rate environment. In almost all loan scenarios, fixed rates are lower.
Down payment requirements vary based on your specific situation and location. Contact us for additional details. You may qualify for a down payment as little as 1%.
Conventional loan programs allow you to purchase or refinance single-family homes, condos, planned unit developments, and 1-4 family residences. Conventional loans are used to finance a primary residence, second homes and investment properties. Mobile and manufactured homes where the land is leased, not owned, are not eligible for conventional mortgages.
