Conventional Loans
Conventional loans are a popular type of mortgage that isn’t backed by a government agency. These loans are often ideal for buyers with strong credit and stable income. Here’s a straightforward guide to understanding conventional loans:
Key Features:
- Down Payment Options: As low as 3% of the home’s purchase price.
- Fixed-Rate Options: Choose from 15, 20, or 30-year fixed-rate terms, meaning your interest rate will stay the same throughout the loan.
- Loan-to-Value (LTV): You can finance up to 97% of your home’s value.
- Mortgage Credit Certificate (MCC): If you’re a first-time homebuyer, you may be eligible for an MCC, which reduces your annual tax liability.
Who Can Apply?
- Minimum Credit Score: You need at least a 620 credit score to qualify.
- Citizenship: Applicants must be U.S. citizens or permanent residents.
Benefits of Conventional Loans:
- Flexibility: Conventional loans can be used for a variety of property types, including single-family homes, condos, and more.
- No Mortgage Insurance (with 20% Down): If you can make a down payment of 20% or more, you won’t need to pay for private mortgage insurance (PMI).
- Higher Loan Limits: Conventional loans typically allow for higher loan amounts compared to FHA or USDA loans.
How to Get Started?
Contact me today to discuss your financial situation and see if a conventional loan is the right fit for you.
If you’re ready to explore your options, please provide your name and preferred contact method below, and I’ll reach out to guide you through the process:
Conventional loans offer flexibility and are a great option for borrowers with good credit and stable income, allowing you to purchase your dream home with confidence.
