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Conventional Loan
A Conventional Loan is a popular mortgage option not backed by any government agency, making it a go-to choice for homebuyers with strong credit scores and stable income. Offered by private lenders, these loans typically require a higher credit score and a larger down payment compared to FHA, VA, or USDA loans. Conventional loans come in various types, including fixed-rate mortgages and adjustable-rate mortgages (ARMs), providing flexibility for different home financing needs. If you’re looking for a low mortgage rate, competitive loan terms, and the ability to avoid private mortgage insurance (PMI) with 20% down, a conventional loan may be the best choice. Get pre-approved today and find out if a conventional home loan is right for you!
A Reliable Home Loan You Can Trust.
Low Down Payment Options
Start with as little as 3% down for qualified borrowers.
No Upfront Mortgage Insurance
Unlike FHA loans, there’s no upfront mortgage insurance premium.
PMI Removal with Equity
Eliminate private mortgage insurance (PMI) once you reach 20% equity.
Lower Overall Costs
Competitive rates and fewer fees compared to government-backed loans.
Loan Guidelines
If your details are near these guidelines, we encourage you to apply or reach out. Even if you don’t qualify for a 30-year fixed-rate mortgage, we may have other options available.
The Home
Purchase a new home or refinance your current mortgage.
Credit Profile
A credit score above 620 is typically required.
Debt-to-Income
Your debt-to-income ratio (DTI) should be under 50%.
Closing Costs
Along with your down payment, you’ll need sufficient funds to cover closing costs.
Explore Your Potential
Our calculators help you understand and visualize your options
Mortgage Calculator
Planning to buy a home? Calculate your estimated monthly payments, including taxes and insurance.
Refinance Calculator
Considering refinancing your mortgage? Find out how much you could save.
Frequently Asked Questions
Have questions? We’ve got answers! Explore our FAQ section to find helpful information about loans, refinancing, and more. If you don’t see what you’re looking for, feel free to contact us—we’re here to help!
Who are Conventional Loans best for?
Conventional loans are ideal for borrowers with a solid credit score, stable income, and a down payment of at least 3%. They’re a great option if you’re looking for flexibility in loan terms and don’t require government-backed assistance.
How do Conventional Loans work?
Conventional loans are not insured or guaranteed by the government. Instead, they’re backed by private lenders. Borrowers typically need to meet credit, income, and down payment requirements. Loan terms can range from 10 to 30 years, and payments include principal, interest, and, if applicable, private mortgage insurance (PMI).
What are pros and cons of a Conventional Loan?
Pros:
- Lower overall borrowing costs compared to government-backed loans.
- No upfront mortgage insurance premium (unlike FHA loans).
- Flexible loan terms and options for eliminating PMI with 20% equity.
Cons:
- Requires higher credit scores and lower debt-to-income ratios.
- PMI is required if your down payment is less than 20%.
- Stricter qualification criteria than government-backed loans.