Conventional Loans
Flexible financing options with competitive rates for borrowers with good credit and stable income.
Benefits of Conventional Loans
Conventional loans offer several advantages for qualified borrowers.
Competitive Interest Rates
Borrowers with good credit can secure some of the most competitive rates available.
Lower Mortgage Insurance
PMI can be removed once you reach 20% equity, unlike FHA loans where mortgage insurance is permanent.
Flexible Down Payment Options
Down payments can be as low as 3% for qualified first-time homebuyers.
Higher Loan Limits
Conventional loans offer higher borrowing limits compared to some government-backed loans.
Faster Closing Process
Typically close faster than government-backed loans like FHA or VA loans.
Various Term Options
Choose from 15, 20, or 30-year terms to fit your financial goals.
Eligibility Requirements
- Credit score of 620 or higher (higher scores qualify for better rates)
- Debt-to-income ratio typically below 45%
- Down payment of at least 3-5% (20% down avoids PMI)
- Stable employment and income history
- Property must meet certain standards and be intended as a primary residence, second home, or investment property
Frequently Asked Questions
Common questions about conventional loans.
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