Conventional Loans
Conventional loans often require a higher down payment compared to FHA loans, usually around 5% to 20% of the purchase price. The credit requirements for conventional loans are typically stricter, with lenders looking for a credit score of at least 620 or higher.
.
However, borrowers with excellent credit may be able to secure a lower interest rate and better terms on a conventional loan. Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums.
Conventional Loan Characteristics
1) Conventional loans are not backed by the government and are subject to the lender's guidelines and underwriting standards.
.
2) Typically require a higher down payment of 5% to 20% of the purchase price
.
3) Credit requirements are typically stricter than FHA loans, with lenders typically looking for a credit score of at least 620
.
4) Borrowers with excellent credit may be able to secure lower interest rates and better terms on a conventional loan compared to an FHA loan
.
5) Conventional loans offer options for fixed or adjustable interest rates
.
6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
.
7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price
8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
.
5) Conventional loans offer options for fixed or adjustable interest rates
.
6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
.
7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price
.
8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
.
"Your Paragraph text goes Lorem ipsum dolor sit amet, consectetur adipisicing elit. Autem dolore, alias, numquam enim ab voluptate id quam harum ducimus cupiditate similique quisquam et deserunt, recusandae. here"
"Your Paragraph text goes Lorem ipsum dolor sit amet, consectetur adipisicing elit. Autem dolore, alias, numquam enim ab voluptate id quam harum ducimus cupiditate similique quisquam et deserunt, recusandae. here"
"Your Paragraph text goes Lorem ipsum dolor sit amet, consectetur adipisicing elit. Autem dolore, alias, numquam enim ab voluptate id quam harum ducimus cupiditate similique quisquam et deserunt, recusandae. here"
See What Clients Are Saying!
"Your Paragraph text goes Lorem ipsum dolor sit amet, consectetur adipisicing elit. Autem dolore, alias, numquam enim ab voluptate id quam harum ducimus cupiditate similique quisquam et deserunt, recusandae. here"
"Your Paragraph text goes Lorem ipsum dolor sit amet, consectetur adipisicing elit. Autem dolore, alias, numquam enim ab voluptate id quam harum ducimus cupiditate similique quisquam et deserunt, recusandae. here"
"Your Paragraph text goes Lorem ipsum dolor sit amet, consectetur adipisicing elit. Autem dolore, alias, numquam enim ab voluptate id quam harum ducimus cupiditate similique quisquam et deserunt, recusandae. here"
Copyright ©2021 | Rebels Team
Licensed to Do Business | NMLS# 1968315
©2024 Mission Loans, LLC - Corporate NMLS ID # 210853 located at 5 Park Plaza, Ste. 900, Irvine, CA 92614. All rights reserved. For all licenses, visit
http://www.nmlsconsumeraccess.org or www.missionloans.com/state-licensing/. Mission Loans, LLC strives for compliance with all applicable state laws and federal regulations pertaining to mortgage lending, advertising, and marketing laws. All applications are subject to underwriting guidelines and approval. This does not constitute an offer to lend. Not all applicants will qualify for all loan products offered. All loan programs, terms and interest rates are subject to change and/or discontinuance without advance notice. Equal Housing Opportunity. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | MissionLoans
Corporate | NMLS ID 210853
Corporate Address : 5 Park Plaza, Suite 900 Irvine, CA 92614
Copyright ©2021 | Rebels Team
Licensed to Do Business | NMLS# 1968315
©2024 Mission Loans, LLC - Corporate NMLS ID # 210853 located at 5 Park Plaza, Ste. 900, Irvine, CA 92614. All rights reserved. For all licenses, visit
http://www.nmlsconsumeraccess.org or www.missionloans.com/state-licensing/. Mission Loans, LLC strives for compliance with all applicable state laws and federal regulations pertaining to mortgage lending, advertising, and marketing laws. All applications are subject to underwriting guidelines and approval. This does not constitute an offer to lend. Not all applicants will qualify for all loan products offered. All loan programs, terms and interest rates are subject to change and/or discontinuance without advance notice. Equal Housing Opportunity. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | MissionLoans
Corporate | NMLS ID 210853
Corporate Address : 5 Park Plaza, Suite 900 Irvine, CA 92614