*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Conventional Loans are the most common types of loan products that borrowers look into when trying to purchase a home. Below are a few facts and requirements that are important to keep in mind when looking to do a conventional loan.
Conventional Loans are secured and backed by Freddie Mac (FHLMC) and Fannie Mae (FNMA).
At least a 3% down payment is required when purchasing a home with a conventional loan.
Private Mortgage Insurance (PMI) is required unless there is a down payment of 20% or more on a conventional loan. Mortgage Insurance will automatically be cancelled when a borrowers LTV (Loan to Value) reaches 78%.
In most cases, a credit score of at least 620 is required in order to qualify for a conventional loan.
In some cases, you could qualify for conventional loan periods of 10, 15, 20, and 30-year.
If you're looking into conventional loans, please feel free to reach out and lets chat about how we can help you get into your future home!
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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