Conventional Loan

For those who have down payment funds, and strong credit profiles, this is the loan program of choice. You will find that the higher the credit score, the lower the interest rate. Also, should you need to carry PMI (private mortgage insurance) the same theory applies. This isn’t your 1980’s conventional mortgage, so you don’t necessarily need 20% down here.

Recent changes have expanded the available pool of loans to buyers through conventional mortgages. Although we will guide you to cross compare loan program options , since we operate in a client first mindset.

Cool tidbits

  • Fixed and adjustable rate terms
  • Down payment can be gifted
  • PMI can be bought out (ask about this)
  • Standard down payment starts at 5% down
  • 3% Down payment options (restrictions apply)
  • Lender can independently approve a condo unit
  • Second mortgages can be taken to remove need for PMI