Conventional Loans

Conventional Loans

Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.

While many think that a 20% down payment is required for all conventional loans,  this is no longer true.  Conventional loans start out with as little as 3% down payment.

Some of the first-time homebuyer programs also offer lower mortgage insurance premiums making it more affordable for those purchasing their first home.  By the way, a first-time homebuyer is one that has not owned a home in the past 3 years.

The minimum credit score for conventional loan programs is usually a 620 FICO or above.  This is a bit stricter than FHA and VA financing.

Conventional mortgage loan requirements state that if you have been discharged from a Chapter 7 bankruptcy for four years or more, you’re eligible to apply. If you’ve had a Chapter 13 bankruptcy, you must document that your credit reputation has been re-established for at least two years.

One of the first things I will determine when pre-qualifying a borrower is which loan program is best for you. Whether it be Conventional, FHA, VA, etc.  I will take the worry out of the equation and make sure you get the best possible loan for your specific situation!

 

 

 

 

 

About Us

Thanks for visiting Vicky Kelly Global Mortgage. Local expertise and broad real estate experience will benefit you whether you are serious about buying or selling a home at this time, or are a returning client checking out the many homeowner resources offered here.

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Vicky Kelly Global Mortgage

(951) 675-0257
12505 N Main Street, Ste 228
Rancho Cucamonga, CA 91739
E-Fax: (909) 266-5666
lender@vickykelly.com

NMLS #240656
BRE License #00612157