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.
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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.
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2) Typically require a higher down payment of 5% to 20% of the purchase price
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3) Credit requirements are typically stricter than FHA loans, with lenders typically looking for a credit score of at least 620
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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
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5) Conventional loans offer options for fixed or adjustable interest rates
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6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
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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.
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5) Conventional loans offer options for fixed or adjustable interest rates
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6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
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7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price
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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.
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Copyright ©2021 | EmpowerOne Lending
Licensed to Do Business | 469187
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 | NEXA Mortgage
Corporate | NMLS ID Nexa Mortgage NMLS# 1660690 BRANCH NMLS# 2528220
Corporate Address : 4405 E Aloha Dr, Ste F, Diamondhead, MS 39525
Corporate NMLS Nexa Mortgage NMLS# 1660690 BRANCH NMLS# 2528220 | Company Website: https://nexamortgage.com
Copyright ©2021 | EmpowerOne Lending Licensed to Do Business | 469187
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
Corporate | NMLS ID Nexa Mortgage NMLS# 1660690 BRANCH NMLS# 2528220
Corporate Address : 4405 E Aloha Dr, Ste F, Diamondhead, MS 39525 https://nexamortgage.com