- 01. Who It's For
- 02. Benefits
- 03. Eligibility
Is a Conventional Loan Right for You?
If you’re looking for a mortgage with low fees, a conventional home loan may be a good option for you. If you are eligible, there are a number of benefits.
Conventional Loan Eligibility Requirements
- A good credit score of 620 or higher
- A down payment which can be as little as 3%
- A consistent and documented income
- A low debt-to-income ratio
What kind of property can I purchase?
With a conventional loan, you can purchase anything that counts as standard housing in your area. This includes single family homes, condos, investment properties, apartments, townhouses, lofts, and vacation homes.
What kind of interest rate will I get?
Your interest rate depends on the current market rate and your personal situation. Generally speaking, the less of a risk you are, the less interest you have to pay. At National Home Loans, we’ll connect you with a great, competitive interest rate.
If I have a small deposit, do I have to pay mortgage insurance for the whole loan?
No! That’s one great thing about conventional home loans. Once your equity in the property rises to 22%, you can cancel your mortgage insurance.
I shopped around a bit for a broker, and was referred to John by a coworker. He was by far the most personable, professional, and proactive broker that I interacted with. He promised me that he was doing everything he could to protect my family's money and get us into a house that we love, and he did. The bottom line is he got us our desired results, he offered great advice, and he earned my trust and confidence. I would recommend his services to anyone looking for a knowledgeable and passionate mortgage broker.
Have been working with John for a couple months now; he is very patient and understands our needs as first time home buyers. John has been amazing and answers all our questions, I think we have found our long time broker. He has the clients best interest in mind which is very refreshing. A++
John is great at what he does, especially for first time homebuyers. He is willing to go the extra mile for his clients and will explain exactly what he's doing along the way. I'm so glad we were able to work with him and I highly recommend him.
Beyond grateful to have been referred to John G. right after getting our offer accepted on a home. We would not have been able to do it without him. He secured us a great rate, which was a game changer in our decision to purchase. It was our first home purchase, and he helped us navigate every single thing, and was extremely responsive and available to chat when we needed him. The entire escrow process was smoother and quicker than we could have ever hoped for. He was a pleasure to work with, and we hope to continue to work with him in the future.