Conventional Home Loans
Common for a reason.
Our Conventional Home Loans
What are conventional home loans? These are common loans that suit most homebuyers. These mortgages generally conform to Fannie Mae and Freddie Mac guidelines, and they’re not guaranteed or insured by the government. Learn more below.
About Conventional Loans
- 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.
Benefits of a Conventional Loan
With a down payment of 20% or more, you won’t need to pay for mortgage insurance.
You can choose the loan terms that fit you best: repay over 8 years or over 30.
Low Down Payment
It’s possible to take out a conventional loan with a down payment of just 3%.
With these loans, do less paperwork and get approved and funded quickly.
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
Conventional Home Loan FAQs
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.
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