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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.
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.
2) Typically require a higher down payment of 5% to 20% of the purchase price
3) Credit requirements are typically stricter than FHA loans, with lenders typically looking for a credit score of at least 620
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..
5) Conventional loans offer options for fixed or adjustable interest rates
6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
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.
5) Conventional loans offer options for fixed or adjustable interest rates
6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
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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Peter Seroter | NMLS #997692 | Pete the Lender powered by Barrett Financial Group, L.L.C. | NMLS #181106 | 275 E Rivulon Blvd, Suite 200, Gilbert, AZ 85297 | AZ 0904774 | CA 60DBO-46052 & 41DBO-148702 Licensed by Dept. of Financial Protection & Innovation under the California Residential Mortgage Lending Act. Loans made or arranged pursuant to a California Financing Law License | FL MLD1880 | IN 181106 | TX view complaint policy at barrettfinancial.com/texas-complaint | VA MC-7357 & MC-7357 | WA MB-181106 | Equal Housing Opportunity | This is not a commitment to lend. All loans are subject to credit approval. | nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/181106 | www.barrettfinancial.com
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