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Conventional Loans<\/h1>\n

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What Is a Conventional Loan?<\/span><\/h2>\n

A conventional loan is any type of home buyer\u2019s loan that is not offered or secured by a government entity. They can be guaranteed by two government-sponsored enterprises; the Federal National Mortgage Association (Fannie Mae)\u00a0and the\u00a0Federal Home Loan Mortgage Corporation (Freddie Mac).\u00a0 That is the reason why they might\u00a0have stricter lending requirements.\u00a0<\/p>\n

Conventional mortgages typically have a fixed rate of interest, which means that the\u00a0interest rate does not change throughout the life of the loan.\u00a0<\/p>\n

Requirements for a conventional loan<\/p>\n

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• Credit score of at least 620.<\/li>\n
• Debt-to-income ratio of no more than 45%<\/li>\n
• Minimum down payment of 3%, or 20% with no PMI.<\/li>\n
• Property appraisal verifying the home’s value and condition.<\/li>\n<\/ul>\n

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  Let us personally<\/span> help you get the best mortgage rates<\/a><\/h2>\n

  Get in touch with us:<\/p>\n

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