Conventional Mortgage Loan

 

A Conventional Mortgage Loan is a traditional program for loans that are not guaranteed by the government. 

Conventional-Home-Loan-Real-Estate-Dallas-Mark-PfeifferThese loans can have a fixed or adjustable rate. Fixed interest rate mortgage loans have a term of 10, 15, 20 or 30 years. Adjustable-rate mortgages, or ARMs, are mortgage loans in which the rate can change based upon a price index such as Libor Conventional loan amounts $453,100 or less are considered “Conforming Conventional Loans.” These loans typically require a 5% minimum down payment (however there are benefits to putting more down.) First time home buyers only need to put down 3%. The minimum credit score is 620.

Loan amounts over $453,100 are considered Jumbo Mortgage Loans. These loans typically require a 10% minimum down payment, a minimum credit score of 680 and have higher rates than Conforming Conventional Loans.

Contact HomeWay Mortgage today and let us start the loan process for you!

 

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