Conventional Loans
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
Save Money: With a down payment of 20% or more, you won’t need to pay for mortgage insurance.
Flexible Terms: Choose what mortgage term works best for you! Options include 30, 20, 15, and 10 year terms.
Low Down Payment Option: It’s possible to take out a conventional loan with a down payment of just 3%.
Conventional loan eligibility requirements
A good credit score of 620 or higher
A down payment which can be as little as 3%
Consistent and documented income
A low debt-to-income ratio