30 YEAR CONVENTIONAL
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30 Year Conventional
Unsure which mortgage program will best fit your needs? contact us and one of our home loan advisors will help find a program that best fits your unique situation.
The traditional 30-year fixed-rate coneventional mortgage is one of the most popular loan programs for homeowners. It has a constant interest rate and monthly mortgage payments that never change. The down payment can go as low as 3% for first-time home buyers and 5% for prior homeowners.
If the down payment is less than 20% Private Mortgage Insurance (PMI) will be required but will drop off once your loan reaches 80% loan-to-value (LTV).
Conventional loan programs place more weight on the borrower’s financial qualifications than government loans do. This means that when applying for a conventional loan you will get a better rate if you have better qualification factors (i.e. higher credit score, significant liquid assets in your bank account, low debt-to-income ratio). This may be a good loan program for you if have good credit score and some money for a down payment.