Conventional Loan

We have great conventional loan options that fit your every need.

What Is A Conventional Loan?

A Conventional mortgage is a home loan that is not insured by the federal government like FHA and VA. These loans are originated and serviced by private lenders, hence the requirement for stronger mortgage standards. A Conventional loan is an excellent option for people who have strong credit scores with low monthly debt.

Reasons To Have A Conventional Loan

No Upfront Mortgage Insurance Fee

Unlike FHA you don’t have to pay an upfront fee for mortgage insurance, saving you more money.

More Loan Options

With Conventional loans you have the ability for more loan options like 30, 20 and 15 year loan terms along with the option to cancel your mortgage insurance.

Less Paperwork

Typically with government backed loans like FHA and VA you have strict conditions that must be met to follow government standard. Conventional loans are originated by private lenders so they don’t need to meet as many requirements.

Requirements

Credit

To qualify for a Conventional loan you must have a minimum credit score of 680.

Income

You must be employed for at minimum of 2 years with tax returns and W2s as supporting documentation. You do not have to be at the same employer for 2 years as long as you have prior employment history.

Down Payment

Conventional loans require a minimum down payment of 3%. Gift funds and down payment assistance loans are allowable for down payment.