Do you have questions regarding Conventional home loan options?
Have your questions answered in a FREE, no-obligation consultation contact Diego directly at 727-244-7076 for a Free Consultation.
Did you know that we offer Free Pre-approvals without a property address?
Getting pre-approved for home financing provides you with several major advantages, especially in competitive markets. When you work with MortgageUSA, you can obtain a fast, accurate & free pre-approval, even with a TBD "To Be Determined" property address. A win-win situation for everyone.
Here are the different ways a TBD pre-approval can help you:
In a competitive market with multiple offers, sellers often choose the pre-approved buyer even if their offer is slightly lower than other potential buyers without a pre-approval.
If a seller wants to close a sale quickly, a pre-approval provides real peace of mind. This is because all the work on the loan, including a full credit underwrite, has already been performed.
If you have unconfirmed credit and/or employment history, a free pre-approval can help you find out which type of loan you may qualify.
Offering you TBD pre-approvals is another way you are able to be ready when you find the right home to close quickly. To learn more, contact us.
Credit score requirements for conventional mortgages can vary from lender to lender.
In most cases the minimum credit score for a conventional mortgage is 620 FICO. MortgageUSA specializes in mortgages with credit scores as low as 580 and have lenders whose credit score requirements are flexible.
Three Conventional Mortgage conditions to consider when shopping for home loan:
What are the requirements for a conventional loan?
There can be higher down payment requirements.
Higher credit score requirements.
Higher mortgage rates.
Depending on the borrower, it may be more difficult to qualify for a conventional mortgage than FHA loan.
Mortgage insurance still required for loans above 80% LTV.
Several months reserves often required to qualify.
How much should your down payment be on a house?
If you want a lower monthly loan payment then consider higher down payments. The amount required for a down payment depends on your loan type. Normally you will need to have 5 to 20 percent of the sale price in cash in order to qualify for a conventional loan 30-year fixed mortgage.
Conventional loans with 5% down payments require private mortgage insurance (PMI). PMI can be removed once loan-to-value ratio (LTV) reaches 80%.
Conventional loans also have advantages in certain situations. If you make a 20 percent or more down payment for your home, you will not have to pay mortgage insurance. An FHA loan -– no matter the amount of down payment requires an upfront premium and a monthly premium.
How does a conventional home loan work?
A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. A conventional adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or an adjustable rate.
What is the down payment on a conventional loan?
The conventional mortgage down payment requirements are easy to calculate, and you can do it prior to applying for a mortgage.
Take the purchase price of the house you want to purchase multiply the purchase price by 5 percent and that is the minimum down payment required for most conventional mortgages.
To get a FREE PRE-APPROVAL contact Diego on his cell phone at 727-244-7076 or please use the contact us form below. Regardless of what other lending institutions have told you, Allow us a chance to help you. We are local mortgage brokers and specialize in helping borrowers to get a home loan with low down payments and attractive rates. even provide you with a no-cost, no-commitment quote so you can see it all in black-and-white.
Home-ownership with only 3% down
Introducing the 3% Down Loan, a conventional low down payment program.
Ideal for those with good credit who struggle with a down payment
- Debt-to-income ratios up to 50%
Ask us about the conventional 3% down home loan.
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