Conventional Loan Options

  • This is the “Standard” type of loan option and the most popular for clients
  • The length of term can be anywhere from 8-30 years
  • 30 and 15 year terms are the most popular
  • The loan can be fixed or adjustable
  • Conventional loans can be used for primary, 2nd homes or investment properties
  • This is the best option for clients looking to put at least 3% down for purchasing or who already have equity in their home for refinancing
  • Until you get 20% equity in your home, conventional loans require Monthly Private Mortgage Insurance, also known as PMI. (Unless you have a 680 credit score or above and 5% equity in the home, then we can remove the mortgage insurance all together)
  • Standard qualifications are required for these loans

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