Conventional Loans
Conventional loans often require a higher down payment compared to FHA loans, usually around 5% to 20% of the purchase price. The credit requirements for conventional loans are typically stricter, with lenders looking for a credit score of at least 620 or higher.
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However, borrowers with excellent credit may be able to secure a lower interest rate and better terms on a conventional loan. Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums.
Conventional Loan Characteristics
1) Conventional loans are not backed by the government and are subject to the lender's guidelines and underwriting standards.
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2) Typically require a higher down payment of 5% to 20% of the purchase price
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3) Credit requirements are typically stricter than FHA loans, with lenders typically looking for a credit score of at least 620
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4) Borrowers with excellent credit may be able to secure lower interest rates and better terms on a conventional loan compared to an FHA loan
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5) Conventional loans offer options for fixed or adjustable interest rates
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6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
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7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price
8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
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5) Conventional loans offer options for fixed or adjustable interest rates
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6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
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7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price
.
8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
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I was a clueless first time home buyer who asked a lot of questions and Eric was great all the way through. I had no idea what I was doing but Eric walked me through the process to make it as smooth as possible. When it came time to figure out what type of loan and amounts to put down, Eric walked me through every scenario and showed me the financial impact of every decision. He really worked hard around my busy schedule to ensure I got the best deal out there. I don't think I'd be in my home without guidance and help!
Donald M.
Eric dahlberg was very professional all the way from the beginning to the end. The loan process was explained in details step by step. We (my wife and I) Were first time buyers and had so many questions in the process but eric took care of us very well! We ...
Christian P.
Eric was amazing to work with. He was always available and got everything way more quickly than I expected. I'm extremely satisfied with how my mortgage turned out and he easy he made the process to complete. He was always ready to answer my questions.
Rich H.
Eric helped us throughout the buying process. My wife and I were buying our first home and in a situation where we needed to move quickly due to a renting situation the involved our landlord needing to sale the home we were living in.
Endres Family
Eric was very kind and patient with us. He was very prompt getting back to us with questions, numbers, and pre-approval letters. He tried to get the best deals for us and when he couldn't beat or match another lender.
Vance B.
Eric was absolutely great! He answered all my questions thoroughly and promptly. He was very kind and generous which made me feel a lot better about the process ! He is very knowledgable and would recommend him over anyone ! :)
Zuser.
Copyright ©2021 | The Dahloan Team
Licensed to Do Business | NMLS# 830780
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | NEXA Mortgage
Corporate | NMLS ID NMLS# 1660690
Corporate Address : 3100 W Ray Road #201 Office #209 Chandler, AZ 85226
Copyright ©2021 | The Dahloan Team | NMLS# 830780
Licensed to do business in..
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply
Corporate | NMLS ID NMLS# 1660690
Corporate Address : 3100 W Ray Road #201 Office #209 Chandler, AZ 85226
https://nexamortgage.com