Conventional Loans
Empowering Homebuyers with Mortgage Freedom
Discover the key features of conventional loans and find the perfect fit for your home purchase
Understanding Conventional Loans
Mortgage Solutions Beyond Government Backing
At Mortgage Craft, our conventional loans adhere to the debt and income requirements established by Freddie Mac and Fannie Mae. Our aim is to assist you in aligning your goals and objectives with the loan options and features that will pave the way toward attaining lasting financial stability.
- Flexible Down Payment Options: Conventional mortgages offer a range of down payment choices, including as little as 3% down for qualified borrowers, making homeownership more accessible.
- Lower Mortgage Insurance Costs: If you put down at least 20%, you typically won’t need private mortgage insurance (PMI), which can significantly reduce your monthly payment.
- Competitive Interest Rates: Conventional loans often come with competitive interest rates, which can save you money over the life of the loan compared to higher-rate alternatives.
- Flexible Property Types: Conventional loans can be used for various property types, from primary residences and second homes to investment properties.
- Loan Term Length Variety: Conventional loans come in different term lengths, such as 15, 20, or 30 years, allowing you to choose the repayment schedule that best fits your financial goals and budget.
Your Path to Qualification
Unlocking Opportunities with Conventional Loans
We want to get to know you and your goals for the future. To do that, we often start with a phone conversation, in-person meeting, or an online application to get to know you. We want to align your goals with the loan terms that best fit your needs. Follow these steps and soon you will be unlocking your new front door.
Our process:
- Apply online
- Upload income and asset documents
- Our team reviews your file
- We will reach out to clarify details on the application
- If you are qualified, we will provide you with a pre-approval letter for your purchase
- You go find your new home!
Additionally, Mortgage Craft offers down payment options as low as 3%, tailored to your financial status and borrowing needs.
Our Conventional Loan Process
Your Personalized Loan Assessment is Just a Click Away
Our company lives by our core values and seeks to live by them in all that we do. Because of that, our loan process takes a different approach, we want to know you and your goals and objectives for the future so that we can:
Understand
We deeply analyze your financial situation and aspirations to create a personalized plan that aligns with your vision of success.
Navigate
With our expert advisors by your side, you’ll gain knowledge and confidence to make informed decisions in the mortgage market.
Secure
We explore uniquely crafted opportunities to secure the best loan options for your financial success, going beyond traditional approaches.
Client Testimonials
See What Our Clients are Saying
One Application, Multiple Possibilities
Your Dream Home Awaits
We make the process easy, apply online at your convenience, and securely upload documents for our review. We will review your application and reach out within 24-48 hours.
What is a conventional mortgage?
A conventional mortgage is a type of home loan that is not backed by a government agency like FHA or VA. It typically offers flexible down payment options and competitive interest rates, making it suitable for borrowers with good credit and stable finances.
Can I use a conventional loan to purchase an investment property?
Yes, conventional loans can be used to finance investment properties, including rental homes or properties for resale. However, specific guidelines and requirements may apply, so it’s best to consult with a mortgage professional to explore your options.
What are the credit score requirements for a conventional loan?
Credit score requirements for conventional loans can vary, but generally, a credit score of at least 620 is needed to qualify. Having a credit score above 740 can help you qualify for even lower interest rates from lenders.
What is the down payment requirement for a conventional loan?
Conventional loans offer flexible down payment options. Depending on the loan product selected, down payments can be as low as 3%. However, down payment requirements may vary based on factors such as financial status and the loan amount borrowed.
How is private mortgage insurance (PMI) handled with conventional loans?
Private mortgage insurance is required for conventional loans when the down payment is less than 20%. However, one advantage of conventional loans is that PMI can be canceled once the loan-to-value (LTV) ratio reaches 78%, or borrowers can request its termination at 80% if they meet certain criteria.
Have Additional Mortgage-Related Questions? Reach Out To Our Team