Conventional Loans
Conventional Lending
Frequently Asked Questions
When applying for a conventional mortgage loan, borrowers often have various questions and concerns. Here are the three top questions about conventional loans. It’s important for borrowers to consult with a lender to get personalized answers to these and other questions. Contact us today to have your questions answered by a fully licensed loan officer!
Conventional loans often come with lower interest rates compared to some other types of mortgages. Borrowers with strong credit histories may qualify for the most competitive interest rates, which can result in lower monthly mortgage payments and long-term savings.
Eligibility depends upon a mix of credit score, income, as well as your debt to income ratios. Conventional loans offer flexibility in terms of loan amounts, property types, and down payment options. Borrowers can choose from various loan programs, including fixed-rate and adjustable-rate mortgages, and they can finance different types of properties, from single-family homes to condominiums.
While a 20% down payment is most commonly recommended, as it allows borrowers to forego the PMI (Private Mortgage Insurance), it is far from a requirement! The typical minimum down payment for a standard conventional loan is 3% of the purchase price. This means that borrowers may be able to purchase a home with as little as 3% down.
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- Approvals Good for 6 Months
- Borrow up to 75% of ARV (After Repair Value)
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- Trusted Advisors With Years Experience as investors themselves
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Wade Comeaux is Founder and President of Catalyst Funding and leads the Catalyst powered by BluPrint Home Loans team.
BluPrint Home Loans is a Division of NFM, Inc. dba NFM Lending, NFM NMLS #2893. NFM is an Equal Housing Lender. Some products and services may not be available in all states. Licensing and disclosure information can be found at https://nfmlending.com/licensing/
Equal housing lender. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Refinancing an existing loan may result in the total finance charges being higher over the life of the loan. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Qualifying credit score needed for conventional loans. LTV’s can be as high as 96.5% for FHA loans. FHA minimum FICO score required. Fixed rate loans only. W2 transcript option not permitted.
Veterans Affairs loans require a funding fee, which is based on various loan characteristics. For USDA loans, 100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included. Loan is limited to the appraised value without the pool, if applicable. The pre-approval may be issued before or after a home is found. A pre-approval is an initial verification that the buyer has the income and assets to afford a home up to a certain amount. This means we have pulled credit, collected documents, verified assets, submitted the file to processing and underwriting, ordered verification of rent and employment, completed an analysis of credit, debt ratio and assets, and issued the pre-approval. The pre-approval is contingent upon no changes to financials and property approval/appraisal.
This is an advertisement. All applications are subject to credit approval. Program terms and conditions are subject to change without notice. Some products may not be available in all states. Other restrictions and limitations may apply. This is not a commitment to lend. BluPrint Home Loans is an Equal Housing Opportunity | https://www.bluprinthomeloans.com | 1220 Augusta Drive, Suite 280, Houston, TX 77057, 832-648-3626 | For a full list of our licenses, please visit www.nmlsconsumeraccess.org.