Conventional Loans

What are Conventional Loans?

Conventional loans are a type of mortgage not insured or guaranteed by the government. Instead, these loans are backed by private lenders, offering flexibility and diversity in terms, rates, and down payment options. They typically come in two forms: conforming and non-conforming loans.

Key Features of Conventional Loans:

1. Flexibility: Conventional loans offer a wide range of terms and competitive interest rates tailored to your financial situation. They are adaptable to various down payment amounts, allowing borrowers the freedom to choose what suits them best.

2. Versatility: Conventional loans can be used for various property types, including primary residences, second homes, and investment properties.       
3. Credit Requirements: While credit scores are essential, conventional loans often provide more leeway for borrowers with moderate credit history compared to some government-backed loans.                                                     

4. Private Mortgage Insurance (PMI): For borrowers putting down less than 20% of the home's value, PMI may be required. However, once a certain equity threshold is reached, PMI can be removed, reducing monthly payments.

Ready to explore your mortgage options or have questions about conventional loans? Contact Bert Rogers today. She can assist you in finding the best loan tailored to your needs, making your dream of homeownership a reality.

Take the first step toward ownership. Contact Bert Rogers Today!