Conventional Loans

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CONVENTIONAL MORTGAGES

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Conventional loans are funded by private financial lenders and then sold to government-sponsored establishments such as Fannie Mae and Freddie Mac. A conventional loan can be a good choice if you have a high credit score. You can potentially lower your mortgage payments by avoiding PMI if you have 20% down payment.  These types of loans usually have more requirements than FHA loans. You’ll normally need a higher credit score and a lower debt-to-income ratio (DTI) to qualify for a conventional loan than you would with an FHA loan.

5-Star Mortgage Company Pembroke-Pines, Florida Nurse Heroes Discount, VA Mortgage North Miami-Beach, North Miami-Beach VA Mortgage

A conventional loan is our most popular mortgage option for borrowers looking to purchase or refinance a home. They are not guaranteed or insured by any government agency and conform to the loan limits set by the Federal Housing Finance Administration (FHFA).

Conventional Loan Benefits

  • Down payment can be as low as 3%.
  • Down payment of at least 20%, can help you avoid paying private mortgage insurance (PMI).
  • You can normally borrow more money than FHA loan.
  • Some conventional loan allows 100% gift as down payment

Helpful Mortgage Tools

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