Conventional Mortgages
Conventional mortgages provide the consistency and flexibility many homeowners need to purchase their dream home with a low downpayment and several loan terms available.
What is a Conventional Loan?
As the most popular loan type, conventional loans fit a variety of properties and buyers. Unlike other loan types, conventional loans aren’t backed by a government agency. Instead, they meet the downpayment and income requirements for Freddie Mac or Fannie Mae.
Benefits of Applying for a Conventional Loan
Benefits of Applying for a Conventional Loan
Benefits of Applying for a Conventional Loan
Depending on your current financial situation and homeownership goals, you can take advantage of several benefits that come with taking out a conventional loan:
- Consistent monthly payments throughout the life of the loan for better security
- Faster underwriting with less paperwork and inspections
- The loan full amortizes over the term of the mortgage
- More term options depending on your needs
- Optional escrow accounts
- Ability to buy a primary home and investment property
Qualifying for a Conventonal Mortgage
Benefits of Applying for a Conventional Loan
Benefits of Applying for a Conventional Loan
Conventional loans are great options for homebuyers with a decent credit score, little debt, and cash flow for a downpayment. Here’s how to qualify:
- Downpayment as low as 3% for your primary residence
- Downpayment as low as 10% for a secondary residence
- Verifiable employment and income
- Private mortgage insurance (you can remove this once you reach 20% equity)
- A credit score of 620+
- Debt-to-income (DTI) for 50% or lower
- Loan size up to $647,200
Getting started with Align Lending
Ready to purchase or refinance your home? Apply today with Align Lending to learn more about your options!
NMLS - 2041154
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