The most common loan program may be a great fit for you.
Generally, conventional loans have better interest rates than non-conventional loans and can be an excellent option for those with a 20% down payment. However, even if the borrower does not have a 20% down payment, it is still possible to get a mortgage with a 5% down payment per Fannie Mae and Freddie Mac. Conventional loans allow the borrower to finance up to $417,000.
Conventional Loan Facts
If you have a decent credit score and money saved for a down payment this loan option is a good fit.
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Frequently Asked Questions
1. Do I need to put down 20% on a conventional loan?
It’s a common misconception that a 20% down payment is necessary to purchase a home. There are a variety of loan options that allow for less than 20% down. Talk to your loan officer to find the best fit for your financial situation.
2. Do I have to have a perfect credit score in order to use a conventional loan?
A perfect credit score is not needed for a conventional loan. We typically recommend this loan for a buyer that has a credit score of 620 or higher. Always consult with your loan officer if a credit score is a concern. We can provide guidance.
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