Conventional loans are typically any loan that is not government insured. The underwriting guidelines are a little more conservative than other loan options such as FHA. These loans will also fall into two categories: conforming and non-conforming. The conforming will be for loan amounts of $417,000 and below while non-conforming will be for loan amounts above $417,000.
Lending Hand Mortgage, LLC specializes in Conventional loans that do not have private mortgage insurance. Most Conventional loans that do not have 20% in equity would typically require private mortgage insurance (PMI). However, LHM has a program that only requires a 5% down payment to avoid PMI. This is truly a great program.
There are many benefits of a Conventional mortgage:
- Requires minimum down payment of 3%
- No mortgage insurance with 5% down payment (gift funds allowed for entire 5%)
- Quicker closings and lower closing costs
- Build equity quicker
- 620 minimum credit score with 20% down
- Great for condo financing
Call us today for more information and see if you qualifyApply Today
The information contained within is not intended as a loan commitment and not all applicants will qualify. Loan approval will be based on each borrower(s) credit, income, employment, and assets. Programs, rates, terms and conditions are subject to change without notice, please call us for more information.