Conventional Loans are mortgage loans not insured by the government (like FHA, VA, and USDA), but they typically meet the lending guidelines Fannie Mae or Freddie Mac has set. Typically, conventional loans have better rates, terms, and lower fees than other loans. However, conventional loans usually require a borrower to have good-to-excellent credit (620 Credit Score), reasonable monthly debt obligations, a 3-20% down payment, and reliable monthly income.
Fixed Rate Mortgages: Your rate and payment never change.
Adjustable Rate Mortgages: Your interest rate can change once a year after the initial period.
For purchase transactions, conventional loans require the home buyer to put down at least 5% -20 % of the home's purchase price. For a Refinance transaction, most lenders require at least 10% equity in the property.
Most conventional loan programs allow you to purchase single-family homes, warrantable condos, planned unit developments, and 1-4-family residences. A conventional loan can also finance a primary residence, second home, and investment property.
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Nexa Mortgage NMLS# 1660690
Brandon Respress NMLS# 2459346
Serving GA and FL Residents
https://nmlsconsumeraccess.org/TuringTestPage.aspx?ReturnUrl=/EntityDetails.aspx/COMPANY/1660690
3100 W Ray Road #201 Office #209 Chandler, AZ 85226
BJR Solutions LLC
1201 W Peachtree St NW Ste 2625 PMB 249375, Atlanta GA 30309-3344
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