Loan Program
Conventional Loans
The most common path, and frequently the most efficient one.
Overview
What this program is for.
Conventional financing is not government backed, which means guidelines are set by the investor rather than FHA or VA. For borrowers with solid credit, it usually wins on total cost, and mortgage insurance can be removed once the loan balance falls below 80% of the value.
Fixed rate terms of 15, 20 and 30 years are compared on total interest rather than only on the monthly payment, because the two answers are often different.
Highlights
Conventional Loans at a glance.
As little as 3% down
Available to qualified buyers on eligible conventional programs.
Mortgage insurance falls off
Unlike most FHA loans, PMI ends once you reach the equity threshold.
Primary, second home or investment
Owner occupied, second homes and rental property all financed.
Fixed or adjustable
Structured around how long you actually plan to hold the home.
How It Runs
The same four steps, every file.
01. Pre-Approval
A real pre-approval tells you your range, makes your offer credible to a listing agent, and sets the file up to move fast.
02. Loan Application
A defined document list, given to you once and up front, not drip fed as a series of surprise requests.
03. Underwriting
Your file is reviewed and conditions are cleared as they come in. You are told where it stands rather than left guessing.
04. Closing
Documents are drawn and sent to the title company, and you sign. Closing on time is the commitment.
Also Consider
Related programs.
First-Time Buyers
A real pre-approval, and someone who explains every decision before you have to make it.
Learn more →FHA Loans
Lower down payment and more forgiving credit guidelines, backed by the federal government.
Learn more →VA Loans
The strongest benefit in the market for eligible veterans, service members and surviving spouses.
Learn more →
