NATIONWIDE & Florida CONVENTIONAL HOME LOANS & MORTGAGES
Learn About Your Conventional Mortgage Loan Options in Florida And How They Can Benefit You
Ready to buy your home?
Let's Get Started
*Approximately 3 -5 Minutes to Complete The Form.
Ready to buy your home?
Let's Get Started
*Approximately 3 -5 Minutes to Complete The Form.
CONVENTIONAL HOME LOANS & MORTGAGES - ARE THEY RIGHT FOR YOU?
HOMETOWN LENDERS IS HIGHLY TRUSTED BY CLIENTS ACROSS THE NATION FOR THEIR NATIONWIDE & Florida CONVENTIONAL HOME LOANS & MORTGAGES
We are a leading Nationwide and Florida Conventional Home Loan Lender, and for good reason. We have helped many families and individuals in Florida, Alabama, Arkansas, California, Indiana, Illinois, Kentucky, Louisiana, Maryland, Michigan, Missouri, Mississippi, New Mexico, South Carolina, Tennessee, Texas, and Virginia achieve their dream of home ownership through conventional mortgage home loans serviced through the Home Town Lenders Inc. – Ridgeland, MS Branch.
- What is a conventional mortgage loan?
- Is it the right choice for you and your financial situation?
- What makes a conventional home loan a great choice?
Contact your Hometown Conventional Home Loan Lender today to get the information you need to know to get prequalified or start your Conventional Mortgage Loan Application.
What is A Conventional Mortgage Loan?
Conventional or conforming loans refer to any mortgage that is not insured by the federal government. These types of mortgages follow the terms and conditions set by Fannie Mae and Freddie Mac. They are government sponsored institutions who are the largest purchasers of mortgages in the United States. These loans have stricter qualifying guidelines compared to government insured loans. High credit scores are recommended for this program since it will directly impact your monthly mortgage payment.
Your debt to income ratio is also carefully reviewed and needs to be below 45%. A common misconception about conventional mortgages is that a 20% down payment is required in order to qualify. The reality is conventional financing allows for 3% down payment when used in combination with monthly mortgage insurance.
Why are Conventional Home Loans & Mortgages A Great Deal?
Conventional Loans are one of the best options for prospective borrowers with a high credit scores. By having a higher credit score additional benefits become available like no mortgage insurance, lower down payments, and more competitive pricing. When considering a new home loan conventional financing should be at the top of the list if you have above average credit, a larger down payment, or would like to avoid the additional cost sometimes associated with government insured loans.
What Are the Advantages of A Conventional Loan?
- Competitive Pricing
- No Prepayment Penalty Ever
- No Mortgage Insurance Option
- Up To 45% Debt To Income Ratio
- Allows for 3% Seller Paid Closing Costs
What Are The Waiting Periods After A Hardship
- 4 Years from Foreclosure or Short Sale
- 4 Years from Discharge of Chapter 7 Bankruptcy
- 2 Years from Discharge of Chapter 13 Bankruptcy
WHAT ARE SOME POPULAR CONVENTIONAL MORTGAGE LOAN PROGRAMS IN FLORIDA?
Conventional Purchase
- Loan amounts to $417K
- 3%, 5%, 10% or 20% down
- Don’t have to be 1st time buyer
- With or without mortgage insurance
Conventional Refinance
- Competitive interest rates
- Loan amounts up to $417K
- 30yr, 25yr, 20yr, 15yr, or 10yr
- Fixed or adjustable rates available
Conventional Cashout
- Up to 80% LTV
- Competitive interest rates
- Payoff a 2nd mortgage or HELOC
- Cashout to payoff high interest debt
A Diverse and Comprehensive Line of Loan Products to Fit Everyone's needs.
FHA LOANS
Down to a 500 Credit Score
with 10% Down Payment
Down to a 581 Credit Scorewith 3.5% Down Payment
CONVENTIONAl
Down to a 620 Credit Score
FHA 203K Loans
Down to a 620 Credit Score
Jumbo Loans
Down to a 620 Credit Score
FHA/VA/USDA
Conventional
Mobile Home Loans Available
Down Payment
Assistance
Help May Be Available!
