Conventional Loans

Conventional loans often require a higher down payment compared to FHA loans, usually around 5% to 20% of the purchase price. The credit requirements for conventional loans are typically stricter, with lenders looking for a credit score of at least 620 or higher.

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However, borrowers with excellent credit may be able to secure a lower interest rate and better terms on a conventional loan. Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums.

Conventional Loan Characteristics

1) Conventional loans are not backed by the government and are subject to the lender's guidelines and underwriting standards.

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2) Typically require a higher down payment of 5% to 20% of the purchase price

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3) Credit requirements are typically stricter than FHA loans, with lenders typically looking for a credit score of at least 620

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4) Borrowers with excellent credit may be able to secure lower interest rates and better terms on a conventional loan compared to an FHA loan

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5) Conventional loans offer options for fixed or adjustable interest rates

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6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums

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7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price

8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.

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5) Conventional loans offer options for fixed or adjustable interest rates

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6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums

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7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price

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8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.

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"I was in the process of a move from Los Angeles to Atlanta when I began the search for my family’s first home. My realtor highly recommended Sheryl Nolan as a mortgage broker. From the start, Sheryl was extremely responsive and informative; she educated me on the process, timeline, requirements, and the vast amount of options available. "

Matt V.-

"Sheryl is great. Was very helpful every step of the way. Quick to respond to questions. I am so glad I choose to go with Sheryl for my Home loan. I would recommend her to anyone."

Ashley C. -

"I highly recommend Sheryl Nolan because she is amazing at what she does and the entire process of getting a new home loan was so easy. She made sure that every T was crossed and every dot dotted and actually found a mistake at closing that saved me $450! She has the knowledge and expertise to get things done! Sheryl helped me understand every charge on my loan and took great care to ensure I understand the entire process. You will never regret using Sheryl. She is amazing and the right person to use!

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Terry S. -

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Licensed to Do Business | NMLS #957489


This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | NEXA Mortgage


Corporate | NMLS ID NMLS# 1660690

Corporate Address : 3100 W Ray Road #201 Office #209 Chandler, AZ 85226

Corporate NMLS NMLS# 1660690 | Company Website: https://nexamortgage.com

Copyright ©2021 | Inside Edge Team Licensed to Do Business | NMLS #957489

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply

Corporate | NMLS ID NMLS# 1660690

Corporate Address : 3100 W Ray Road #201 Office #209 Chandler, AZ 85226 https://nexamortgage.com