Conventional Loans
Conventional loans are traditional mortgages not backed by the government. They offer competitive interest rates and flexible terms, with down payment options as low as 3% for qualified first-time buyers.
3%
Min. Down Payment
620
Min. Credit Score
15-30 years
Loan Terms
Key Features
- Down payments as low as 3%
- Competitive interest rates
- Flexible loan terms (15, 20, 30 years)
- No upfront mortgage insurance premium
Benefits
- Lower overall costs compared to government-backed loans
- PMI can be removed once you reach 20% equity
- Higher loan limits in high-cost areas
- Can be used for primary residence, second home, or investment property
Requirements
- Credit score of 620 or higher
- Debt-to-income ratio typically below 43%
- Proof of stable income and employment
- Cash reserves for down payment and closing costs
Ideal For
- Buyers with good to excellent credit
- Those with a stable income history
- Buyers who can afford a down payment of at least 3%
- Anyone seeking competitive interest rates
Ready to Get Started?
Contact Jimmy Joseph MBA to discuss your conventional loans options.
Jimmy Joseph MBA
NMLS #1577754
Branch NMLS #2477715
Let's Find Your Perfect Mortgage
Every situation is unique. Get personalized guidance from Jimmy Joseph MBA to find the best solution for you.