Conventional Home Loans
"Jenny was such a pleasure to work with. She got our paperwork done FAST and we were even able to close early. I recommend her to anyone who is buying a house." ~ Danny
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CONVENTIONAL HOME LOANS
AS LOW AS 3% DOWN PAYMENT
SERVING ALL OF TEXAS
A Conventional Home Loan is a mortgage that is not insured by a government agency such as the Federal Housing Administration (FHA), Department of Veterans Affairs (VA) or the Department of Agriculture (USDA).
“Conventional” just means that the loan is not part of a specific government program. Conventional Home Loans typically cost less than FHA Home Loans but can be more difficult to get.
Two types of Conventional Home Loans
Conforming - Conforming loans have maximum loan amounts that are set by the government. Other rules for conforming loans are set by Fannie Mae or Freddie Mac, government backed agencies that provide backing for conforming loans.
Conforming loans are the most common loan type. Loan amounts must be $424,100 or less, unless you're buying a home with multiple units. If your down payment is less than 20%, you'll typically need mortgage insurance. It helps you get a loan you wouldn't otherwise be able to, requiring a monthly mortgage insurance premium.
Conforming Jumbo Home Loans are also available for loan amounts higher than $424,100 and are only available in certain counties. Maximum loan amount varies by county.
Non-conforming - Non-conforming loans are less standardized. They include non-conforming Jumbo Home Loans which have maximum loan amounts greater than those set by Fannie Mae or Freddie Mac - up to $1-2 Million. These loans usually require good credit and a high down payment to qualify.
Non-conforming loans also include niche loans for borrowers with unusual circumstances. Loans for properties with non-standard features - such as more than 10 acres of land, properties with agricultural income, or properties that are difficult to appraise - are non-conforming.
Other non-conforming loans include those for affluent customers with tricky finances, such as self-employed borrowers or newly graduated doctors.
Call us at 972-590-8810 and we can discuss your best mortgage options today!
3% down for First Time Home Buyers
Many down payment options
Lower mortgage interest rate
Lower cost mortgage insurance
Primary, Second and Investment homes
Customize options to meet your needs
Credit scores starting at 620 FICO
Texas Conventional Home Loans provide more options for those with good credit
3% Down Option
The principal, mortgage insurance and interest payment on a $200,000 30-year Fixed-Rate Loan at 5.5% and 97% loan-to-value (LTV) is $1,135.58. The Annual Percentage Rate (APR) is 5.754%. The principal and interest payment does not include property taxes and insurance premiums, which will result in a higher actual monthly payment. Rates current as of 10/22/2018. The APR is calculated using the Actuarial Method.