Conventional Loans
Get Conventional
Conventional mortgages are a great choice for many homeowners because they offer lower costs than some other popular loan types. While FHA and other government loans can have certain property restrictions, a conventional loan can be used on nearly all property types. With a variety of options and with excellent advantages for qualified borrowers, a conventional mortgage might be right for you.
Benefits of Conventional Qualifying
- A range of down payment options
- Advantages for higher down payments
- Option to eliminate mortgage insurance with a 20% down payment
- Financing for properties commonly restricted
- Second home mortgage options available
- Adjustable rate mortgages
Need Down Payment Options? Here Are A Few Conventional Low Down Payment Options:
Fannie Mae HomeReady
HomeReady is a fixed-rate, affordable housing program for creditworthy, low-to-moderate income borrowers offering up to 97% financing for first-time homebuyers and 95% financing options for non-first time homebuyers.
Freddie Mac Home Possible & Home Possible Advantage
Designed for low-to-moderate income homebuyers and/or individuals purchasing or refinancing properties in target areas. Maximum financing (LTV/CLTV) and minimum credit score requirements are determined based on the loan product type. Private Mortgage Insurance (PMI) is required on conventional loans with an LTV > 80%.
Conventional loans generally offer lower costs than other loan types, and if you meet credit score requirements and have a down payment of at least 3%, a conventional mortgage might be the best solution for you. Contact us to help you decide if this is the best fit for your situation.
Nick Kristoff
Senior Loan Officer
NMLS: 379253
O: (843) 603-5924
C: (843) 290-9110
F: (703) 653-3343
nkristoff@gmmllc.com
Mike Kristoff
Senior Loan Officer
NMLS: 377707
O: (843) 603-5924
C: (843) 301-7070
F: (703) 449-5546
mkristoff@gmmllc.com
This is not a commitment to lend. All loan applications are subject to credit and property approval and must meet loan program requirements to qualify. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Flood and/or property hazard insurance may be required.