Conventional Loan
Conventional Loans
A conventional loan is a type of mortgage loan that is not insured by the government, but is backed by private lenders. Conventional loans can offer excellent advantages for those who qualify. They can also offer financing for property types that are commonly restricted by other loan types.
Benefits
- As low as 3% down payment
- Higher credit could mean better interest rate
- Mortgage insurance (PMI) can be terminated after 20% equity is achieved
- More lenient appraisal and property requirements
- Faster processing
- Variety of term options
Qualifications
- Proof of income
- Proof of assets
- Proof of down payment/gift source
- Minimum credit score based on loan type*
- Loan limits vary by county**
*To find out which loan types your credit score qualifies for, call (800) 865-6266 or email hello@rwmloans.com
***To learn more about your county’s Conventional income limits, please visit: Fannie Mae and Freddie Mac
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