Conventional Loans- Mortgage.info
MORTGAGE.INFO LENDER HOTLINE: 888-581-5008 What is a conventional loan? A conventional loan is a loan that is not backed by the federal housing administration (FHA) and the Department of Veteran Affairs (VA). Conventional loans are are also known as Conforming loans because they conform to the guidelines established by Fannie Mae and Freddie Mac. FNMA FRMC are government sponsored enterprises to make mortgages more available and affordable. Mortgages that fall under the conventional loan title include: Conforming loans Non-conforming loans Jumbo loans Portfolio Loans Subprime Loans Lenders set their own guidelines and regulations on conventional loans so there is a greatly variant scale of qualification and rates. However these loans are usually a good option for borrowers that may have low credit scores or need special accommodation on their loan. In some cases a conventional loan can offer more options for the borrower. This can be with the loan term, or the amount of money you need to borrow. Conventional loans also do not require mortgage insurance and conventional loans require a much lower down payment percentage. These loans are much more flexible by location as well. With some FHA loans there is a list of county or regions where the loan applies. A conventional loan will give you the flexibility to from a wider lender list, and anywhere in the country. Conventional Loan Pros and Cons Pros: No mortgage insurance required if LTV is 80% or lower Can be used on properties of all types Can cancel existing mortgage insurance More loan program options Can hold more than one conventional loan More lenders and locations to choose from No max limit on the loan Cons: Higher down payment Higher rates Sometime more difficult to qualify for Possible prepayment penalty
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Conventional Loans- Mortgage.info
- 2. What is a conventional loan? A conventional loan is a loan that is not backed by the federal housing administration (FHA) and the Department of Veteran Affairs (VA). Conventional loans are are also known as Conforming loans because they conform to the guidelines established by Fannie Mae and Freddie Mac. FNMA FRMC are government sponsored enterprises to make mortgages more available and affordable. MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
- 3. Mortgages that fall under the conventional loan title include: Conforming loans Non-conforming loans Jumbo loans Portfolio Loans Subprime Loans MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
- 4. Lenders set their own guidelines and regulations on conventional loans so there is a greatly variant scale of qualification and rates. However these loans are usually a good option for borrowers that may have low credit scores or need special accommodation on their loan. In some cases a conventional loan can offer more options for the borrower. This can be with the loan term, or the amount of money you need to borrow. Conventional loans also do not require mortgage insurance and conventional loans require a much lower down payment percentage. These loans are much more flexible by location as well. With some FHA loans there is a list of county or regions where the loan applies. A conventional loan will give you the flexibility to from a wider lender list, and anywhere in the country. MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
- 5. Conventional Loan Pros and Cons: Pros: No mortgage insurance required if LTV is 80% or lower Can be used on properties of all types Can cancel existing mortgage insurance More loan program options Can hold more than one conventional loan More lenders and locations to choose from No max limit on the loan Cons: Higher down payment HIgher rates Sometime more difficult to qualify for Possible prepayment penalty MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
- 6. T O L E A R N M O R E MORTGAGE.INFO LENDER HOTLINE: 888-581-5008 C L IC K HE R E MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
- 7. Justin McHood is Americas Mortgage Commentator and has been providing Mortgage commentary for over 10 years. INFORMATION PROVIDED BY: Justin McHood MORTGAGE.INFO MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
- 8. LEARN MORE ABOUT MORTGAGE.INFO MORTGAGE.INFO _MORTGAGEINFO FACEBOOK.COM/WWW.MORTGAGE.INFO LENDER HOTLINE: 888-581-5008 PINTEREST.COM/MORTGAGE_INFO MORTGAGE.INFO LENDER HOTLINE: 888-581-5008