Conventional Mortgage

Conventional loans are those that fall into Uniform Guidelines set by Investors known as the Federal National Mortgage Association “Fannie Mae” and the Federal Home Loan Mortgage Corporation “FreddieMac” Maximum Loan Limits are set by Congress and drive the Maximum Loan Limits for almost all of the other loan programs Conventional Loans have a wide range of options for down payment, credit score and loan to value requirements. Conventional Loans can be a Fixed-Rate or an Adjustable-Rate Loan.

Requires a minimum credit score (typically 620 or higher)
Down payment options as low as 3% for qualified buyers
Available in fixed or adjustable-rate options
No upfront mortgage insurance premium
Higher loan limits compared to government-backed loans
Ideal for primary residences, second homes, and investment properties

Application

OUR PROGRAMS

What you need to know

Our simple home loan process

1 Pre-Approval

Before house hunting, potential buyers should get pre-approved for a mortgage. This involves submitting financial information to a lender who then evaluates credit history, income, debts, and assets to determine your loan terms.

2 Loan Application

Once pre-approved, buyers can start looking for a home within their budget. After finding a property and agreeing on the price, they formally apply for a mortgage. This step requires updated detailed financials and documentation.

3 Lock Rate

When you lock in a rate, you and the lender agree to a specific interest rate for your mortgage. This rate remains unchanged irrespective of market fluctuations during the lock period. The lock-in period usually ranges from 15 to 60 days.

4 Loan Processing

The lender processes the application, which includes verifying all the information provided by the applicant. They may request additional documents or clarification. During this stage, an appraisal of the property is also conducted to assess its market value.

5 Underwriting

In this critical phase, the underwriter reviews all documentation and decides whether to approve or deny the loan based on criteria like credit score, debt-to-income ratio, and property value. This is where the lender takes on the financial risk of the loan.

6 Closing

The final step is closing. This involves signing a variety documents that finalize the mortgage process. The buyer typically pays the closing costs, and the ownership of the property is transferred. Once this is completed, the buyer is now the new owner of the home!