Conventional Mortgage

Mortgage options refer to the various choices available to homebuyers when selecting a loan to finance their property purchase.

Conventional Mortgage

"Conventional mortgage" or "conventional loan" is a term you'll always encounter when shopping for a mortgage. After all, this common mortgage type is provided by most lenders.

What Is a Conventional Mortgage or Loan?

A conventional mortgage or conventional loan is any home buyer's loan that is not provided or secured by a government entity. Rather, conventional mortgages are available through private lenders, such as banks, credit unions, and mortgage companies.

What kinds of Conventional Loans are available?

Conventional mortgages fall into "conforming" and "nonconforming" loans.

Conforming loans observe the guidelines set by Fannie Mae and Freddie Mac, two government-sponsored establishments that fund the U.S. housing market. The best-known regulation has to do with the size of the loan. In 2022, the conforming loan limitation for single-family homes in most continental U.S. is $647,200. Higher-cost areas, such as Hawaii and Alaska, have greater limits, up to $970,800 for single-family homes.

Many nonconforming loans are jumbo loans for home buyers who need to borrow an amount higher than the conforming limit for the area.

Other nonconforming loans include those made to borrowers with poor credit, high debt or a recent bankruptcy, or homes with a high loan-to-value ratio (usually up to 90% for a conforming loan).

Can I get down payment assistance with a Conventional Loan?

Yes, you may be able to qualify for down payment assistance with a conventional home loan. In addition, government agencies and community programs offer services to buyers struggling with complex financial situations, no matter what type of financing they use.

Let’s Chat

Start your journey today, feel free to reach out to us for personalized mortgage guidance and assistance.

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Call Us On: (910) 603-4269 Or Email us.

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20% Down payment
Perfect Credit
Interest Rates
Finding A House
30-Year Fixed-Rate Mortgages

20% Down payment

Risk Factors

You need 20% down to purchase a home.

Solution

This isn't true. If you take out a conventional loan, you can buy a home with as little as 3% down.

Perfect Credit

Risk Factors

You must have perfect credit to qualify for a mortgage.

Solution

Credit plays a significant role in your ability to get a home loan. However, this doesn’t mean you need perfect credit to buy a home.

Interest Rates

Risk Factors

Mortgage interest rates are the same no matter what lender you work with.

Solution

The truth is that rates can vary from lender to lender. So for your financial safety, you should shop around when looking for a mortgage loan.

Finding A House

Risk Factors

Find a house, then worry about a mortgage.

Solution

This is terrible advice at any time, but in a hot seller’s market like today’s, believing this myth can lead you to miss out on a home altogether.

30-Year Fixed-Rate Mortgages

Risk Factors

A 30-year fixed-rate mortgage is always the best choice

Solution

If you can afford higher payments, you can own your home outright in less time and for less money with a 15-year fixed-rate mortgage.

Premier Capital Mortgage, LLC

Many years of dedicated service have allowed us to play a crucial role in turning home aspirations into reality, always with a keen eye on keeping it within our customers' financial reach.
(910) 603-4269renzo@premiercapitalmortgage.com
588 Executive Pl, Suite 202
Fayetteville, NC 28305
Company NMLS: #2372311
NMLS Consumer Access
Disclosure:
The content provided within this website is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Mortgage loans may be arranged through third party providers.
© 2024 Premier Capital Mortgage LLC, Designed by Amplispot
Our commitment is to provide unparalleled customer service and exceptional value.
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