Conventional Home Loan Solutions From the Score Team!

When most home buyers start the process of looking for a mortgage, the first loan they will find is a Conventional Loan. They are the most common mortgage type on the market because  of their basic and "conventional nature". Conventional loans require a minimum down payment of 5%, for a maximum loan amount of $647,200. Also, seller concession is up to 3-9% of the sales price, while the Private Mortgage Insurance (PMI) required is over 80% Loan-to-Value (LTV), or the amount of the mortgage compared with the value of the property. Even though that sounds very difficult, it is actually very simple. At the Score Team, we are here to help you understand the full conventional loan process.

Who is Eligible to Qualify?

Conventional Loans are great for potential borrowers with a strong credit rating (at least 620 to qualify, with a score above 740 to help you get the best rate) and have the ability to put a down payment of 3% or more. They’re not backed by a government agency, and the loan limits are set by the FHFA (Federal Housing Finance Administration). Conventional Loans down payment and income requirements are often set by Freddie Mac and Fannie Mae. Call our team today at  (314) 607-5566 for more information to find out if you qualify for a conventional loan.

Features and Benefits of Conventional Loans

  • Fewer fees:

    Unlike other loans, such as FHA Loans, Conventional Loans don’t have program-specific fees.

  • More loan options:

    Conventional Loans have flexibility. You can start with a 30-year fixed, or maybe 15-year. How about 20-year? Or adjustable rate?

  • More property types:

    You have more options for homes you’re looking at, such as a second home or property you’re looking at as an investment.