Conventional Loans
Conventional Loans are the traditional mortgage, backed by Freddie Mac or Fannie Mae, but not insured by any government entity. They traditionally require 5% down, but recent changes only require 3% down for qualified applicants.
Conventional Loans
Conventional Loans are offered by private lending investors and are available in fixed and adjustable interest rates with varying terms, but in the current lending environment 15 and 30 fixed rate terms are the norms. With anything less than a 20% down payment, private mortgage insurance will be required, but GlenLakes Mortgage offers all the options available to structure this expense in the most beneficial way to you! Interest rates on conventional loans vary quite a bit depending on credit score and down payment, but Conventional Mortgage loans have the potential for the most competitive rates and closing costs.
Advantages of Conventional Loans
Clients are looking for low or no private mortgage insurance.
Clients are looking to buy vacation homes or investment properties.
Parents who want to buy properties for their children and friends to live in while attending college.
Clients who have a substantial down-payment by avoiding PMI costs.
Conventional Home Loans
Additional Details
Conventional home loans have a lot of advantages over other loan types. There are no up-front funding fees, gift money is allowed, and there are no restrictions on the location of the property. As long as you can meet the down payment requirements for thisĀ loan type, it is a fantastic option for any home buyer.
From start to finish we are there through processing, underwriting, and funding.
Freddie Mac and Fannie Mae loan options.
Highly competitive rates and fees.
Specializing in the State of Florida.
Conventional Fixed Rate Loan
At GlenLakes Mortgage we have all the resources needed to make your dream a reality. Are you ready to move forward with your next home purchase? One of our experienced mortgage professionals will guide you every step of the way. Apply now and find out if you qualify for a Conventional loan.
FAQs about Conventional Loans
The maximum loan amount you can lend on a Conventional home loan for 2024 is $766,550 in most of the U.S. for one-unit properties. For anything above that you will need to look into qualifying for a Jumbo loan.
When trying to qualify for a Conventional loan many different aspects come into play. Conventional loans have higher credit scores requirements is one of the bigger determining factors, as some can go as low as 620 with a larger down payment.
Conventional loans require a minimum down payment of 3% if you qualify for the lower down payment options. There are alternative down payment assistance programs and resources to help cover the down payment for any qualifying borrowers.
Other Loan Types
Contact Us
Customer Service
- (352) 200-2546
- info@glenlakesmortgage.com