Conventional mortgage programs are backed by Fannie Mae or Freddie Mac. Conventional mortgage programs are excellent options for homebuyers that have a down payment and good to excellent credit history. With recent changes to FHA mortgage programs, Conventional mortgages are becoming more and more popular ways to finance homes with lower fees associated with obtaining the mortgage.
Conventional underwriting guidelines are very similar to FHA, and in many cases, if you’re working with an experienced loan officer that understands the program, you’ll find that you can often qualify for conventional mortgages that wouldn’t otherwise work on an FHA mortgage. Email questions about qualification requirements on conventional mortgages to firstname.lastname@example.org or call 972-904-3694 today.
Conventional Mortgage Program Features Include:
- Low Minimum Down Payment Requirement – As low as 3% in some cases
- Financing for Investment Homes and Vacation Homes
- Low Interest Rates
- More Flexible Mortgage Insurance Options
- No Mortgage Insurance with 20% Down