Conventional Home Loan Information with Shawna Downs, Mortgage Loan Originator

Conventional Home Loan Information with Shawna Downs, Mortgage Loan Originator. What is the minimum credit score for a conventional mortgage? Cary Mortgage Pros Call (919) 443

Conventional Home Loan Information with Shawna Downs, Mortgage Loan Originator video duration 29 Second(s), published by Security First Financial on 17 07 2019 - 16:44:17.

A conventional home loan is one that is not backed by the government, and Fannie Mae and Freddie Mac set the guidelines
First-Time Home Buyers can put as What is the minimum credit score for a conventional mortgage? Cary Mortgage Pros Call (919) 443-5046 http://cary.mortgagebroker.pro/conventional-loans Are .

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A conventional home loan is one that is not backed by the government, and Fannie Mae and Freddie Mac set the guidelines.

First-Time Home Buyers can put as little as 3% down, but if the borrower puts 20% or more down, then that eliminates the need for mortgage insurance.

Conventional home loans are generally the most common option for borrowers.

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Requirements:

- Down Payment: Minimum of 3% for First-Time Home Buyers

- Credit Score: 620 minimum

- Mortgage Insurance: Yes, if down payment is under 20%

- Maximum Loan Limit: Yes, varies by county

Key Features:

- Relatively faster home loan processing

- Generally better interest rates and loan terms.

- Opportunity to reduce or avoid a Mortgage Insurance Premium