Conventional Loans

Conventional loans often require a higher down payment compared to FHA loans, usually around 5% to 20% of the purchase price. The credit requirements for conventional loans are typically stricter, with lenders looking for a credit score of at least 620 or higher.

However, borrowers with excellent credit may be able to secure a lower interest rate and better terms on a conventional loan. Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums.

Conventional Loan Characteristics

1) Conventional loans are not backed by the government and are subject to the lender's guidelines and underwriting standards.

2) Typically require a higher down payment of 5% to 20% of the purchase price

3) Credit requirements are typically stricter than FHA loans, with lenders typically looking for a credit score of at least 620

4) Borrowers with excellent credit may be able to secure lower interest rates and better terms on a conventional loan compared to an FHA loan

5) Conventional loans offer options for fixed or adjustable interest rates

6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums

7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price

8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.

5) Conventional loans offer options for fixed or adjustable interest rates

6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums

7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price

8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.

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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | NEXA Mortgage

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This is not an offer to enter into an agreement. This is not a commitment to make a loan. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. All approvals are subject to underwriting guidelines. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. NEXA Mortgage, LLC is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.

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