What is a Conventional Mortgage Loan?
A conventional loan is any loan not insured or guaranteed by a government agency such as (FHA) Federal Housing Administration, (VA) Department of Veterans Affairs and (FmHA) Farmers Home Administration. Convention Loans are secured by Fannie Mae or Freddie Mac. Conventional Mortgage Loans a great alternative to FHA financing for borrowers looking to purchase with a low down payment or refinance with limited equity.
How Much House Can Your Afford?
Before you start shopping for a new home, determine how much you can afford to spend. Your full mortgage payment cannot exceed a third of your gross monthly income. So if your monthly gross income is $3,000 than your mortgage payment should not exceed $1,000 including (PITI) Principal, Interest, Taxes and Insurance.
Here are few things to consider:
- Your monthly income
- Your available funds for down payment
- Your monthly expenses
- Your credit score
It’s very important to consider getting pre-approved from a licensed mortgage professional. An Independent Mortgage Professional such as a Mortgage Broker will be able to offer you several loan options and find you the best available loan programs for your needs. Call today to speak with a Mortgage Professional and get a Pre-Approval (702) 507-4170
What Are The Requirements for a Conventional Loan?
Most of Conventional Loans do not require Mortgage Insurance. Down Payment Options starting at 1%, 3%, 5% , 10% and 20% and Fico Scores of 620 or above. Possible prepayment penalties – some conventional lenders have penalized borrowers who paid off their loans sooner than agreed. In 2017 the conventional loan limits for Clark County is $424,00
Conventional Loans Down Payment Options
Don’t have a big down payment? FHA’s not the only option. Get a Conventional Loan.
- 1% Down Payment – Dreaming of Owning Your Own Home? You’re 99% There
- 3% Down Payment – Don’t Waste Money On Rent When You Can Afford To Buy
- 5% Down Payment – 10% Down Payment – 20% Down Payment – also available
Conventional Loan 1% Down
Superior Mortgage Lending is excited to offer the Conventional 1% Down with Equity Boost
- Borrower puts down 1%, our investor contributes 2%*, giving 3% equity at closing
- Great low rates
- Close in 30 days or less
- Conventional 30-year fixed program
- Available with no monthly Mortgage Insurance
- Does NOT have to be First Time Home Buyer
- 100% Gifts allowed
Conventional Loan 3% Down
Don’t Waste Money On Rent When You Can Afford To Buy. Start building your own equity today
- 3% down payment – First time home buyers eligible
- move-up borrowers, and retirees
- No income limits for Undeserved Areas
- Primary homes, 1-2 units eligible
- Gift funds eligible for entire down payment
Are You Ready to Apply For a Conventional Loan?
Call us today to discuss Loan Options that best fit your needs. At Superior Mortgage Lending LLC , we are committed to find our clients the best options available for Conventional Loans in Las Vegas, North Las Vegas, Henderson, Boulder City. CALL US TODAY! 702-507-4170