Conventional Loans

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. Superior Mortgage Lending LLC is a leading provider of Conventional Mortgage Loans in Las Vegas, Henderson, North Las Vegas, Summerlin as well as the state of Nevada. For more information on Conventional Mortgage Loans contact us today at (702) 507-4170.

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 at 702-507-4170.