You’ve worked hard for a good credit rating. Here’s where it pays off. Conventional loans are a great option if you have good credit and enough money for a down payment.
What you need to know about conventional loans
A conventional mortgage is one of the most well-known options out there and can offer great rates to those who qualify. Certainty Home Loans has products that allow you to put down as little as 3%. The maximum loan limit for one-unit properties is $548,250, or $822,375 in high-cost areas. If you are looking for financing over that amount, you will want to consider a Jumbo loan. Be sure to check with your Loan Officer about your financial goals.
If you have good credit and a down payment, you can take advantage of some great options with a conventional loan. Find a loan officer near you to get started.
For more information on conventional loans, check out the 'Common conventional questions, answered' section below.
One of the most popular home loans
Many loan options available from 15 to 30-year terms and fixed or adjustable rates
No private mortgage insurance costs with 20% down payment
Down payment as low as 3% for those who qualify
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Common conventional questions, answered.
Conventional mortgages do require private mortgage insurance (PMI) if you are putting less than 20% down, but you may ask your mortgage servicer to cancel your PMI after you have paid down the mortgage balance to 80%. When the balance drops to 78%, your mortgage servicer is required to eliminate the PMI.
Non-conforming loans generally offer a wider range of acceptance and will likely bear a higher interest rate than conforming loans. When things like credit history, recent bankruptcy, high debt, or problems securing documents surrounding employment, income, or assets make a conforming loan difficult to qualify for, a non-conforming loan may be an option.
If you have good credit and a down payment, you can take advantage of some great options with a Conventional loan. Be sure to check with your Loan Officer about your financial goals.
Ready to discover if you can qualify? Find a local loan officer near you.