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 $647,250, or $970,800 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.
Conventional loans offer options with fixed-rates or adjustable-rate mortgages (ARMs). You may be familiar with the concept of a fixed-rate mortgage, where the interest rate you obtain is constant for the entire period you have your loan. Another option to consider is an adjustable-rate mortgage (ARM), which comes with a variable interest rate. You can read more about ARMs here to weigh the pros and cons.
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.
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