Conventional Loan

Own a Home Today

How Does A Conventional Loan Help?

Conventional home loans are the usual loans that people take when they want to buy a house. These days, conventional home loans are available from many banks with flexible interest rates. If you are not a part of the financially stable population, the conventional home loan is not for you. Although conventional loans are not meant for low-income families, their flexibility and adjustable margins are favorites for many people. Conventional loans are usually not backed by government agencies. Therefore, you have to choose a trustworthy lender to get a conventional home loan. The All Star Realty And Mortgage team help you find the right kind of conventional loan for you so that you can own your dream home as soon as possible. You can either choose to take a conventional loan from a reputed bank or credit agency or any other financial institution. However, since these loans are not government-insured, you will not be able to take advantage of additional benefits like zero down payments and low-interest rates.

Are You Eligible for a Conventional Home loan?

There are certain criteria that you have to fulfill before you are eligible for a conventional loan. For example, your credit score is very important for the loan. Your credit score cannot be bad or unstable. The credit score has to be equal to 620 or more for a conventional loan for homeownership. Suppose the credit score is closer to mid or upper 700, the chance of qualifying for a conventional loan increases manifold. Since you will be taking a loan from a private institution, you need to be able to pay the interest on time and also pay the down payment. It is always better to get preapproved loans from private money lenders before you look for a home.

How much does a down payment for a conventional loan cost?

You can put around 10 to 20 percent of the loan amount down as the down payment. However, many credit agencies might offer you good conventional loans at a down payment of 3 percent. Contact the team of All Star Realty And Mortgage for your ideal conventional loan today.