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  • Home
  • Purchase
  • Refinance
  • Loan Types
    • FHA
    • USDA
    • VA
    • Conventional
    • Jumbo Loans
  • Credit Score
  • Loan Calculator
  • Education Center
    • Useful Links
  • About Us
    • Contact Us
    • Testimonials

CONVENTIAL LOANS

Conventional conforming loans are not made by a government entity, like FHA and VA loans, but instead, follow the guidelines set forth by Fannie Mae and Freddie Mac. These established guidelines usually call for a minimum credit score, certain income requirements, and a minimum down payment.

Modern house with gray exterior and white trim.

It is a myth that you need 20 percent down payment for a conventional loan.  There are conventional loan programs that require as little as 3 percent down.  Private mortgage insurance, or PMI, is required for any conventional loan with less than a 20% down payment. PMI is an insurance policy that protects the lender against loss resulting from default on a mortgage loan. 

 Conventional home mortgage loans have either fixed or adjustable rates. A fixed-rate mortgage means that your monthly mortgage payment remains the same for the life of the loan, and typically has a term of 15 or 30 years. A shorter-term loan can often denote a lower interest rate. An adjustable-rate mortgage, or ARM, fluctuates in relation to a market index.  The monthly payments on  ARM can increase or decrease accordingly.
Contact us to discuss if a conventional loan is right for you.

CHECK YOUR TRUE CREDIT SCORE

A credit score assists in measuring your ability to repay a debt in the future.
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CALCULATE YOUR MORTGAGE PAYMENT

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Contact Us

  • 678-360-3452
  • 678-302-0540
  • mehirim@expressloanprocess.com
  • 1350 Scenic Highway N Suite 266
    Snellville, GA 30078
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Serving Georgia and Florida

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1350 Scenic Highway N Suite 266 Snellville, GA 30078

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