Is a conventional loan right for you?
If you’re looking for a mortgage with low fees, a conventional home loan may be a good option for you. If you are eligible, there are a number of benefits.
Benefits of a conventional loan
- Save Money: With a down payment of 20% or more, you won’t need to pay for mortgage insurance.
- Flexible Terms: Choose what mortgage term works for you! Options include 30, 20, 15, and 10 year terms.
- Low Down Payment Option: It’s possible to take out a conventional loan with a down payment of just 3%.
Conventional loan eligibility requirements
- A good credit score of 620 or higher
- A down payment which can be as little as 3%
- Consistent and documented income
- A low debt-to-income ratio