Conventional Home Loans
Often referred to as the “Traditional Mortgage”, a conventional loan is a great way to finance the purchase of a home and will typically appeal to buyers that have good credit and money for a down payment. If you’re a buyer with less than perfect credit or need a lower down payment option, the conventional loan may not be right for you. Every loan program has its pros and cons and we will help find the best fit for your situation when we run thru the loan application.
Pros for conventional loan?
- As little as 3% down for owner occupants
- For investors; 15% down single family and 25% down 2-4 units
- Great Rates
- Low private mortgage insurance (PMI) with good credit
- PMI monthly premiums “drop off” (must meet requirements)
- No PMI required if down payment is 20% or more
- Most lenient appraisal process
- Appraisal Waivers available
- Works with down payment assistance programs like MSHDA for people in Michigan
- 15, 20, & 30 year options are available
- Ability to finance in renovations with the Conventional Homestyle Loan
Cons to conventional loans
- Rates are based on credit score; the lower the score the higher the rate
- 620 is the minimum credit score where other programs allow for lower scores (exception is some averaging of credit scores)
- PMI premiums can be higher if the credit scores are low
- Guidelines for a borrower to qualify are stricter compared to other loan programs
Conventional loans are one of the best options out there for many home buyers. Everyone’s situation is different call us today at 269.360.7109 to start the process and figure out the best program for you!
Latest Blog Post
Refinance to a 15-Year Mortgage in Michigan: Your 2026 Flight Plan to Debt-Free Homeownership
Would you intentionally hand over an extra six figures in interest just to keep your monthly budget slightly more comfortable? Many homeowners in West Michigan are realizing that the traditional 30-year path feels more like a treadmill than a climb toward true ownership. If you feel like your monthly payments aren’t making a dent in your principal, it’s time to explore how to refinance to 15-year mortgage Michigan options. With 15-year fixed rates in Michigan averaging 6.13% as of late June 2026, the opportunity to stabilize your financial future is here, even with recent market volatility.
It’s natural to feel anxious when your hard-earned money is swallowed by interest turbulence while your retirement date looms closer. We believe your mortgage should be a tool for wealth, not a permanent weight on your shoulders. This guide will show you how a 15-year refinance maneuver can shave a decade off your debt and secure your home equity much faster. We’ll preview current rates in cities like Kalamazoo and Portage, explain the equity requirements for a successful transition, and provide a clear flight plan to reach your destination of debt-free homeownership.
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