Our phone number has changed. Please update your records to 269.360.7109. Thanks!

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

February Education Series for Realtors: All Things Interest Rate

Rates:  How they work. What affects them. How to sell using rates in today’s market.

Rates have been a hot topic for the last few years.  As they plummeted into the low 3’s when COVID hit and then essentially double in 2022 when the country experienced huge inflation numbers.  This will not be a boring presentation about rates.  We are going to touch on what’s going on overall with rates. However, the main purpose of this event is to show you how a rate is determined for an induvial buyer.  We will talk about things buyers can do to help improve the rate they are being offered.  We will talk about programs that have very attractive rates and discuss things sellers can do to help lower the rate for a buyer.  A lower rate equals more buying power for a home buyer and everything we cover will help agents sell more homes in 2023.    The market is back to normal and it’s still a great time to buy.

Hot Topics We Will Cover

Here is a list of some of the things we will cover during the event:

Visit Jeremy's Blog

Featured Video