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
Down Payment Assistance Battle Creek MI: Your 2026 Homeownership Flight Plan
What if the only thing keeping your homeownership dreams grounded isn’t your bank account, but a simple lack of aerodynamic lift? It’s exhausting to stay trapped in a rental cycle where median monthly payments have reached $1,200, making it feel impossible to save for a house while prices climb. You might feel anxious about current interest rates or confused by the technical jargon surrounding down payment assistance Battle Creek MI, but these hurdles are just temporary turbulence. We believe that every neighbor deserves a steady hand to help them clear the runway toward their first home.
This guide provides the flight plan you need to secure funding through MSHDA and local Battle Creek grants. You’ll discover how to access up to $10,000 in deferred assistance or even $25,000 through specialized first-generation programs. We will break down the specific requirements for MSHDA versus local school district incentives so you can choose the most stable path for your financial future. From understanding the 6.375% MSHDA fixed rate to navigating the final paperwork, we’re here to act as your expert ground crew until you successfully land in your new home.
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