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
Home Remodel Loans with Bad Credit: Your 2026 Kalamazoo Flight Plan
What if your credit score wasn’t the ceiling on your home renovation dreams, but just a bit of temporary turbulence on the runway? Many homeowners in Kalamazoo and Portage feel grounded by a 580 credit score, fearing that the only way to fix a leaking roof or an outdated kitchen is through a high-interest credit card. You’ve likely spent hours searching for home remodel loans bad credit only to find predatory offers that make your anxiety soar. We understand that a less-than-perfect credit history doesn’t mean you don’t deserve a home that works for your family.
You’re right to be cautious about lenders who promise the world but deliver sky-high monthly payments. This 2026 flight plan is designed to provide you with a clear GPS for securing West Michigan renovation financing without the stress. You’ll discover how specific local programs like MSHDA can provide the extra lift you need. We’ll explore the strategic differences between personal loans and mortgage-based options, ensuring you land a deal with lower monthly payments and the expert guidance you need to keep your project on course.
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