Conventional loan, also known as conforming, is a home loan that is not insured or guaranteed by the federal government. Conventional loans adhere to guidelines set by Fannie Mae and Freddie Mac.
Credit history is important in obtaining a Conventional loan. The overall pattern in which you pay your bills are reviewed in the process of obtaining a Conventional loan.
Benefits of a Conventional loan include:
- Lower Private Mortgage Insurance (PMI)
- No Private Mortgage Insurance (PMI) applied with 20% down payment
- Avoid paying PMI with lower monthly mortgage payment
- 5% down payment. In some cases, 3% down payment
- Conventional lenders will cancel PMI once 20% equity is reached. FHA will not.
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Take 3 Simple Steps to "Get Pre-Qualified":
At CFG, our main goal is to understand your needs and prepare the best plan for you to obtain a Ohio Conventional home loan.
- Tell Us Your Goals
- What is the maximum mortgage payment you want to pay per month?
- How soon do you want to move?
- What is most important that you want to accomplish with your new loan?
- Complete the online "Get Pre-Qualified" form and you will receive a call from one of our Conventional Loan Experts.
- We will develop a plan for you based on the following:
- How long do you intend to live in the home?
- Is the property a single family home?
- How many people will be living in the home with you?
- How would you categorize your credit?
- How long have you worked at your current employer?
- You're Pre-Qualified!
- Begin your search for your new home.
- You will soon be enjoying the peace of mind knowing that you're on the path to homeownership.
To Get Pre-Qualified for a Conventional home loan today, get started by taking less than 1 minute to complete our online form, or call (855) 572-4006, and begin your path to homeownership. We look forward to serving you!