Conventional Loans
Best for first-timers, experienced purchasers, and homeowners looking to refinance with competitive rates. Conventional loans are typically the most competitive rates for those who qualify. If you don’t know where to start, this is the place.
Intro to Conventional Loans
Whether you are buying your first home or your tenth, Loan Vault likes to make it simple and effective for you. Conventional loans are our most common loan, and as a result we make sure to always get the best prices and the best structures that fit your agenda. When you want to sleep easy in your new home knowing you got the best rate, you come to us.
What is a Conventional loan?
A conventional loan is a conforming traditional loan that meets the requirements set by Fannie Mae or Freddie Mac. These loans make up the most common loans by homeowners as they often provide the most competitive rates and the most traditional qualification criteria. Because these are the most common loans, most lenders have down payments as low as 3% and great interest rates. Most purchasers for homes will qualify for and seek this loan.
These loans have:
- Competitive interest rates
- Standard and traditional qualifying metrics
- Standard financing structures
Is a Conventional Loan Right For You?
Requirements to keep in mind when considering a Conventional loan:
- Private mortgage insurance if less than 20% is put down
- Typically credit scores over 620
- Typically loans under $648,000 (Exceptions based on county and state)