What is a Conventional Loan?

Most conventional mortgages are issued by private lenders who then sell the loan to one of these Government Sponsored Entities (GSE’s).

Conventional Loan

Conventional loans are not insured by the government, so they require private mortgage insurance (PMI) if the loan to value (LTV) is 80% or greater.

What type of home loan are you looking for?

VA Loan

If you’re a Veteran then you’ve probably heard about VA home loans mortgage program, an incredible benefit for our Nation’s Veterans.

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FHA Loan

If you want to buy a home and you don’t have 20% down or great credit. No problem! FHA is the way! and we are here to help.

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USDA Loan

USDA Loans in Florida, USDA Rates and Requirements for 2020, Single Family Guaranteed Housing Loan Program. Your Guide to USDA Rural Development Home Loan.

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Conventional Loan

A conventional loan is a mortgage that meets the lending requirements of Fannie Mae and Freddie Mac.

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Conventional Loan Requirements

Credit- The minimum credit score requirement is 620 and above

Occupancy- Conventional loans can be used to finance a primary residence, a second home, vacation property or an investment property. This is different from government-backed loan programs (FHA, VA, and USDA) which can only be used to finance your primary residence.

Property Type- Single-family homes, duplexes, 2-4 unit properties, condominiums and townhouses are eligible.

Income- Income will be calculated by reviewing recent pay check stubs,W2’s, and tax returns. The max acceptable back end debt-to-income ratio cannot exceed 50% on conventional loans.

Send details to contact a personalized Alliance member

Send details to contact a personalized Alliance member

Send details to contact a personalized Alliance member

Send details to contact a personalized Alliance member

Client Logo

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin Retired Govt Officer, ON, Canada
Client Logo

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin Retired Govt Officer, ON, Canada

Government-Backed Loans

Government-backed loans are issued by private lenders and guaranteed by the Federal Government with loan programs such as FHA, VA, and USDA.

Conventional loans are not insured by the government, so they require private mortgage insurance (PMI) if the loan to value (LTV) is 80% or greater.

FHA Loans – An FHA mortgage are the most popular loan choices due to its low down payment options (3.5% down), its extremely flexible debt to income ratios, and credit scores.

VA Loans – VA loans are for Veterans, they come with zero down payment or mortgage insurance.

USDA Loans – The Department of US Agriculture created the USDA loan program. for low-to-median income home buyers in the United States

Conventional Recap

Do you think you’re ready to apply for a mortgage? Click below to request info from an Alliance member: Request information from an Alliance member.