We have "The Rates" for Conventional Loan Customers
Conventional mortgages comprise 80% of the loans that we originate for our customers. In years past, a typical conventional loan customer was a good credit customer with moderate debt and some money to put down on the transaction. Usually 20% to avoid mortgage insurance.
Nowadays, conventional loans have taken on a new look with some excellent low money down programs, with reduced mortgage insurance.
Home Ready and Home Possible are two mortgage loan programs that offer low money down options as low as 3% down to first time home buyers. (Even on a condo!)
In 2022, the conforming loan limit was raised once again. Now it is $647,200
In 2021, the conventional loan limit for Fannie Mae & Freddie Mac was $548,250.
Here is a video from 2017, when my favorite Lender was offering as little as 1% down to go purchase a home. (Even on a condo in some cases!)
Conventional loans are very sensitive to credit score. You can go as low as a 620 median credit score with my favorite lender. There are pricing adjustments below 740, 720, 700 and 680 and below so we have to do the math and compare it to a FHA loan. FHA Mortgages are a little more low credit score friendly to the customer than conventional mortgage loans.
We can help you with a conventional loan as long as your middle credit score is above 620. Anything below that we will advise you as to ways to improve your credit.
Lake Worth Beach Mortgage Inc – Your Trusted Mortgage Advisors