Conventional Mortgage Loans

A Conventional Home Loan is a loan that is not insured or guaranteed by the government.  Conventional home loans must meet the guidelines for credit, assets and income set by Fannie Mae and Freddie Mac.  (These are government sponsored enterprises (GSE) that purchase and securitize Conventional Loans.)

To qualify for a Conventional Home Loan, eligible borrowers can finance a maximum 95% of the purchase price.  A Conventional home loan for greater than 80% of the property’s value will require Private Mortgage Insurance (PMI).  This protects the lender in case the borrower defaults on the loan.  Typically, a strong credit history is required to qualify for a Conventional Home Loan.  These loans also have the strictest requirements for debt to income ratios.  Conforming loan limits are set and reviewed annually by Fannie Mae and Freddie Mac.

A Conventional Home Loan may be used to purchase or refinance a 1-4 family residence, a townhouse, an approved Condominium or Co-op, or a Planned Urban Development (PUD).  Both owner occupied and investment properties qualify.  Gifts and sellers concessions are both allowed with certain limitations.

For more information, or to pre-qualify for a Conventional Home Loan, contact us today at 888-933-8639.

Copyright 2017 Franklin First Financial Ltd. All Rights Reserved.

Franklin First Financial Ltd. (NMLS# 1630)
538 Broadhollow Road, Suite 401, Melville, NY  11747
Direct:  (631) 847-8700
Toll Free:  (888) 933-8639
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FRANKLIN FIRST FINANCIAL, LTD. 538 BROADHOLLOW RD, STE. 401 MELVILLE, NY 11747 IS A LICENSED MORTGAGE BANKER-NYS DEPT OF FINANCIAL SERVICES. LICENSE #107407 NMLS #1630, HUD APPROVED TITLE II NON-SUPERVISED LENDER #17895-0000-0. FRANKLIN FIRST FINANCIAL IS NOT ACTING ON BEHALF OF OR AT THE DIRECTION OF HUD/FHA OR THE FEDERAL GOVERNMENT. ALL LOANS ARE SUBJECT TO CREDIT & APPRAISAL APPROVAL. PROGRAMS, RATES, TERMS, AND CONDITIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE.OTHER RESTRICTIONS MAY APPLY. THIS IS NOT A COMMITMENT TO LEND. COPYRIGHT FRANKLIN FIRST FINANCIAL, LTD. ALL RIGHTS RESERVED.

 

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