Conventional home loans
Conventional loans aren’t insured by a government agency. They’re a familiar choice for buying or refinancing a primary home, second home or investment property.
Who they often fit
- Borrowers with established credit and steady, documented income
- Buyers who can make a down payment (the minimum depends on the program and property)
- Purchases and refinances of primary homes, second homes and investment properties
What to know
Fixed or adjustable rate
A fixed rate keeps your principal and interest payment the same for the life of the loan. An adjustable rate starts with a fixed period, then can change. We’ll help you weigh which fits your plans.
Private mortgage insurance
If you put down less than 20%, you’ll typically pay private mortgage insurance (PMI). Unlike FHA mortgage insurance, PMI can usually be removed once you build enough equity.
Loan limits
Conventional loan limits are set annually and vary by county. Larger loan amounts may require a different type of loan.
Conventional or FHA?
It depends on your credit, down payment and how long you plan to keep the loan. Conventional loans can cost less over time for borrowers with strong credit, while FHA loans can be easier to qualify for. We’ll compare both for your scenario.
Let’s talk about your next step.
Whether you’re ready to apply or just starting to ask questions, a quick conversation can clarify your options.
Call (602) 800-9916 or email curtis@clarke-cap.com
